Business services provide companies with a wide range of support and facilitation activities that help them to achieve their strategic objectives and earn profits. They also facilitate other businesses to deliver their products and services to customers in a reliable and efficient manner. These activities range from providing IT support services and food to logistics and shipping. The emergence of new technologies and the growing globalization of the economies are fuelling the demand for these industry-specific services.
A company needs to offer a variety of different kinds of Business services to meet the demands of the customers in today’s competitive world. In addition, these industry-specific services are helping to drive productivity and innovation in the businesses that provide them. The importance of these industry-specific services is increasing due to the fact that they are enabling the companies to provide a better value to their customers and create greater economic prosperity.
In addition to providing a wide range of Business services, the industry is also contributing to the ‘servitization’ of the European economy by supporting both manufacturing and other service sectors. The European Union’s total GDP contribution from the business services sector has increased from around 11% to 12% since 2000. In addition, this sector offers attractive pay packages and other perks to attract employees in a highly competitive employment market. These perks include medical care and paid vacations for full-time employees. Consequently, it is not surprising that the Business services sector is one of the most dynamic industries in Europe.