A Business service is a non-physical product or activity that supports a business and does not produce a tangible output, but instead provides intangible value. It is an integral part of the service industry, which in turn is one of Europe’s most significant sectors in terms of gross domestic product (GDP).
Business services provide a wide range of functions to companies from financial products like loans and credit cards, accounting, marketing, consulting and staffing to facility management, transportation, waste handling, information technology, payroll, HR support and more. Companies in this sector often specialize in a particular area of service to better meet the needs of their clients and customers.
The business-to-business (B2B) industry has seen considerable growth in recent years, due to rapid technological advances and the growing need for more specialized business services. In the future, it is expected to continue to grow at a fast rate as new and innovative services are created to address the changing needs of businesses around the world.
Some of the most popular business services include marketing and consultancy, IT support and software development, and facilities management. Others are more specific to a type of business, such as legal services or insurance. In the latter case, a business might need to obtain an insurance policy in order to cover its employees against any potential risks associated with their job.
One of the key factors in the success of a Business service is that it must be designed with the business context in mind. This involves using techniques to translate the needs of business stakeholders into simple measurable requirements. This, in turn, helps to determine the value that a Business service should deliver, and the assets and resources needed to do so.
A business service must also be able to respond quickly to changing demands and circumstances, as the value of intangible goods and services is hard to quantify. This is why it is important to continually improve Business services, and use them as a platform for innovation.
Defining and Designing Business Services for Success
It is recommended to start with a small number of pilot use cases when launching digital business services. This allows you to get the hang of managing them more easily, as well as identifying how benefits are measured and who is accountable for them.
You can prioritize Business services by adding them to your favorites list, which is displayed on the Business Services page pictured below. Simply click the star icon () to add a service as a favorite, and it will display at the top of the page by default. You can also filter and sort Business Services by their favorite status, and create custom dashboards for them. To learn more, visit Creating Dashboards for Business Services.