Business services are activities, processes, or solutions that support a company’s core functions. They provide companies access to specialized expertise and foster innovation, efficiency, and competitiveness. From IT, to finance, human resources, marketing and consulting services, business services are a key enabler of success across industries.
There are numerous types of Business services, from simple utilities such as a power or water service to more complex design and consulting services offered by firms such as graphic or information technology consultants. Other common services include training and facility management. Often, these services are outsourced to external providers rather than being provided internally.
The Business Services industry is a large and growing sector, with worldwide demand being driven by new communication technologies and infrastructure, digitalization of the economy, and the increasing need for more efficient, customizable, and flexible business services. The sector is home to many large companies such as ADP, Allegis Group, ManpowerGroup, Randstad, and Waste Management.
Businesses of all sizes need a variety of business services. Some examples are IT services, which are used to manage electronic health records in the healthcare industry, and marketing services that build brand loyalty for retail businesses. Other examples include logistics services, which ensure the smooth movement of goods from manufacturing plants to customers, and warehousing, which stores goods until they are ready to be shipped or sold. The warehousing industry is becoming increasingly integrated with transportation and logistics services, as manufacturers and distributors rely on the value-added warehousing functions such as sorting bulk goods into customized lots, packaging, labeling, and performing light assembly, to improve the overall efficiency of their supply chain.