Business services are tasks and activities that keep businesses running despite not creating any tangible products. They are the backbone of the service industry, making up over half of global GDP. They range from banking and insurance to transportation and cleaning. In many countries, the business services sector is the most important source of jobs. Whether a business is a large company or a sole proprietorship, it requires a number of business services to function and succeed. These services can be found in every industry and are often a key contributor to economic growth.
A business service can be anything that a company needs to do its job, but doesn’t have the time or resources to do itself. This includes technical services such as information technology and accounting, as well as non-technical services like payroll, human resources and payroll management. Business services also include utilities such as water, electricity and gas. Ultimately, business services enable companies to perform their jobs efficiently and effectively while saving money and time.
Most business services are similar to consumer services, but with added features or quality. A good example of this is the business class option on a flight, which typically offers extra space and better service. Business services also offer a more specific function, such as an IT support desk that fixes hardware issues or a day care facility to help employees maintain a work-life balance and focus on their jobs.
Many of these services are provided by external providers to a business. These vendors may be located in a different country or even another continent from the business being served. In most cases, the business is paying a monthly fee to the service provider for its use of the service. These fees are used to cover the cost of operating and maintaining the service.
Unlike goods, which can be stored for future use, business services must be consumed immediately when they are needed. This is why many services are offered as a subscription. A subscription model allows businesses to avoid accumulating unnecessary costs and rely on the provider for consistent and reliable service.
The biggest segment of business services is the financial sector. It is one of the most critical components of any economy, providing jobs and income to millions of people across the world. Typical business-to-business (B2B) financial services include investment advice, insurance and leasing. The sector is becoming increasingly global, with more investment in developing economies.
To create a new business service, navigate to Services Business Services and click New Business Service. Enter a name for the business service in the field provided and select the team associated with it (Only available on Business and Digital Operations Plans). Then, choose the supporting services that are necessary for the business to function, selecting them from the list. Then, set the priority for the business service. This priority determines which incidents will impact it, and which will display on the business service status dashboard.