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22 July 2009The Royal Society has recently published the findings of a major study on the role of science in services sector innovation. Entitled Hidden Wealth: the contribution of science to service sector innovation, the report highlights the wider significance of science, technology, engineering, and mathematics (STEM) to the services sector, which makes up around three quarters of the UK economy.
Hidden Wealth concludes that STEM is deeply embedded within the UK service sectors and has an extensive impact on service innovation processes, which is often hidden. Although STEM is important in services sector innovation now, it is also likely to play an important part in the future of services, as many services are on the cusp of a transition to more personalised and interconnected systems, which will require significant advances in STEM.
The report makes a number of key recommendations, which are highlighted below:
With regards to financial services:
Read the related press release here.
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