As the service-based economy continues to evolve and complexity increases, business services providers must adapt to stay competitive. They must develop innovative business models and embrace an agile culture to ensure they are able to keep pace with changing customer needs. This approach will lower costs, improve operational efficiency, and increase organizational flexibility. This article discusses three ways businesses can leverage innovation to remain competitive in this changing industry.
The most valuable business services offer a diverse range of capabilities and experiences, allowing clients to leverage new opportunities and stay ahead of their competitors. These services include professional services, education, training, and support, as well as outsourcing. In order to optimize these services, multinational organizations must assess critical performance drivers and develop service offering strategies that are tailored to specific client needs.
Business services can be as technical or non-technical as an organization requires. Some of these services can be provided in-person at a client’s site, while others can be provided remotely through an Internet connection. While the services offered may vary in type, all aim to improve the organization’s productivity and profit margins. Some common business services include information technology audits, updating service catalogs, and creating employee self-service portals.
In addition to providing convenience for clients and employees, business services also help companies meet regulatory requirements. For example, delivery services can ensure that a company has the right supplies and retail products. Real estate agents can help companies find office space and negotiate leases. Some businesses also hire childcare providers to run in-office daycares. Ultimately, business services enable companies to focus on customer-facing activities, while freeing up internal units for more productive activities.