Business services are intangible activities that support the goals of businesses and organizations. They are a recognized subset of economic services and include everything from basic utilities to advisory services regarding business financing and top level strategy such as mergers.
The most important characteristic of business services is that they are non-physical. This means that they cannot be seen, touched, smelled or heard, and they are experienced through interactions and expertise. They often involve the customer in the service delivery process, so that their satisfaction can be influenced by their level of participation and communication with the provider. Another key characteristic of business services is that they are produced and consumed simultaneously. This is in contrast to goods, which are often stocked or stored for future use.
As a result, the business service industry is expanding rapidly. It is also a highly competitive and dynamic sector, offering many opportunities for careers and growth.
Some of the most popular examples of business services are computer services, telecommunications, management services and professional services. These services are all able to offer a variety of benefits to businesses and their customers, including increased productivity, lower costs and improved security. Other essential business services include risk management, professional translation and data analytics.