What Are Business Services?

Business services are a broad range of industries that support the operations and infrastructure of other companies. They include IT, financial, human resources, marketing, consulting, logistics, and supply chain services. These sectors are essential for the growth and productivity of businesses and their clients. There are numerous career opportunities in business services. These industries can provide a variety of different solutions to their clients, from technical IT solutions to financial consulting services to marketing strategies for growing brands.

Unlike goods, which are stored and delivered when demanded, services cannot be stockpiled. This is one of the reasons that service businesses need to have a strong customer involvement strategy. For example, a television repairman can go to the customer’s house or the TV can be brought to the technician’s shop. This customer involvement will make or break a service company’s customer satisfaction and retention.

As one of the largest sectors in Europe, the business services industry is critical to European competitiveness. It contributes 11% of the EU’s GDP and consists of a wide range of activities from IT services and professional services to logistics, facility management and insurance services. The industry is increasingly being used by organizations to add value to their products through new combinations of goods and services, as well as to improve their competitiveness in the global marketplace.

The main types of business services are IT, HR, finance, marketing, advertising, consulting, and logistics services. Each type of service caters to specific business needs and supports core functions. For example, IT services can help businesses develop and maintain their IT infrastructures and networks, while HR services can manage employee recruitment and payroll. Marketing and advertising services can provide companies with brand awareness, market research, and promotional campaigns. Logistics and supply chain services can help manage the movement of inventory, supplies, and equipment.

These industries are booming because of the increasing need for support and efficiency in corporate environments. They are also thriving due to the emergence of digitalization and new communication technologies, which have revolutionized the way businesses operate.

Some of the benefits of using business services include cost-efficiency, flexibility, and scalability. In addition, they can offer companies access to specialized expertise and knowledge that may be unavailable in-house. Lastly, they can help foster innovation by bringing new perspectives and ideas to the table.

To create a new Business Service, navigate to the Services Dashboard and click New Business Service. Enter a name for the Business Service and select the appropriate team (only available in Enterprise for Incident Management and Digital Operations [legacy] plans). Then, select the corresponding supporting services and click Create to save. If any of the supporting services experience an incident with a qualifying priority, this will impact the Business Service and display in the Status dashboard. For more information, see How to Add Supporting Services to a Business Service.