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+--- Thema: How to Convert Expert Services into Goods (/thread-7689.html)
How to Convert Expert Services into Goods - FazalGR - 02-14-2025
One of the fastest-growing business roles is product management, which has grown in importance and scope in Silicon Valley. Previously employed almost exclusively by technology companies like RMM tools and PSA software, product managers are increasingly being hired by an increasing number of service-oriented businesses as well. In recent years, companies including Accenture, Chase, JPMorgan, Optum, and Vanguard have added product management capabilities. Why do service companies want to expand their organizations product capabilities?
Two significant growth challenges are faced by professional services organizations, which cover a wide range of sectors, including IT, legal, marketing, and tax and accountancy services. Their head counts scale linearly with increases in revenue, and their gross margins are poor due to the substantial human involvement in service delivery. Product companies have significantly higher growth margins and higher employee retention rates. This explains why firms offering project-based services are valued at one to two times their annual revenue, while startups offering software-as-a-service solutions are valued at six to eight times their annual revenue.
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