Business services refer to a wide range of industry-specific functions that companies need to perform to stay competitive. These include marketing, consultation, logistics (including travel and facilities management), waste handling, staffing services and shipping. Nearly every company offers some type of business service. The industry employs millions of people worldwide and is growing rapidly.
Services are a crucial component of the economy and a key part of the value chain, as they enable organizations to achieve competitive advantage through innovation and differentiation. Services also play a critical role in enabling companies to connect and engage with their customers and partners. Unlike manufacturing, which is often associated with production of tangible goods and materials, business services provide a means for firms to add value to their products without the need to invest in new equipment or technology.
A common example of a business service is outsourcing, which allows companies to obtain the expertise and tools they need to execute certain functions without having to hire their own employees. Outsourcing can reduce the cost of executing business operations and frees up resources to focus on core activities that can help drive growth.
As a result, the business services sector is one of the fastest-growing parts of the economy, contributing 11% to the European Union’s GDP. This growth is fueled by the growing need for businesses to develop and expand their global reach, as well as by the increasing integration of business services into new product offerings.
The business services industry encompasses a wide range of professions, from marketing to human resource management to accounting. Qualifications vary from high school diploma to bachelor’s and master’s degrees. Careers in business services can be highly rewarding and lucrative, particularly for those with specific business skills.
While many of the same challenges exist in the business services industry as in other sectors, there are a few unique obstacles that can hamper progress. These challenges include complexity, silos and resistance to change. Complexity: As services become more sophisticated and interconnected, defining and managing service dependencies becomes increasingly challenging. In addition, business services can involve multiple stakeholders who need to collaborate to deliver the desired outcome. This can lead to miscommunication and a lack of visibility into the complete picture.
Silos: Silos within IT departments can hinder communication and collaboration. This can lead to duplication of efforts and inefficiencies, and make it difficult to align IT services with business objectives.
Resistance to Change: Implementing business services is a significant undertaking and may require changes in processes and culture. This can be difficult for many organizations and requires a strong change management strategy.
Create a business service to monitor a specific business process or activity. Enter a name and select the Team associated with this business service. You can create multiple business services to monitor different areas of the organization. To view all business services on a single page, click the Multi-Sort option on the Business Services page.