Business services are services primarily consumed by organizations, with the resulting value coming from such intangible elements as outcomes, experiences, knowledge and customer service.
Examples of business services include the following:
- Consulting – type of business service providing advice or labor for a fee
- Outsourcing – a class of business service delivering entire business processes, capabilities, projects or work products for a customer
- Leasing – a service in which the end value is derived from the leasing of physical assets such as office space, furnishings, machines or other equipment
- Quality of life – services provided in areas such as health, fitness, entertainment, education and daycare
Companies within this sector offering the aforementioned services, in addition to office administration, security, travel arrangement, waste disposal and more recognize success is typically driven through technology, digitalization, new communication technologies and infrastructure.
Big & Small
Given this understanding, the global industry makeup includes not only large enterprises but startups offering business solutions demonstrating innovation, flexibility and sustainability.
Typically, there may not be too much capital investment required to start, say, a business offering landscaping, pest control or staffing services. Since there is such a low barrier to entry into the industry, the competitive landscape can include peers as potential competitors, given many of these services can be undertaken in-house.
That low barrier means the competition within the industry can be intense among not only the smaller companies, but also against larger, more established firms as well.
The Lower the Barrier, the More Heightened the Competition
Intense competitive landscape. Driving success through technology, digitalization and improved infrastructure. Low entry barrier.
Yes, it’s clear that more directly than most, companies within the business services industry can benefit from efforts to modernize internal systems and put the latest technology to use for financial operations and other processes. Technological infrastructure can have a positive effect not just on company culture, efficiency and relationships, but also on the security of critical information and trade advantages.
The benefits to a business, both of the tangible and intangible variety, of employing technology toward modernization efforts include:
- Improved communication with your customers – The speed and agility required to compete in today’s business environment means organizations need to interact with their customers quickly and clearly. And, when those customers use technology to interact with a business, the benefit of better communication directly relates to a stronger public image for the company.
- More efficient operations – Technology can help a business better understand its cash flow needs and how best to preserve precious resources such as time and physical space. Warehouse inventory technologies allow businesses to better manage the storage costs of holding a product.
- Improved business culture – A better team dynamic of more connected, informed and confident staffers can arise through the proper use of technology, especially when the use of this technology is applied toward the firm’s most critical financial operations.
- Greater confidence in security – Technology, when put to good use, can protect financial data, confidential executive decisions and other proprietary information that ultimately leads to competitive advantages.
- Heightened research capabilities – Any business with the technological capacity to research new opportunities will be able to stay in the lead within that intense competitive landscape. The most successful businesses seek not just to survive, but to grow and acquire new opportunities.
Think about all the business services being provided at those hectic and harried hubs of activity all over the world, the airport.
Airport Terminal Services (ATS), which offers a full range of aviation services and personnel in support of more than 150 airline and airport customers in 50+ global sites, faced challenges internally and mounting external frustration with outdated and inefficient billing processes, characterized by redundancy and data integrity issues. Seeking a modern, flexible and user-friendly solution that could integrate seamlessly with the company’s existing Oracle Financial Cloud ERP system, ATS turned to RecVue’s Agile Monetization Platform.
By removing the manual processing in favor of RecVue’s unified system, the full-service aviation firm was able to trim two days off its closing cycle and 70% of the records required to maintain. Please download our ATS case study to learn more about this business service success story for RecVue.
And, to learn more about how RecVue’s agile monetization platform meets today’s challenges for business services – from complex billing and pricing models such as usage billing to revenue leakage, accurate charging for products and services, please download our RecVue Billing & Invoicing for Business Services Datasheet.