Business services are activities that help organizations with functions that are not part of their core mission or expertise. These include human resources services, payroll management, IT support, warehousing, marketing, and other administrative tasks. They are important to all businesses and play a significant role in the economy. This is particularly true in low-income countries, where the service industry is a large percentage of GDP.
A type of business service called a business-to-business (B2B) service takes place between trade organizations. For example, a car manufacturer performs B2B transactions with wholesaler companies that provide the tires, rubber hoses, and other components needed to build cars. A company can also offer its own B2B services to other businesses, such as IT support or a payroll service.
Defining Business Services for Success
A successful business service is a system that delivers value to customers through a variety of means. This includes a customer-facing system of engagement, which is accessible through a service portal and a service catalog, as well as an enterprise-facing service portfolio management system, which oversees the creation, maintenance, and retirement of services grouped by objective, capability, organization, or geography.
Often, a customer’s journey with a business service is complex and involves multiple touchpoints, such as a self-service portal, chatbot, or call center. A unified experience across these channels is key to delivering a great business service. The goal is to create a streamlined process that eliminates redundancies, reduces friction, and simplifies interactions with the service.