Providing value to clients and customers through business services is a primary goal of businesses across all sectors. These services include banking, IT, and other supporting activities that allow companies to deliver more value and achieve their strategic objectives. The business services industry includes all the intangible products and activities that help companies produce more goods or provide more specialized services.
Business services are the support activities that do not create or deliver any tangible products, such as information technology (IT), consulting, and marketing services. These activities are essential for businesses, as they enable them to function efficiently and meet customer demands. They also help businesses reduce costs and become more competitive.
These activities are unique in comparison to other industries because they do not involve the production of any tangible products. In addition, they are often intangible and cannot be stored for future use. As a result, the demand and supply for business services must be continuously met, as they are provided in real time.
Examples of business services include a bank that offers various transaction options including payments, e-banking, taking checks and loans. Another example is a design firm that produces logos, packaging and publications for companies. Other types of business services include a food service company that offers catering services for corporate events or a power company that charges commercial customers based on energy consumption.
The following table presents data relating to employment and unemployment in the professional and business services supersector group. This includes current employment, job openings and turnover, union membership and representation, gross job gains and losses, and projected occupational employment change.