Call for Action: A new community of interest focused on service economic models, measures and impacts

Dear colleagues,

ISSIP (International Society of Service Innovation Professionals, http://www.issip.org/) is creating a community of interest focused on service economic models, measures and impacts. The group will start with bi-monthly calls with guest speakers stimulating the conversation and helping to prioritize action and content creation. If you would like to participate contact:  Doug Morse at djmorse01@comcast.net

Please provide the following information:

  • Name
  • Affiliations (company /institution etc )
  • Email address – to be used for meeting notifications only
  • Do you want to present material on the subject (If so 25 word or less description)
  • Other roles you might want to play (participant only, content sharing etc.)
  • Best day of the week for calls and morning or afternoon (pacific time)

Overview / Summary: Underlying the global economy today is an economy driven by services. Globally, the monetary exchange for services now exceeds that of the combined manufacturing and agricultural sectors of the economy. Unfortunately the business valuations and managerial processes of today are still deeply rooted in the world that Adam Smith envisioned in 1776 in his book The Wealth of Nations. Consequently companies tend to focus on production optimization, supply chain optimization and efficient distribution channels much more than customer optimization and creating customer value. The difference in the modern economy is that the building of goods does not create value alone but by the outcomes that those goods might produce for those who purchase and use them. The wealth of nations is not about capital accumulation today but rather it is more driven by the consumption of knowledge and resources.

Why discuss and study Service Economics? If we do not change the core measures of how we measure business success and value, or key global economic drivers in a way that matches current realities, then we will not be able to influence changes in education, business behaviors or social change. For governments invest in research and education around services they must better understand how the economy works. Public universities still teach business process and economics as if we were dominated by a manufacturing economy. Service Innovation is inhibited by archaic economic measures and theories. ISSIP can bring together the communities to influence change through research, awareness and action.

Service Economics Group Charter / Mission: The key purpose Service Economics Group is to bring together a diverse team of individuals and organizations to help define and better understand current and desired future state economic tools, models, processes and technologies that would reduce inhibitors to current service innovation and to drive change that accelerate service innovation in the future. Ultimately the group would become an instigator / influencer of change to economic policies, economic and business metrics and accounting rules in support of the services economy.

This may include but is not limited to the following:

  • Create a center of knowledge and expertise around service economics
  • Use the COE ( Center of Expertise ) to drive change that promotes service innovation, new education models, public policy and economic models.
  • Understand new forms of value creation
    • Customer Equity – Customers as an asset – beyond ‘goodwill’
    • Value of Data (big data, sensor data et al.)
    • Touchpoint value ( Twitter, Facebook, other social media that collects visits and views )
  • Research and education of both micro and macro-economic models of service(s)
  • Definition and valuations of non-tangible economic transactions
  • Create and disseminate intellectual property (papers, books, presentations etc.) that create a better understanding of services related economics

Doug Morse, Founder/Chief Inspiration Officer at ServTrans (www.linkedin.com/in/dougmorse/en)

Stephen Kwan, Lucas Professor of Service Science & Associate Dean Lucas Graduate School of Business at San Jose State University (www.linkedin.com/pub/stephen-kwan/11/669/871/en)

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