Business services are various tasks and activities that help companies, but don’t produce a tangible product. They encompass a large portion of the commercial world and are very important to large firms. Information technology, for example, is a business service that supports many other services, such as procurement and finance.
The service industry focuses on delivering outcomes, experiences and knowledge, rather than goods and products. It is also known as a ‘service economy’, and it has become an increasingly significant sector of the European Union (EU) economy. It is now worth more than 11% of the EU’s GDP. It is also one of the most rapidly expanding sectors, as it offers immense potential for innovation and growth.
Businesses often hire a variety of business services for their employees, such as janitorial, security and maintenance, cleaning, hospitality and transportation services. These services are necessary for the operation of a business and allow staff to focus on strategic-based goals.
Other common business services include outsourcing, consulting, and professional services. Outsourcing is a business service that delivers entire business processes, capabilities, programs and projects for a customer for a fee. Consulting is a business service that provides advice and labor to help companies make decisions. Professional services are similar to consulting, but are more in-depth and imply a higher level of responsibility.
Other business services include translation, interpretation and tech support. These types of services allow companies to communicate with foreign customers and clients who speak different languages, as well as solve technological problems quickly so that workers can remain productive.