Innovation in Services: Corporate Culture and Investment Banking

Innovation is as important in services as it is in manufacturing. However, competing on innovation in services demands a different organizational approach. Relative to innovation in manufacturing, innovation in services has five distinctive characteristics—it is: distributed throughout the organizat...

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Bibliographic Details
Published in:California management review 2007-10, Vol.50 (1), p.174-191
Main Authors: Lyons, Richard K., Chatman, Jennifer A., Joyce, Caneel K.
Format: Article
Language:English
Subjects:
Business innovation
Business organization
Business services
Business structures
Business studies
Competition
Competitiveness
Corporate culture
Disruptive innovation
Educational innovation
Innovation
Innovation diffusion
Investment banking
Investment banks
Market strategy
Organizational culture
Organizational research
Product innovation
Service industries
Service industry
Technological innovation
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Summary:Innovation is as important in services as it is in manufacturing. However, competing on innovation in services demands a different organizational approach. Relative to innovation in manufacturing, innovation in services has five distinctive characteristics—it is: distributed throughout the organization; fluid, that is, more continuous than discrete; broadly relevant to hiring and promotion decisions; influenced by reward systems and culture at the firmwide level; and enabled by leadership. The foundations—both cultural and structural—for competing on innovation in services must operate pervasively throughout the organization. This article examines innovation in investment banking and discusses its implications for competing on innovation in other service industries.
ISSN:0008-1256
2162-8564
DOI:10.2307/41166422