3 Challenges facing the Business Services industry today.
One of the major beneficiaries of the economic upturn and the Digital Transformation happening around us has been the Business Services sector. Having recently grown at its fastest pace for 17 months in December, more and more organisations are seeing the benefits of outsourcing resource and expertise. Yet with this growth comes new territory, new challenges and growing pressures on Industry leaders to keep up with the competition. Here we take a look at the major challenges that executives in the Business Services Industry should look out for in 2017.
1) Providing a Unique Value Proposition
Presenting the Cost effective benefits of outsourcing a certain Service is proving to no longer be enough for organisations, especially with the influx of affordable Cloud applications over recent years. Industry leaders are now challenged with developing a value proposition that is unique and enough to ensure that their organisation is seen as a trusted advisor in the eyes of the Customer. Businesses will undoubtedly check your referencability, web content and social proof before even making that first Sales engagement with you. It is vitally important that they match your company’s remit.
But how can expand on your Value proposition? A common trend in 2016 was the growth of Partnership schemes between big players in the Business Services industry. Oracle’s acquisition of NetSuite and Deloitte’s acquisition of Design agency Heat are just a few examples of Organisations broadening their repertoire of Services.
2) Offshoring Services
Offshoring Business Services will always be an attractive proposition for start-ups, primarily due to financial reasons. Yet offshore providers fail to compete with near or onshore competition when it comes to accessibility. It’s now imperative that organisations provide rapid responses across the Customers preferred channels of communication. Your Customer Experience strategy is critical to enforcing the importance of matching the working hours of the client, so keep on top of it. Here are two things to consider:
- Are you accessible?
How easy can a client communicate with our business? Do we have a live chat option or do we drive our clients to a Service portal.
- Do you cater for Self Service?
Not every Customer wants to converse with a Service agent. Do you have a resource portal that can help adhere to their queries?
3) Contracts, SLA’s and renewals
Customer attitudes are ever changing. A Clear breakdown of resource hours, strict Service Level agreements and a structured breakdown of the costs involved are considered a must in the eye of the Customer before any agreement is made. The Business Services industry is now challenged to invest more in Resource planning and Customer Experience Management tools, as well as better track their organisations ability to manage these demands. With the level of competition widening as a result of the Markets growth, Businesses simply cannot afford to oversee high levels of Customer Churn.