Business services are services that are primarily consumed by businesses. They often are very similar to consumer services, but with added functionality or higher quality. A common example is a cloud storage service that offers business class storage options with increased data redundancy. A more specialized form of business service is a consulting firm that provides advice on the execution of a marketing campaign.
Unlike physical goods, the value of most business services is intangible and is based on outcomes or experiences. This makes it difficult to measure and monetize them, but also can create unique opportunities for firms. In addition to their own economic potential, these services are also increasingly being used as a way to add value to products through new combinations of goods and services.
The business service sector is one of the largest sectors in the European economy and accounts for 11% of EU GDP. The sector is rapidly evolving and expanding, combining technical expertise with knowledge of the client’s industry and market to offer innovative solutions.
The success of a business service is dependent on its ability to effectively meet the needs and expectations of a targeted group of customers. This requires a fundamental shift in perspective: rather than designing products to deliver desired characteristics, managers must design services for how they will be used by their customers. This includes understanding the context in which the service will operate, including the business capability and supporting services for the service.
