Business services are all the support operations that help a business run smoothly and effectively. They don’t create or ship any physical products, but they help the company save time and money, increase productivity, and remain competitive. Examples of business services include IT support, procurement, shipping, and finance.
The industry is growing rapidly as companies seek ways to improve their processes and remain competitive. Companies can provide these services themselves or hire outside experts to do it for them. For example, a large construction firm might employ a business process management software solution to improve its project and resource planning functions. This could allow them to improve scheduling, forecasting, and billing.
Almost every company needs at least some form of business services. They might require marketing, consultation, logistics (including travel and facilities services), waste handling, staffing services, shipping, administration, or security services. These services vary widely by industry, and each type of service has its own unique features and characteristics. For globalEDGE’s purposes, all work related to money or asset management that a business does is classified under Financial Services, while everything else falls under Business Services.
In addition to the specialized skills and knowledge that these industries need, business services also require access to a variety of technological tools. These can be used to manage projects and processes more efficiently, reduce costs, and enable a greater degree of collaboration with client organizations.
As such, technology has revolutionized the industry in recent years and will continue to do so. This is why it is important for business services firms to stay up-to-date with the latest technologies and applications that are available.
For example, a number of business services firms are using Salesforce to connect their teams and clients through a single platform. CRM, or customer relationship management, unifies client data for the entire organization, enabling them to deliver engaging, data-led experiences that will boost their client relationships.
One of the most important aspects of running a business service is to ensure that each team member has a clear understanding of their roles and responsibilities. A good way to do this is through the use of a shared service map. This is a visual representation of how a business service will be delivered to the end user and allows all members of the team to see what is required of them.
To create a service map, navigate to Services > Business Services. Select New Business Service and enter the following information: Name: Provide a name that will define this business service. Team (Only available on Business, Enterprise for Incident Management, and Digital Operations (Legacy) plans): Select a team that will be responsible for this business service. RCA Options: Select whether or not Root Cause Analysis should be enabled for this business service. Click Create Business Service to save.