my thesis subject is about measuring innovation in banking. now my questions are these:
1.how can i measure innovation in a bank? since measuring innovation in service sector is so hard.
2. what are the indicators of innovation in service sector that i should measure them?
Well if i may help, innovation leads to product (customer oriented or for internal efficiency) in every industry in my opinion, so you can use the same approach. for example the use of e banking in most big banks, or new financial product such as a student loan . it is quite new the latter in developing economy i think. those can be measured indirectly
first i should thank you for answering my question, and i should say that innovation in product and manufacturing sector is definitely different from that process or activities take place in service sector, and we can not transfer those theories which use in manufacturing to service sector. the problem is that
Dear Colleague,I suppose you are asking about measuring the impacts of innovations and not just the number of innnovations itself or the existence in the organization at all. Am I right?
If yes, I am afraid I am not totally agree with your reaction. Although you can measure the innovation in the service sector mostly indirect ways only, but some of these possibilities are similar in avary industry. For example the direct and indirect cost saving impact of an innovation on a business process can be calculated using the same (financial) controlling methods as it works e.g. in manufacturing.
You can grab the munber of innovations, the organizational source of them, the keyy innovators in the community (staff) etc with monitoring the change management. In banks - as they are working very rule based like military units - every innovations on (service) products and processes have to implemented via changing the organizational guidelines, process books, etc. Thus it is easy to map the existing innovation architecture.
Third issue is to be involved in the knowledge sharing and management processes. You should monitor the indoor knowledge sharing and social platforms: the posts, comments, shares, Q&A sessions are the sources of the traces of innovation ideas, informal processes, implementation problems of innovated processes.
Finally, you can measure the feedbacks of the customers of an innovated process either they are inhouse staff members or customers from the market. These could give direct and indirect measures for the impact of the innovations.
I hope these helps.
dear professor. first i want to say all my thanks to your complete answering, besides i should mention that you are totally right, some of the indicators for measuring innovation are the same in industrial (service - manufacturing) but i try to find indicators which specifically related to service sector. yet your guiding in measuring the impact of innovation help me a lot. thank you
Dear Saeid Nosrati
Greetings,
Please find the attached file about your topic may be useful for you.
Best Regards
dear Faris Alshubiri
thank you a lot you doing me a favor
with the best wishes for you
Dear Saeid,
Your question concerns two of my studies. The first one is directly related to bank product innovations and the second - to the company's innovativeness measurement.
Look at them:
Article Innovative Business Bank products
Article Company Innovative Leadership Model
Dear Zornitsa,
Thanks a lot for your kindness. i wish your best all the times.
Dear Saeid,
In attachment you can find the Company Innovative Leadership Model in practice. The paper researched the IT sector which might be interesting for you as it is a service sector.
Article Measuring the Bulgarian IT Sector Innovations Capabilities T...
It can be measure by the increase in business due to the innovation and the improvement in service delivery and by formal feedback mechanisms.
For innovation in service sector schedule for working chart may help for our evaluation .This chart show to remain a time table for our working program which may be result for processing, planning , & to carry out the performance of our planning progress.
With the scientific programming plan , evaluation & also observing our performance we may if necessary come out with innovation .
This is my personal opinion
Along with above comment, Higher scaling on punctuality, discipline,sincerity and responsibility with anew idea that well for the institute therefore the success on his/her duty refer the innovation.
Saeid Nosrati
The "Innovation Value Chain" is by far, your best bet as a framework for the task at hand.
I headed up strategy and innovation in a bank when i was a bit younger and I used a "similar heuristic." You just need to clear about which aspect of innovation you want to measure - product innovation; process; technological; organisational etc.,
How you slice and dice your respondents will also be critical. In other words, whether you focus on product houses and the different channels or whether you focus on type of customer; retail, business, corporate, investment banking and the different support functions servicing the above.
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