Business services are a recognised subset of economic services. They share common characteristics with economic services such as the need to build service systems and the importance of providing value to customers. Ultimately, businesses are both service providers and consumers. For instance, they are concerned with accounting and human resources. They also seek to improve the efficiency and quality of the operations of their companies by improving business processes.
Information technology
Information technology for business services (ITBS) is the technology used to help businesses run their operations. These services include software and tools for automating business processes, such as content management systems and search engines. They may also include marketing automation platforms and communications services. These tools can help businesses better manage information and improve productivity.
Accounting
Accounting is a vital component of any business. It can help keep track of finances, provide competent tax advice, and maintain compliance with business rules. Small businesses, in particular, may benefit from the use of accounting services to manage payroll, manage expenses, and prepare financial statements. The most basic of accounting services is bookkeeping, which focuses on recording financial transactions. More complex accounting tasks, such as tax planning, are best performed by a Certified Public Accountant.
Human resources
The role of human resources in business services has undergone considerable changes over the past few years. These changes stem from changes in business conditions, leadership styles, and organizational structures. While companies once structured their human resources functions centrally, they are now trying to decentralize the functions as much as possible. In addition, senior management expects HR to evolve and become more integral to the organization.
Marketing
Marketing your business services can be a lucrative endeavor. These services can help you increase revenue, market-share and profitability. It can also help you boost your brand awareness.
Operations management
The functions of operations management are geared toward optimizing the processes of a business. They help transform raw materials and inputs into finished products, while minimizing costs and quality loss. These operations can also include data collection and management. While the activities of operations management can be complex, they can be visualized using a systems view.