Business services are services provided by companies to customers in support of business processes and products. They range from banking and insurance to transportation and warehousing to communication. Although they are not tangible, they are essential to the success of businesses. These services often help a business run more smoothly and efficiently. They also help companies to lower their overhead costs.
Business services also provide convenience for employees. For example, a delivery service can deliver products directly to the office. A real estate agent can help a company find and lease a commercial space, while childcare providers can help manage the office and ensure employees have a healthy work-life balance. Providing these services can free up business units to focus on customer-facing activities.
Today’s business services industry is more dynamic and complex than ever before, and companies must adapt to these changes in order to remain competitive. Adapting to new business models and cultivating an agile culture will help companies save money, improve service delivery speed, and enhance organizational flexibility. Businesses that adopt these best practices can achieve the benefits of improved operational flexibility, lower costs, and increased customer satisfaction.
While some business services are more technical than others, all are designed to free up organizational resources to focus on the core business goals. Examples of business services include IT audits, updating service catalogs, and creating employee self-service portals. Many businesses also outsource marketing and production services.