Business Services – The Backbone of the Economy

Business services

The service industry accounts for a significant portion of GDP in most countries, and it is often referred to as the “backbone” of the economy. The industry is composed of a wide range of businesses, including not only those that provide goods and services directly to customers but also those that help other businesses fulfill their own goals. These companies include information technology services, facility management services, warehousing and logistics providers, printing services and outsourcing firms.

Business services are primarily consumed by organizations. They are distinguished from consumer services by their intangible elements and the way in which they contribute to the success of a business, such as outcomes, experiences, knowledge and management. The value of a business service is often in its ability to facilitate work and support strategic initiatives. This type of work is often more complex than tasks such as a simple transaction.

Some businesses provide business services to other businesses (B2B), and some offer a specialized version of their products or services to consumers, such as a premium airline ticket or a higher-quality office space. These services can be used by companies of any size.

Generally speaking, there are three types of business services: outsourcing services, consulting services and professional services. Outsourcing services help businesses manage their operations and improve their productivity by allowing them to focus on their core competencies while leaving other functions to third parties. Consulting services are similar to outsourcing in that they involve the provision of advice and guidance. Professional services, however, are more extensive and imply a higher level of responsibility and expertise.

As an example, consider the case of a law firm that provides both outsourced and professional services to its clients. In the latter case, it might have the same employees performing both kinds of services, but would treat them differently because its business service is of a more sensitive nature and it requires a higher degree of security and confidentiality.

When defining and assigning CIs in a Service Catalog, you can distinguish between Business Services and Technical Services by selecting the appropriate tab. This distinction is important because a Business Service might have many Technical Services that are required to provide it, such as software and network hardware. By selecting the Business Services tab, you can identify these related Technical Services and ensure that your analysts are focusing on the right ones when they are analyzing a particular Business Service. In addition, you can use the corresponding checkbox to automatically generate a list of the Technical Services that are associated with each Business Service. These lists are useful for reporting and analysis. You also can access these lists by clicking the button next to the respective Business Service.