Business services are activities that benefit companies without supplying physical products. They can help with marketing, production, safety and cost. They can also be used to improve customer experience and increase employee productivity.
One of the most important sectors in the European economy, business services make up 11% of GDP and are a key factor in the’servitisation’ of the economies. Services include technical engineering, architecture and IT, as well as employment services, legal services and facility management. They are also essential to the value chain of goods and services and play a key role in innovation.
Service businesses are different from traditional product businesses in that production and consumption occur at the same time. This means that demand for a service may change suddenly and quickly. For this reason, a service business needs to develop a highly flexible and responsive organisational structure.
Outsourcing has become a common practice in the world of business services. This allows companies to free up valuable resources for more productive projects. It also helps them to reduce their overhead costs. Additionally, it allows them to gain access to specialised expertise and technologies that they might not have in-house.
Some examples of business services are virtual bookkeeping, telemedicine and online coaching. Another trend is the development of sustainable and mobile services. Consumers are increasingly interested in eco-friendly cleaning and green energy consulting services. Additionally, consumers are seeking more personalized services to meet their specific needs.