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Service: the next frontier
1Cameron School of Business, University of North Carolina, Wilmington, USA.
Hospital Materiel Management Quarterly
|January 7, 1998
Summary
The U.S. economy is undergoing a service revolution, with services dominating the gross national product and jobs. Manufacturers must prioritize service operations to ensure future prosperity.
Area of Science:
- Economics
- Business Strategy
- Industrial Management
Background:
- The U.S. economy is experiencing a significant shift towards the service sector.
- Services now constitute over 70% of the gross national product and 75% of employment.
- This trend impacts both service-oriented firms and traditional manufacturing industries.
Purpose of the Study:
- To highlight the growing significance of services in the modern economy.
- To emphasize the increasing role of services within manufacturing value chains.
- To advocate for the strategic integration of service operations in manufacturing.
Main Methods:
- Analysis of economic data on sector contribution to gross national product and employment.
- Examination of the service component's value addition in manufacturing.
- Review of strategic business planning literature concerning service integration.
Main Results:
- The service sector is the primary driver of the U.S. economy.
- Services contribute substantially (30-70%) to the value generated by manufacturers.
- Ignoring the service revolution poses a risk to manufacturing competitiveness.
Conclusions:
- Manufacturers must recognize and adapt to the increasing importance of services.
- Integrating service operations into strategic planning is crucial for future success.
- Embracing the service revolution will be key for manufacturers to thrive in the coming decade.
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