A business service is an intangible service that helps a company achieve its goals without producing any physical products. It can be provided by various industries including IT, insurance, finance and transportation. These services are vital to businesses because they provide the resources and expertise needed to operate effectively. Business services also include consulting and marketing.
The business services industry is growing and competitive. Its growth is driven by globalization, consolidation and new integrated offerings. Incumbents are facing competition from nimble upstarts that offer innovative, low-cost models and are able to leverage technology platforms.
To compete successfully, business services firms must create a unique customer value proposition that includes price, quality and convenience. In addition, they must develop innovative strategies to improve efficiency and productivity, meet regulatory standards, and deliver attractive returns on investment for their shareholders.
BSM is an IT framework that enables business and IT to collaborate and define the appropriate service model based on organizational and customer requirements. It provides a common language for both IT and the business and reduces complexity and risk. BSM also simplifies compliance and governance by maintaining detailed records of service levels and performance metrics, which helps ensure that the organization adheres to industry standards and regulations.
In the context of BSM, a device service is a group of hardware and software infrastructure components that delivers a specific business service. For example, a company might create a device service that monitors all devices in the same office or region.