Business services are the processes that an organization outsources to a third party to do for it. These services can range from marketing to production and even technology solutions. Some are more technical than others, but they all help organizations focus on their core business objectives. Examples of business services include information technology audits, updating service catalogs, and creating employee self-service portals.
Although business services do not produce tangible commodities, the activities they perform are essential to the success of any business. These services are increasingly supported by information technology, and most businesses today are inclined towards specialized business services. In fact, many foreign companies have opted to host their business services in India or have branch offices there. However, the business services industry is facing a competitive environment that is causing many companies to specialize and consolidate their services.
In addition to providing convenience for employees, business services also assist businesses with regulations and compliance. Companies may hire delivery services to transport products to offices. They can also hire real estate agents to find and negotiate space leases. Some companies also hire childcare providers to provide in-office daycares for their employees. These services help companies focus on customer-facing activities and free up business units to do other important tasks.
Business services can help reduce the cost of running a business. The activities that these services provide can help companies reduce their overhead and increase their overall profitability.