The Business services industry is one of the most significant and fastest growing sectors of the European economy. It contributes 11% of the EU’s GDP and provides a vital link between manufacturing and other service industries. Business services encompass a wide range of activities such as design, consulting, training, employment, facilities management and transportation and logistics. The Business services industry is also transforming the way that goods are delivered by integrating them with other services. These new combinations are known as “service-oriented products” or “servitisation”.
While business services are not tangible like a product, they can still be measured in terms of their value to a customer. They include the support functions that are necessary for a business to operate, such as banking and insurance. Business services also include the supply of raw materials, transport and warehousing. Additionally, business services may include other non-financial support functions such as advertising and marketing.
Businesses that focus on providing business services tend to have lower start-up costs than product-based companies because they do not need to invest in the production of a physical product. They also require less capital to expand into additional markets.
However, the risk with this type of business model is that in difficult economic times, customers are more likely to cut back on purchasing business services. This can result in companies losing revenue, as well as causing them to miss out on potential business opportunities.
In addition, Business services can be characterized by their inseparability from production and consumption. This is unlike the case with tangible goods, which can be produced and consumed at different times. In addition, Business services cannot be stored, which makes them intangible.
Another characteristic of Business services is that they often involve a high degree of customer involvement, especially when the service provider interacts with the customer directly. This is especially true when the service is provided by an individual, such as a person who works at a fast-food counter. A customer who dithers at the counter will slow down service for everyone else behind him.
The Business Services Page enables you to view and manage all the services your organization has configured in the Business Services tab. The page is grouped by default by your Favorite Services. You can add a service to your favorites by clicking the star icon next to it. Adding a favorite will cause the service to appear at the top of your Business Services list by default. You can also remove a service from your favorites by clicking the star icon again.
You can also create your own custom dashboards that display information about specific Business Services. To create a dashboard, select the desired Business Services from the list and click the Create Dashboard button. Then you can select which fields of information to display and how to sort the data. You can also configure the layout and style of the dashboard by selecting options from the Configure Dashboard dialog box.