A business service is an intangible activity that assists businesses. It provides a means to deliver value to customers and supports the core activities of a business, such as IT services, banking, insurance, transportation and other functions. Business services can be provided in any industry, but the most common examples include IT support, banking and insurance.
The development of business services has been driven by a number of factors, including increased outsourcing and technological innovation. Outsourcing enables companies to focus on their core activities and leave noncore processes to specialists. Technological innovations and digitalization have also allowed business services to be delivered through web platforms and systems, allowing for faster responses to customer needs.
Many jobs in business services require a high level of interpersonal communication, Spinelli says. Those with poor interpersonal skills may not be well suited to this field, which can be fast-paced and stressful. In addition, those with a fear of public speaking may not find success in business services.
In order to define business services, it is important to understand the different aspects of a service system that are necessary for its implementation. For example, a service needs to be capable of delivering value, it must have an identifiable value proposition, and it must be operational. A service must also be clear, which is achieved by defining how the service will be delivered to the customer. Finally, it must be sustainable, which is achieved by identifying how the service will be maintained and improved over time.
A key aspect of the business service concept is that it must be scalable to meet the changing requirements of the customer. This is achieved by breaking down the process into a series of service components and by managing the dependencies among these service components.
Another key aspect of a business service is that it must be accessible. This is accomplished by identifying the customer’s access points and ensuring that the service can be accessed at these points. Additionally, the service must be reliable, which is achieved by ensuring that the service is available when needed and that it will work when requested.
The business services sector has a significant untapped growth potential, which is being supported by developments in technology, globalization and the increasing trend of outsourcing business services. In addition, EU internal market legislation and policy actions are making it easier for business service providers to establish themselves in a Member State or provide cross-border services. These developments are contributing to the growing competitiveness of the European business services sector.