Business services are intangible goods or services that are primarily consumed by organizations. They include everything from the basic utilities provided by an energy company to advisory services from investment banks regarding business financing and top level strategy such as mergers. They also encompass services such as a security guard for a building or office supplies delivered to a corporate client.
Generally, business services are similar to consumer products but offer enhanced features and quality. A simple example would be a airline’s offering of business class seats on flights. Another example is a software service that is geared toward businesses with increased functionality or redundancy. Other examples are professional services like legal advice or labor as a service such as contract manufacturing or engineering services.
Centralizing business services offers many benefits to organizations. It allows processes to be standardized and simplified, it lowers costs by eliminating duplicate functions, and it provides faster access to a global talent pool. In addition, it helps companies achieve agility by enabling them to quickly respond to changes in technology and customer demand.
A Business Services Center (BSC) is New York State’s central office for processing human resource and finance transactions that are common across agencies. The BSC was established in the 2012-13 Executive Budget to increase efficiencies, lower costs, and support agencies as they focus on their core mission activities.
To find the right business services provider, be sure to ask about their experience and how they work with other companies. Look for a company with an extensive portfolio of projects in your industry and a team that is capable of handling complex issues. It is also important to evaluate the cost of their services.
The growth of the business services sector is fueled by the rise in outsourcing. This trend will continue as companies seek to reduce operating expenses and free up resources for other initiatives. The BLS estimates that the business services industry will grow faster than the overall employment industry between 2019 and 2029.
A career in the business services sector can be a highly rewarding experience. In addition to good salaries, the field has a wide range of opportunities for advancement. For those who enjoy working in fast-paced environments, this is a great career choice. However, it is important to note that a job in this area can be stressful and demanding. Additionally, it is essential to have strong interpersonal skills. Those who do not handle pressure well or do not have a high level of emotional intelligence should probably avoid this career path.