mixed material bibliography Boston Harvard Business School Publications September 2016

p. 82 - 89 High-end professional services firms, unlike product companies, traditionally experience only linear revenue growth. That’s because selling more services means adding more professionals, which limits profit margins. However, savvy providers of consulting, legal, accounting, and other services are using technology to their benefit. They are automating certain routine aspects of their work to essentially “productize” those tasks. By combining those products with human attention to matters requiring more knowledge or judgment, they can give clients better service at a lower cost. This article provides a guide to product development for professional services firms. The author describes the three key stages of the process: (1) To discover potential products, identify opportunities for automation by looking for patterns in your services and zeroing in on the tasks that are performed frequently and require little knowledge. (2) To develop products, use algorithms and artificial intelligence to create “smart” tools to handle high-volume, low-sophistication tasks. (3) To monetize your products, stop charging for time and materials, and shift first to transaction-based pricing and then to an outcome-based model. In conjunction with this process, it’s important to create a cross-functional team that focuses on product development. And take the long view—you’ll have to invest time and money before you reap the benefits of embedding products in services. [ABSTRACT FROM AUTHOR] <br> 00178012 Perpustakaan - Sekolah Tinggi Manajemen PPM Pusat Informasi Manajemen 47146 2016-11-02 00:00:00 2016-11-02 00:00:00 machine generated