A business service is any intangible service that helps a company function despite not producing or delivering a tangible product. These services act as the backbone for numerous industries like IT, banking, and insurance. Unlike products, which are sold directly to consumers, business services are used by companies for internal purposes. The intangibility of these services is the main distinguishing factor that differentiates them from products.
The most common examples of business services are customer service, translation, and IT support. Translators and interpreters help businesses by facilitating conversations and seminars with clients who speak different languages. This service is important because it allows companies to reach a wider audience and increase revenue. In addition to this, IT support workers assist employees with technology issues and help them stay productive at work.
These business services are important for the economy of a country, as they are essential to the growth and development of other industries. For instance, the IT industry is one of the most important sectors in Europe, contributing to 11% of GDP. In addition, the European Union is promoting service-led innovation and value creation in order to boost competitiveness.
In order to create successful business services, it is essential to understand the needs of your customers and the context in which they operate. This involves gathering customer goals and objectives, replicating them, executing systems of action, and testing with your customers to ensure success. In addition to this, it is necessary to continually improve your business services by capturing performance and operational metrics and conducting quarterly reviews of your offerings.