The vast world of business services can be divided into several sectors, such as IT, consulting, human resources and marketing. But all these sectors have one thing in common: they offer services to help businesses and other organizations complete their operations. They can be either customer-facing or internal. Some examples of these services include training, logistics, and waste management.
These services can be either physical or digital, depending on the nature of the service and its delivery method. For example, a virtual service can be delivered through a software application, while a physical service might be offered in person or at an office location. A business service can also be a component of another larger service, such as the supply chain management that is an integral part of logistics and transportation.
Unlike goods, which can be stored for future use, business services must be delivered immediately upon demand. This is a key distinction between goods and services, as well as the reason why many services require interaction with customers.
As the world of business continues to grow, so do the opportunities in the sector. But these sectors still face some challenges, including relatively low productivity and persisting legal barriers that prevent them from achieving their full potential in the European economy. The new EU Internal Market legislation and policy actions aim to remove these obstacles and stimulate competitiveness in the sector.