With the rise of modern, “digitally-based,” “service-dominant” economies has come a paradigm shift: value creation, exchange, and business economics are being increasingly viewed within a new framework based on "services" (as opposed to industrial production and distribution of consumable physical products).
Fundamentally, “services” are always the way through which value is created. It is possible to look at a “supply chain” (no matter how short or long) as a series of activities in which human capital/labor and physical capital/resources interact to create things or outcomes that others can find valuable. In this way of looking at things, it is the activities and interactions (the “knowledge work,” for example, or alternatively the act of “consuming the services of a product”) that are paramount. People (and other organisms), information systems, and physical objects and artifacts are “all service-capable,” and “services” (as such) can be viewed as the basic building blocks of all economic activity.
When we begin to look at things this way, especially in our modern digital world, the possibilities, of how economic value can be created and exchanged, begin to expand significantly. “Service Science” is a discipline that began to emerge about a decade ago and is still taking shape. A very young science, it offers new concepts and ideas for analyzing a new frontier business opportunities and threats that have arrived at the start of this new century.
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