The reality in industry today is that product margins are declining, and services margins are rising. In fact, in many industries, the two margins have reached parity. If you manufacture and sell a complete product to an end user or a channel partner, you either currently offer services or will see them in the foreseeable future.
And, if the margin trends continue, you may find yourself managing your company’s service business. To avoid that possibility, start wrapping your head around the differences between manufacturing and service businesses.
This post was published on Thomas Insights on November 21, 2019. To read the complete article, click here
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