|
|
 |
|
|
The rise of the professional service industry has been one of the most dramatic economic developments of the past few decades, changing the structure of economic activities in industrialized, middle-income and low-income countries alike. These sectors have become the dominant source of employment in developed countries, often accounting for a majority of all jobs. Much recent employment growth has been in knowledge-intensive work, that undertaken by professional and managerial personnel. Projected employment growth of professional and technical staff, and administrative and managerial personnel outstrips that of all other occupational groups for the last decade of the twentieth century.
Service industries differ from manufacturing and agriculture principally in the fact that they create economic value without creating a tangible product. Their products/services may include such intangibles as convenient access, information, advice, strategic planning, management, or financial instruments. Many of these intangibles account for much of the value added in such sectors as banking, capital markets, finance and insurance, investment management, business and legal services, accounting and auditing, information processing, advertising and business consulting. There can be substantial overlap between the sectors, as many businesses now offer a broad range of services.
The emergence of a global economy and the intensified competition which has characterized its spread have affected service sector enterprises more in the past decade than in any previous one. Globally, the professional services industry is undergoing a dramatic transformation. As legal barriers dissolve, convergence among industry sectors is evidenced by increased cross-border mergers. This international expansion is driven by an appetite for new markets, new investments, new capital, new products and new delivery channels.
As organizations have reshaped themselves and information technology has come to permeate working environments, the structural changes occurring in service sector enterprises have directly affected the roles, responsibilities and career paths of managerial and professional personnel. The breakdown of old pyramid-type structures and the emergence of flat, flexible organizations have led to the compression of management layers and the outsourcing of a number of professional and technical services from independent contractors.
This type of transformation is occurring in almost every segment of the professional services industry. VRC continues to meet the valuation needs of the professional services industry. Whether the need relates to internal valuation or external valuation requirements in areas such as equity valuations, solvency or fairness opinions, and tangible and intangible asset valuations, we have the expertise to address your situation.
|
|
|
|
