Business services are the various tasks and activities that help maintain a company, despite not producing a tangible product. These include information technology (IT) services, which assist numerous other business services like procurement and shipping. Other examples are hospitality and transportation services.
While a company can perform many of these services internally, it is often more efficient to outsource these tasks to service providers that specialize in them. This also allows a company to focus on its core strengths rather than on non-value-added tasks. Additionally, service providers may offer expertise or equipment that a particular business does not have, such as software services that enhance features or upgrade the security for technological devices.
A common example of a business-to-business (B2B) service is the wholesaler that sells tires, rubber hoses and other materials to the car manufacturing company. This type of business-to-business transaction is distinct from the more familiar consumer and business-to-consumer transactions that are primarily handled by B2C companies.
In the case of a service-business, its survival depends on effectively satisfying customers’ wants and needs. For this reason, service-business managers have to undergo a shift in perspective when designing their offerings. They must move away from thinking about the characteristics that buyers will value and toward delivering an experience that exceeds customer expectations.
The following tables present data on employment and unemployment in the Professional and Business Services supersector group. These tables also present data on gross job gains and losses, as well as projected occupational employment change.