Strategic framework for managing forces of continuity and change in innovation and risk management in service sector: a study of service industry in India

Abstract

Innovation and risk management in the service industry pose unique challenges as services cannot be inventoried as the customer is involved in the service delivery process. This research work focuses on the study of the service industry and understanding how they are coping with the forces of continuity and change in innovation and risk management. The data was generated from secondary research and primary research through personal interviews with over 100 experts using a structured questionnaire. Factor analysis of the data collected reveals six underlying factors from perspective of continuity and seven factors for change affecting innovation and risk management in service operations. The continuity and change framework suggested would lead to more efficient and sustainable innovation and risk management in service enterprises. This research paper represents one of the few efforts to study innovation and risk management in services from this perspective. The framework suggested can be adapted for applications in the global context.