June 4th, 2009
Are Services lifting the economy out of the recession?
The folks at TechMarketView put out a nice daily newsletter. One of today’s items contained this graphic:
It would appear that the services market in the UK has bottomed out and is starting to rebound. Click here to see the entire article.
Depending on whose statistics you trust, the U.S. economy is now approximately 70% services based. If the same uptick in services is occurring here, the economy could be poised for a comeback. Better economic news is driving rising stock prices and may be triggering the run up in the price of oil. Oil speculators are always watching for signs of rising economic activity as this drives up demand for a constrained resource.
If Services are indeed about to resurge, then Service companies need to assess their readiness to compete in the economy about to come. Do these firms:
- possess the appropriate number of personnel and skillsets needed for the new economy?
- possess the personal and business productivity tools needed to efficienty and effectively compete in this economy?
- have the appropriate recruiting mechanisms in place to find additional resources in the right markets globally?
- have the sales capabilities needed to grab their fair share of the new work to come?
- understand how buyers of services have changed over the last few years?
It’s one thing for the economy to improve. It’s an entirely different matter to be able to take advantage of this environment. Is your Service organization poised to succeed?
This blog explores the intersection set between services and technology. If it impacts either space, it will be covered here. Brian Sommer is a former Accenture partner. He did an 18-year tour of duty there and ran three small practice units (Finance Center of Excellence, HR Center of Excellence and Software Intelligence). He’s sold service projects in almost every continent and remains just as current on both services and technology today as ever before. Brian is currently CEO of TechVentive, a strategy consultancy servicing technology providers, and a research analyst with Vital Analysis. See his full profile and disclosure of his industry affiliations.
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