KTP Associate, Olha Tereschenko reflects on building the synergy between academic knowledge and business practice.
Date: 10 October 2024
The Guildhall School of Business and Law at London Metropolitan University has embarked on a Knowledge Transfer Partnership (KTP) project with Spend Network, a leading provider of data services in the B2B sector. This KTP project is funded and supported by a grant from the UK Government's innovation agency, Innovate UK.
This collaboration aims to transform Spend Network's marketing and sales strategies as it launches a new public tenders and awards search platform, Open Opportunities.
Enhancing Customer Experience through Academic Expertise
The KTP project is spearheaded by experienced academics from London Metropolitan University. Professor Nigel Caldwell serves as the Knowledge Base Lead, while Barry Dwyer is the Knowledge Base Supervisor. Professor Caldwell comments: "This KTP exemplifies the power of academia-industry collaboration. By applying rigorous research methodologies to real-world challenges, we're solving immediate business problems and generating valuable insights for future research and teaching."
The project team has been actively using Customer Journey Mapping and Service Blueprint techniques. This academic approach has provided Spend Network with invaluable insights into their customers' experiences and pain points. By addressing these pain points, Spend Network has significantly enhanced customer satisfaction and engagement, improved retention rates, and streamlined the onboarding process for new users.
By building synergy between academic knowledge and business practice, this partnership with Spend Network is in line with London Metropolitan University's Research and Knowledge Exchange Strategy 2020/21 - 2024/25 - contributing particularly to the Knowledge Exchange strand, as an exiting addition to the University's portfolio of KTPs.
Ian Makgill, CEO of Spend Network, comments: "The KTP has been transformative for our business. The expertise brought by Olha and the London Met team has accelerated our transition to a subscription model and positioned us for sustainable growth."
Olha Tereshchenko, the KTP Associate from London Metropolitan University, applied for this role to bridge the gap between academic marketing expertise and real-world business challenges. "This KTP offers a unique opportunity to apply cutting-edge marketing theories in a dynamic business environment," says Olha. "It's exciting to see how academic knowledge can drive tangible business results."
Looking Ahead
As the project progresses, the team is excited about the potential for further innovation and research opportunities. The insights gained from this KTP are already informing academic papers and contributing to the broader understanding of AI-enabled business model innovation in the tech industry.
This KTP project stands as a testament to the power of collaboration between academia and industry. It drives innovation and economic growth while providing invaluable experience for talented graduates.
Photo: KTP Associate Olha Tereshchenko