The concept of Business services refers to a wide range of business activities performed by an external company. Business service providers are concerned with the building of service systems in order to deliver value to customers. This article provides a framework for understanding and assessing the health of a service business. It is based on four critical elements that differentiate it from a product business.
Unlike traditional products, which are derived from physical goods such as materials, labor and machinery, services are more intangible. They derive their value from outcomes, experiences, knowledge, management and customer service. The core challenge for successful service businesses is that they need to get all four of these elements pulling in the same direction. If any one element is not working, the whole enterprise is likely to be in trouble.
Service-providing industries make up the largest supersector of the economy, and many of the world’s most famous brands are service-oriented. Providing service to the customer is often the primary motivation for these companies, and it can be a competitive advantage that draws in customers and employees.
Business service companies vary widely in size, structure and culture, but there are some common characteristics. The most important of these is the focus on customer needs and experiences that distinguishes them from product-oriented firms. Other key distinctions include a high level of flexibility and the ability to respond quickly to customer feedback. The latter is particularly important for service-based firms because it is much easier to lose a customer than to win him back.
In difficult economic times, consumers tend to cut back on services. They might decide to use their home instead of a hotel for vacations or opt to take on more household chores themselves rather than hire a dog walker. In these tough times, it is important for service-based businesses to work harder to ensure that their offerings are valuable enough to continue attracting consumers.
While service businesses can be a great way to increase profitability, it is important for managers to understand the underlying challenges involved. As such, it is essential for these companies to have a strong tool kit to guide them in developing and implementing their business strategies. Traditionally, these tools have focused on ensuring that the organization is able to deliver its products and services effectively.
SL1 can sync with ServiceNow so you can build, update and delete business, IT and device services in either system. Favorite Services can also be viewed in both systems. To add a service to the favorites list, simply click the star icon next to the name of the service in the Business Services page. Those services will display at the top of the Business Services page by default. They will also be included in the multi-sort function. To remove a service from the favorites list, simply click the star again.
The Business Services page displays a list of the business, IT and device services you have access to. Each service includes a basic description, along with availability, risk and health metrics. In addition, you can choose to have the service appear on a custom dashboard.