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How Businesses Can Benefit from Experimentation Essay

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Below is an essay on "How Businesses Can Benefit from Experimentation" from Anti Essays, your source for research papers, essays, and term paper examples.

How Can Businesses Benefit from Experimentation
The article “R&D Comes to Services—Bank of America’s Pathbreaking Experiments” was written by Stefan Thomke and published in Harvard Business Review of April 2003.   Stefan Thomke was an associate professor of technology and operations management at Harvard Business School at the time the article was written. The article illustrates how services have been hindered by the innovation of product development in today’s generation.   There are ways to test a product, but what about services?   It is easy to test a large sample of people for a certain product, but for services it can be a challenge.   A service affects each person differently and should be tailored to the individual to bring the best results and feelings.   Bank of America has come up with a brilliant way of testing their services.   There testing does not even take place in a lab, it is during regular business hours.  
Kenneth Lewis was the chief executive in 1999, and said that one downfall Bank of America faced was innovation.   The Innovation and Development team came up with a way to spark change through new services and service-delivery techniques that would sustain loyal realtionships with current and future customers and creating a sense of efficiency for transactions.   Having a business such as a bank, can be hard to stray from the standard business techniques.   You are going to have the people who love the traditional style service and the contemporary style service, but how does the corporate business please all types?   The way Bank of America tested their experiements for innovation within services was through 20 branches in Atlanta.   Five were transformed into “express centers,” focusing on the modern lifestyles.   Five were transformed into “financial centers,” which included access to investment trading and portfolio management.   Ten were closely aligned with the traditional style, but provided new techonologies and transformed processes.   One...

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