Business services are a broad category of business activities that do not produce tangible goods, such as products or raw materials. They may include a variety of tasks and services that assist in maintaining a business but do not provide an end product, such as information technology.
Technical, Trade-Related and Other Business Service Imports/Exports since 2010
Technical, trade-related and other business services are among the most important components of the EU current account and have been on an increasing trend from 2010 to 2019, despite persisting legal barriers and low average productivity. The European Union is promoting growth in the sector with legislation and policy actions that aim to remove obstacles, stimulate competition, improve competitiveness and encourage investment.
BSPs (Business Service Providers)
A business service provider is a company that rents software applications to other businesses, including front-office solutions such as mail delivery and customer support, and back-office services such as finance and building security. They can also offer consulting and outsourcing services to help companies improve their internal operations.
IT services enhance the use of computers and other technological devices, such as phones, computers and tablets, by providing anti-virus protection and updating software. They also help employees and customers communicate effectively.
Managing these services involves aligning IT assets with the goals of the business and supporting employees and customers. This can be done through a combination of process audits, IT infrastructure upgrades, employee self-service portals and other processes that help the business run more efficiently and profitably.
Many services can be considered other types of business services, including travel and hospitality, waste management, facilities management and staffing services. For example, a travel agency can provide a variety of transportation services, while an event planning service may arrange catering and accommodations for clients.
In addition to business services, there are social services that benefit the community and society in general. These can be funded through taxes and charitable organizations, but are sometimes raised by sales transactions, as in the case of a medical clinic that provides services to patients.
The service industry is a growing sector with an increasingly wide range of business services available to meet consumers’ needs. Its popularity is likely to continue growing in the future, as businesses need to adapt to an increasingly digital and mobile world.
Its core value is a focus on the customer and their needs, delivering a high quality experience that makes them want to come back. It is a very competitive field with a strong need for professionals with excellent interpersonal skills.
Business services are a major contributor to the EU economy and offer significant opportunities for growth and innovation. They are a key part of the EU’s internal market, and their contribution to EU exports is estimated at over 17%. Despite the low average productivity and persistent legal barriers, the industry’s untapped potential is considerable and should be seized by firms and governments alike.