Business services are various tasks and activities that help maintain a company, but do not involve the creation of a tangible product. They can be provided by third-party providers or internal departments of the company itself. Examples include marketing, warehousing, and IT services. They may be provided for other businesses (B2B) or to end consumers. Business services are not a subset of economic services, but they do share some of the same characteristics, such as intangibility and the need for customer involvement.
Technology and digitalization are driving growth in the business services sector, with new startup companies offering innovative ideas and solutions. These startups are able to offer better and more flexible solutions due to improved communication technologies and infrastructures. They also benefit from the COVID-19 pandemic, with demand for their services increasing as companies seek to outsource some of their operational work.
The key to delivering business value from a digital service is in connecting it to a system of insight. This involves identifying the data elements that it relies on or builds insights from and then measuring its performance against those expectations.
A person who is considering a career in business services should have good interpersonal and communication skills. This type of work can be demanding and fast-paced, so it is important that they are able to handle stress well. Also, some jobs in this field require a high level of confidentiality. For example, a translator or interpreter works in this area to help a client communicate with others.