The Business services sector covers a wide range of tasks and activities that help a company run efficiently despite not producing any tangible goods. They can include everything from IT support to financial consulting and even top level strategy such as mergers. The industry is important because it makes up a large part of the European economy, contributing 11% to GDP in 2016.

The most common types of Business services are IT service, management services, and professional services. IT services are computer-related, while management services help businesses run their operations efficiently. Professional services are tasks performed by experts such as consultants and lawyers. They can be either internal or external to a company.

To ensure that Business services are effective and efficient, a company must understand its Service Value Proposition. This involves defining the business process, assessing current services, and creating new ones. It also requires an understanding of the context in which services operate, as well as any barriers to delivering them effectively.

One of the main advantages of Business services is that they are intangible, unlike products. This means that a company can outsource their business services to other companies without incurring any costs for physical goods. The intangibility of Business services can also allow for scalability, which allows a company to change its levels of service based on the needs of the organization.

Another advantage of Business services is that they can be consumed and produced at the same time. This is in contrast to goods, which must be stored in inventory until they are needed. This can increase the level of customer satisfaction, as customers are able to interact with and participate in the service delivery process.

In addition to the benefits of Business services, they can provide a competitive advantage for companies. For example, a company can outsource its IT services to a third-party company that provides them at a lower cost than the original IT department at the company. This can save the company money and allow it to focus on its core competencies.

Moreover, a company can also leverage Business services to increase its productivity. By outsourcing noncore functions, a company can free up resources to invest in its core business and improve its performance. In this way, Business services can contribute to the growth of a company and boost its profits.

A Business Service is a set of technical services that are delivered over the Internet. Typical examples of Business Services include: Web Hosting, Email, and Remote Backup. Typically, a Business Service is associated with an SLA (Service Level Agreement). Other characteristics of a Business Service include: Name. Description. Ownership. Contact Information. RCA Options. Whether Root Cause Analysis is enabled or disabled for the service. Availability. Health. Policy. Date Updated. Last Updated By. It’s important to note that a Business Service can be renamed, added, or deleted from the list. To do so, click the action icon on the Business Services page and select Manage Business Services.