Business services are a recognizable subset of economic services, which share certain characteristics. They are concerned with building service systems and delivering value to customers, and they act both as providers of services and consumers of those services. There are several important issues that should be addressed as the business world continues to evolve. Listed below are some of the most pressing issues facing businesses today:
As a business owner, a good customer service strategy is essential to your success. It is the foundation of any successful organization and supports branding and promotional activities. Keeping your customers happy is key to achieving business success. Here are some tips for making customer service a priority. Listed below are some of the most common ways customer service can benefit your business. Let’s get started!… Read More
Integrity with other industries
The business environment is increasingly influenced by corporate reputation. Aristotle once said, “The best way to achieve courage is to act courageously.” Integrity is a vital part of any business’s reputation. Employees who feel that their employers have high standards and a high regard for their work report higher job satisfaction and happier life. Furthermore, companies with high standards of integrity are more likely to produce quality products and services and respond to customer issues with greater diligence.
Fragmentation of industry
One of the problems with fragmented industries is that they are prone to low levels of innovation. The absence of a single catalyst in these industries limits the growth potential of existing players, as these companies lack the diversity and resources to innovate. To avoid fragmentation, companies should limit their product offerings to a limited number of industries and increase the value of each offering. However, this can lead to a lower overall profitability.
Growing demand in emerging markets
Across the globe, the growing demand for business services from emerging markets is increasing as the global economy and political landscape continue to change. This is particularly true in Africa, where demand for infrastructure and utilities outstrips supply. This gap amounts to about $68-108 billion annually. In Nigeria, over three-quarters of firms suffer from regular outages, costing them around 15% of their annual sales. Emerging markets also present a variety of structural challenges to multinational companies, including policy uncertainty, informality, and data deficits.
Impact of technology on business services
The advancement of technology has affected all aspects of business services. Businesses have adapted to new technologies that improve many aspects of their operations. Using email, for instance, allows for instant communication and the sharing of files. Mobile phones, on the other hand, let employees communicate with one another anywhere, and mobile applications for smart phones enable businesses to conduct banking transactions, create documents, and capture images. Using mobile apps to deliver goods and services is referred to as m-commerce.