Business services are activities performed by organizations for the benefit of their clients. These activities may not result in tangible products, but they are crucial to an organization’s success. These services range from auditing the IT infrastructure to creating an employee self-service portal. The BLS has listed administrative and support services as the fastest-growing industry. Since the industry has been growing steadily, more businesses are entering this sector.
Business services provide value to internal and external customers. Some of these services include internet access, website hosting, online banking, and remote backup and storage. They are often accompanied by a Service Level Agreement, which defines the parameters under which the service is provided. If the service is critical to the business, it may require a dedicated team. This is not unusual, but it is best to use a service model that reflects your organization’s needs and budget.
Business services help companies cut costs and improve their profitability. Outsourcing these tasks can free up company resources to focus on the core business. For example, outsourcing marketing, production, or technology solutions allows organizations to focus on other aspects of the company. In addition, business services help organizations manage information technology and create employee self-service portals.
The business services industry is growing along with business growth across emerging markets. In particular, the rise of business-to-business shipping has led to a need for value-added business services. Value-added services can include sorting bulk goods into customized lots, packaging, inventory control, and order entry and fulfillment. These services improve relationships between manufacturers and customers. Firms rely on new technologies and process coordination to deliver these value-added business solutions.