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Products are distinct, tangible or intangible offerings created, developed, or delivered by an organization to address specific customer or stakeholder needs. Unlike services, which are activities or processes performed to deliver value, products are self-contained items or solutions that provide value independently or as part of a broader portfolio. Products are typically characterised by defined features, lifecycle stages, and measurable performance, whereas services are ongoing engagements or processes. To differentiate a product from a service: Product: Refers to a tangible or intangible deliverable that serves as a standalone solution to meet specific needs. Products are defined by their features, lifecycle stages, and ability to deliver measurable outcomes independently of ongoing interaction. Examples include software applications, physical goods, or digital tools. Service: Represents an activity or process performed to create or enhance value, often involving direct interaction and collaboration with customers or stakeholders. Services are dynamic, relying on real-time execution or customisation to address specific requirements. Examples include consulting, technical support, or training sessions. This distinction emphasises that products provide self-contained value, while services are centred around interactions and processes that generate or support value.
Services
Services represent the distinct offerings or activities that contribute to delivering value to a customer, stakeholder, or organizational outcome. They illustrate how value is generated and flows through an organization, connecting strategic objectives to tangible deliverables. By focusing on outcomes and stakeholder needs, services enable organizations to identify inefficiencies, optimise service delivery, and ensure alignment with strategic priorities. Keywords to look for include: Services, Offerings, Process, Flow, Customer Journey, and Outcome. To differentiate a service from a product: Service: Represents ongoing activities or processes performed to deliver value. Services are characterised by interaction and experiences, often requiring real-time execution and collaboration with customers or stakeholders. Examples include consulting, maintenance, or training. Product: Denotes distinct, tangible or intangible offerings designed as self-contained solutions. Products are characterised by defined features, lifecycle stages, and measurable performance. Examples include software, devices, or pre-packaged solutions. This distinction clarifies that while products are standalone deliverables, services focus on the processes and experiences leading to value generation.
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Information
Information represents the critical data and insights that enable and support the flow of value within a value stream. It encompasses the structures, relationships, and contexts that connect strategic objectives to actionable outcomes. By focusing on the management and utilisation of information aligned with stakeholder and organizational needs, organizations can identify gaps, enhance data quality, and ensure alignment with strategic priorities.
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