Business services are a subset of economic services that help a company deliver value to its customers and achieve its strategic objectives. This industry provides intangible, non-material support functions such as consulting, technology, human resources and administrative services.
Companies offering business services can operate worldwide or within a specific geographic region. Some of the largest companies include ADP, Allegis Group, ManpowerGroup and Waste Management (all based in the US), Adecco (Switzerland), Randstad and TUI Group (both in Germany). Smaller companies provide support services that are more tailored to specific industries, such as legal services or marketing consulting.
There are many types of business services, and the list continues to grow as new technologies and globalization bring about innovation and change. The most common services are software, telecommunications, information technology, consulting, insurance and facility management. Many businesses use these services to enhance their efficiency, drive growth and improve customer experiences. Others outsource these services to focus on their core competencies and remain competitive.
The definition of business service can vary, but it generally refers to the activities that a firm performs in order to support its core operations. This can range from human resources, financial services and facilities management to accounting and logistics. The key characteristic of business services is that they are intangible, meaning they do not result in the production of a physical good. Additionally, they are usually consumed at the same time as they are produced, and the quality of a service experience is highly dependent on the involvement and interaction between the customer and provider.
Business services can also be outsourced to reduce the risk of failure and increase profitability. This is often done in areas such as IT, where costs can be significant and the resulting loss of productivity can have a major impact on the bottom line. It is also a great way to access specialized expertise that would otherwise be impossible or costly to have in-house.
Moreover, outsourcing allows the client to focus on its core business and let an expert handle the rest. This reduces overhead and frees up resources that can be better used to develop innovative products and expand into new markets. It is a great alternative to hiring in-house staff and also offers scalability, which can accommodate a growing or shrinking business.
New York State’s Business Services Center increases efficiencies and lowers costs by centralizing and streamlining transactional HR and Finance services that are common across agencies. Our team consists of highly motivated professionals dedicated to providing exceptional customer service. We work closely with customer agencies through liaisons and data and analytics teams to support their metric-based performance goals. Our goal is to become an extension of a business’ human resources and finance team, while supporting them as they focus on their core mission. The center is funded in part by the Office of General Services and supported through a shared services fee that is charged to all state agencies.