The Ubiquity of Business Services
The Business services industry is a broad category of industries that support businesses without producing a tangible product. Businesses rely on these industries to perform many critical functions, such as providing transportation, storage, warehousing, and insurance services. This category also includes information technology (IT) support, marketing and communication services, and management consulting.
Business services can be delivered in any industry, from any geographic location, and with a wide range of delivery models. For example, software as a service (SaaS) allows companies to deliver a service that is consumed by users via a cloud platform rather than on premises. The ubiquity of business services is made possible by rapid growth in emerging markets, new communications technologies and infrastructures, and by the ability to create and deliver solutions to real-world problems.
As business grows, companies need to enlist more and more services to manage their operations. This includes the specialized expertise of IT professionals to support IT systems and networks, specialized legal services to handle contracts and other documentation, and even facilities management to keep offices clean and functioning efficiently. While a company is growing, it is difficult to hire and retain employees to provide all these services. This creates an opportunity for outsourcing, which is when a third-party provider provides a business with all or some of its operational needs.
A successful business service company needs to have a clearly defined value proposition, strong customer relationships, and efficient processes to provide an excellent experience for both customers and employees. The company should also offer flexible solutions to meet changing market dynamics and client needs. This will ensure a consistent level of quality, speed, and innovation that will allow it to compete in the marketplace.
In addition, the company must find creative ways to fund its distinctive offering, as well as develop a workforce capable of designing, delivering, and supporting it at an attractive price point. This is particularly challenging in the Business to Business (B2B) arena, where firms rely on innovative solutions that combine a software platform or system with a solution to real-world problems like warehousing and shipping. For example, Rolls-Royce’s TotalCare program rents jet engines to airlines and charges them by the hour, while Staples transitioned from a retailer of office supplies into a “office services provider” with a complete suite of done-for-you services.
In SL1, you can add a service to your favorites list so that it displays at the top of the Business Services page by default. To add a service to your favorites, click the Favorite Service star icon for that service. To delete a service from your favorites, click the icon again. You can also view your favorite services in the multi-sort function on the Business Services page. To display a customized list of your favorite services, see Creating Custom Dashboards.