Business services are a type of service that a business provides to other companies without the production of physical goods. Examples include information technology (IT) services, accounting and human resources consulting, and marketing. These services often help businesses perform important functions, such as generating sales and increasing customer loyalty.
Business Services Are a Key to Economic Growth
The business services sector is one of the largest sectors in the European economy and contributes 11% of GDP. It includes a broad range of industries from engineering, architecture and IT to professional services such as legal and employment services.
They are essential to a variety of industrial sectors and have a vital role in’servitisation’, the process where products are combined to create more complex and more valuable services. They also play a central role in the supply chain, where the distribution of goods is coordinated with warehousing and logistics processes.
In addition to helping companies achieve their goals, business services can improve relationships between manufacturers and customers. For example, a firm that produces a new product may use a business service to test the finished product for safety and standards compliance.
A company that sells computers also needs to provide IT services, such as software updates and security upgrades. A business service also might be necessary to manage the flow of information between employees and clients.
These services are essential for any business, no matter the size. They can make a difference in how well a business does and in the quality of its customer service.
Whether the service is for internal or external customers, it must have a defined set of criteria and standards. This is called a service level agreement (SLA) and should be reviewed regularly.
Business services can be divided into three main categories: technical, financial and social. Technological and digitalization are revolutionizing the industry, with a growing number of startups offering business solutions to customers.
Tech & Digitalization
The business services sector has transformed in recent years due to new technologies and infrastructures. These developments have allowed the industry to expand its reach and become more efficient.
Many companies are relying on outsourcing more of their services. These services are provided through web platforms, systems or mobile apps.
These systems are a great way to streamline operations and cut costs. They can include a credit card processor, point of sale system and virtual private network.
Finance & Accounting
This is one of the most important services a company can offer its customers. It can be used to track financial expenses and income, and calculate taxation and depreciation.
It can also be used to track customer behavior and identify potential problems before they occur.
The business services sector is an integral part of the global economy. It plays an important role in a variety of industries, such as finance and accounting, telecommunications, healthcare and retail. It is also a major driver of international trade and development, contributing to the economic growth of countries around the world.