Services are fundamental to the UK economy. Recognising this, the Technology Strategy Board is exploring the potential for supporting innovation in the high value services sector.
According to the Office of National Statistics, the combined service sectors accounts for around 75 per cent of output in the UK, and comprises:
- Distribution, hotels and catering
- Transport storage and communications
- Business services and finance
- Government and other services
We are reviewing the innovation status and need in these areas, with an emphasis on high value aspects. High value services are considered to be those that generate high gross value add for the UK economy.
On that basis, and for the purpose of our analyses, we consider the scope of the high value services sector to be:
- Financial Services
- Professional Services
- Retail
- Leisure and Tourism
Historically innovation activities have focused on manufacturing. Research literature suggests that innovation in services occurs in different ways to manufacturing, and the Technology Strategy Board is exploring those differences.
We have started a study of the high value services sector in order to better understand it, its technology-related innovation needs, and to define what we should do to support the UK's leading position.
Interim Strategic Assessment
We have initially identified the following high value services to be areas where the Technology Strategy Board can make the most useful contribution to innovation;
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Financial services
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Specialist consultancy
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Internet retailing
This interim strategic assessment presents our preliminary views, based on our research and consultations so far, on the business challenges facing the sector, and the ways in which technology can be exploited to overcome them. We have produced it to prompt discussion and elicit feedback from business and other stakeholders.
View the Interim Strategic Assessment document.
We would like your comments on this assessment which we will use to develop a more detailed strategy, to be published later in the year. Email your comments to the Technology Strategy Board.
Financial Services KTN
On 25 November we announced that we would establish a Financial Services Knowledge Transfer Network, to be set up and run by an organisation or consortium appointed through an open competition being launched in December. Expressions of interest must be received by 23 January 2009. For more information see the links on the left.