Identifying the appropriate firm is critical because your entire career is dependent on the knowledge you learn and have. Everyone wants to work for a company that helps them improve their skills and provides a better learning atmosphere. Almost every student wonders whether they should start a product-based or service-based business before deciding on their dream company. What are product- and service-based businesses, and how do they get started?
The most common misconception among students is that top tech companies like Google and Amazon only hire students from prestigious universities (such as IIT or NIT). Unfortunately, this has proven to be a major myth. Even after graduating from a Tier 3 university, you can enter your dream company if you have the necessary abilities and skills. All you need is perseverance and consistency. Furthermore, product-based businesses have lesser teams and employee-friendly policies and practices, whereas service-based businesses possess huge groups and no employee-friendly regulations.
Obviously, product-based businesses are superior to service-based businesses, but if you can't break into the former but still have the opportunities to work for a service-based business, take it. It is preferable to nothing. You can acquire hands-on expertise in the field there or move on to a product-based one after some time.
Product Based Company: An Introduction
Product-based businesses are those that focus on product development and implementation. In general, products have a high market value. Furthermore, these items may meet the needs of the customers. Therefore, they strive to produce high-quality goods. They also aim to improve their products by introducing new features. They employ cutting-edge technology. These businesses develop valuable products that can help solve serious business issues.
Points You Must Remember
● Product-based businesses identify product requirements and available products. Then create a product that gives the customer a solution to that specific requirement.
● The products they create are not aimed at a specific customer. That is, creating a product for a specific class or group of people. To that end, they conduct research and introduce various products that will meet most people's needs. As a result, they try to reach as many people as possible with their products.
● A product-based company in the IT industry is one that develops technology for its customers. These businesses have one or more digital products.
Service-Based Company: An Introduction
A service-based business is one that offers service to its clients, and these could include customer-tailored conveniences, skills, and expertise. These businesses provide services to other businesses. Because they do not have their own products, they actually sell their employees' time to their customers.
Points You Must Remember
● The service company's offerings are essentially exclusive. This indicates that the service is personalized to the customer's requirements and specifications. Furthermore, the service is not conveyed to other customers.
● Service-based companies in the IT sector provide engineering, design, and other services to commercial projects.
● These businesses look for a conjunction of hard skills and soft skills when hiring.
● These businesses face stiff market competition. As a result, they must be one-of-a-kind in order to maintain market quality and reputation.
Product Based Company vs. Service Based Company: Comparison Table
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Product-Based Company |
Service-Based Company |
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A company or business that possesses their own product to offer to the market.
Examples – Adobe, Google, Facebook, etc |
A company that might or might not possess their own product. However, their primary business is providing a certain service. We may even say that they work for product-based companies.
Example - Infosys, Wipro, TCS, Cognizant, etc. |
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Such a company does recruitment from country’s top colleges (such as IIT and NIT), and rarely conducts any interview at Tier 3 institutes. |
Such a company takes part in mass recruitment, and mostly does campus placement. |
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Provides a competitively high salary and a hike. Additionally, salary is revised here based on the cost of living. |
Provides a much less competitive salary and hike. |
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Creates various interview rounds, and cracking its interview is way harder than one compared to a service-based company. |
Cracking interviews here is, by a long margin, easy and it has way less interview rounds. |
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For such companies, the learning curve is amazing, optimized, and various means are leveraged to keep it the same. You are even exposed to the latest technologies and innovation. |
For such a company, the learning curve is pretty average, and most freshers and juniors are put into projects where they don’t have the leeway to select their domain. |
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It has flexible work timings, and you’re only expected to complete the daily work provided to you in the mentioned time frame. |
It includes strict working hours, typically from 7 to 10 hours daily. |
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Job security is much higher in such a company |
Job security is little to none due to mass recruitment and availability |
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Such companies invest a ton on marketing and advertising opportunities. |
Here, the spend on marketing and advertising is slim to none since the company directly contacts the client. |
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They have a quick turnaround time since the customer instantly purchases the product. |
They have a very low turnaround time, and are entirely dependent on customer needs and requirements. |
Data Science Roles in a Product-Based and Service-Based Companies
Data science has a dozen different roles and responsibilities, be it for a product-based or service-based company. So, following are the roles that you can aim for in any of these two company types:
● Data Analyst
● Data Engineers
● Database Administrator
● Machine Learning Engineer
● Data Scientist
● Data Architect
● Statistician
● Business Analyst
● Data and Analytics Manager
Top Product-Based Companies to Look Out For
Product-based companies are the best possible choices you can have for a healthy and better lifestyle, and more importantly, have a great professional career. So, here are some of the top product-based companies you must aim for:
● Adobe
● Amazon
● Cisco
● Microsoft
● Hewlett-Packard (HP)
Final Words
The list can continue because there's no end to the already-established companies and the ones that are rising to become one of the greatest.
So with this, we come to a lot of this article, and today we understood, in a crystal clear manner, the difference between a product-based and service-based companies and for a data science aspirant, which is better.
We also understood the data science roles you can receive if you go into either of the two, and along with that, we also witnessed the top product-based companies that every aspirant should set their eyes on.
If you're an aspirant and need clear guidance and support for a successful data science journey, Skillslash is your go-to solution. Apart from being recognized as the best data science institute in Bangalore, Skillslash enjoys a top-notch online presence created with rigorous training and high package placements. The Data Science course in Bangalore with placement guarantee is all you'll ever require to land a future-secure job and lead a happy and healthy lifestyle. Get in touch with the support specialists to know more about this opportunity.
