Business Services

Business services

Business services are an important aspect of business management. They provide value to companies by helping them deliver their products or services. They are a subset of economic services and share many characteristics with them, but they also include activities that do not result in the delivery of a tangible product.

A number of different industries offer business services, from accounting to facilities management. A growing segment of the industry involves providing support to employees. These services include assisting with workplace flexibility, employee wellness and development, and other benefits. They can be delivered through a variety of channels, including online and offline.

The value of business services is not in the physical form of a service, but rather in the information and knowledge provided by the service provider to their customers. These are often called intangible assets and include services like legal advice, financial consulting, or even training for a specific job. These are usually considered the core of a business and the most important for its survival.

Some examples of business services are real estate agents who help companies find workspaces, or delivery services that assist with obtaining supplies and transporting goods. Other business services may focus on workplace convenience for employees, such as on-site day care or workout facilities. These can help companies improve work-life balance and increase productivity. Similarly, utility service providers can help companies save time and money by automating routine tasks or offering remote access to critical systems.

In addition, the business services industry is increasingly delivering value to other sectors through new combinations of good and services or supporting the digitisation of the economy through technology-based platforms. This is known as the’serviceification’ of economies, and it is creating new jobs and increasing global competitiveness.

A key component of designing digital business services is understanding the needs of both the customers and the employees who use them. This begins with identifying the key business processes that drive customer value. Then, it is necessary to translate these needs into a set of measurable requirements. Ideally, these measurable requirements are tied to key performance indicators and business metrics.

When developing digital business services, it is best to start with a small set of pilot use cases. This will allow you to develop and test services quickly. It is also a good idea to involve the key stakeholders in this process, particularly the sourcing partners who will deliver or manage the services.

The next step in the business service process is mapping out the digital means of engaging with a business service, which is typically through a service catalog and a service portal. Finally, the last step is determining the workflows that will be used to deliver the service.

Once a business service is developed, it is important to monitor its effectiveness. This is done through a combination of process monitoring, performance monitoring, and service portfolio management. By tracking the impact of a new service on the key business processes, it is possible to identify potential gaps or bottlenecks in the system. These can then be addressed with the help of a process owner or through further service improvements and enhancements.