The Real Technology Revolution has just Begun
In the wake of rapid technological advancements, the services industry is bound to experience immense transformation. Although there are few services that will be left untouched by technologies becoming smarter, cheaper, and modernized, there are a gamut of services that reap the tremendous advantages of mobile technology, wearables, virtual reality, robotics, artificial intelligence, and speech recognition. Strides in these areas will allow for numerous service innovation opportunities that have the potential to dramatically improve the customer experience, service quality, and productivity all at the same time.
The revolution has already begun and it can be seen through the emergence of self-driving cars, robot-staffed hotels and restaurants, and drone-delivery. With new technologies enabling firms to become more automated, there are opportunities for them to lead their respective industries in terms of cost and services.
One of the outstanding examples of technology restructuring the service sector can be evidently seen in Narayana Healthcare, the world’s largest cardiac surgery provider. Narayana Healthcare operates a chain of hospitals across India and delivers great value by adopting a unique strategy called ‘focused service factory.’ The adoption of this strategy has empowered Narayana hospitals to follow distinctly defined and industrialized service methodology to serve highly homogeneous customer base. Narayana hospitals have been able to design highly customized solutions that resulted in high productivity and extreme customer satisfaction. Advanced technology enabled ‘focused service factory’ has also allowed Narayana hospitals to on-board advanced surgery quality techniques, making it a leading innovator in this arena.
This is however just the beginning of the new age driven by technology. An escalating number of app-based online services across industries are making use of the focused service model to deliver highly tailored products to their specific customer segments.