Business services is a broad term that describes labor that helps a company but doesn’t result in the production of any tangible products. They help companies achieve their goals and earn profits. The services that fall under this category include IT, finance, logistics, procurement and shipping, and more.
These sectors are a major part of the European economy and contribute to 11% of the EU GDP. They are also key to enhancing the value of goods and creating new combinations of services and products. As a result, they are a driver of Europe’s service economy and play an important role in the ‘serviceitisation’ of the economy.
The industry offers a wide variety of jobs with countless opportunities to grow and develop. It is one of the fastest growing sectors and is considered a good career option for fresh graduates, as it will provide them with numerous work opportunities and a secure future.
The requirements for a job in this sector vary depending on the position you wish to pursue. For example, a high school diploma and computer skills are required for careers in shipping, janitorial and waste management. However, for roles in accounting, software engineering or IT, a bachelor’s degree is needed.
Another factor that distinguishes business services from other types of commercial activities is their intangibility. While product-based businesses require substantial investment to create and market a physical product, business-to-business service providers do not need to produce any tangible goods. This means that they can offer their services for much less.
These services are a valuable asset to companies as they allow them to focus on their core operations and improve productivity. For example, outsourcing their IT department to an external IT company allows a firm to focus on its core competencies while avoiding the cost of hiring full-time IT employees.
As a result of new technologies and the impact of the COVID-19 pandemic, business services are evolving fast to address changing needs and customer demand. New communication platforms and systems are emerging as a result of digitalization, with many business services now provided through web apps or by third-party companies. In addition, firms are leveraging new tools to streamline and automate their processes.
The business services sector is booming due to increased demand for a range of different kinds of services, including IT, HR, marketing and insurance services. These sectors have a significant impact on the European economy and continue to grow at an impressive rate. With new opportunities for growth and innovation, there is no doubt that a career in business services will be an exciting and rewarding path to take.
