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Related Experiment Videos

Service: the next frontier.

L D Rosen1

  • 1Cameron School of Business, University of North Carolina, Wilmington, USA.

Hospital Materiel Management Quarterly
|January 7, 1998
PubMed
Summary
This summary is machine-generated.

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.

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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.

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  • 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.