The Business Services Industry
The Business services industry covers a broad range of non-tangible goods and activities that support an organization’s operations and its goals. These include consulting, management, and other professional services, IT services, and training and development. These services help companies manage risk, increase efficiency, and meet regulatory requirements. The industry is growing, with the number of jobs in this sector increasing by over 9% between 2016 and 2022, according to the Bureau of Labor Statistics.
The industry also includes services such as accounting, tax preparation, and human resources. It is one of the largest industries in the United States, employing over 4 million people. In terms of revenue, it is second only to the information technology sector. Many of these professionals work for large corporations, with some of the most prominent being ADP, Allegis Group, ManpowerGroup, and Randstad. Others may work for smaller companies that specialize in a particular service, such as landscaping, pest control, or staffing firms.
Companies in the Business services industry provide a wide variety of support services, including office administration, hiring and placing personnel, security services, travel arrangement, cleaning, and waste disposal. They can be provided in-house or by a third party. The sector is highly competitive, with a low barrier to entry for small businesses that can offer similar services as larger competitors. The industry is growing rapidly, thanks to technological advances and digitalization. New communication technologies and infrastructure have allowed companies to outsource services and operate remotely, while customers are increasingly seeking specialized services.
A company in the Business services industry can benefit from outsourcing its noncore functions to experts or specialists who can do them more efficiently and cost-effectively than a company could do itself. This also frees up a company’s resources to devote to its core products and services. Companies that are unsure of how to proceed with an outsourcing project may use a business consulting firm to guide them through the process.
A device service is a way to organize a set of related IT services that deliver a discrete function, such as a DNS plus a Collector Group. This model is often used to monitor business services, such as online banking and ATM networks. The same type of service model can be used to monitor IT services that are important for a business, such as backups and remote storage. Favorite services display at the top of the Business Services page by default in SL1. To delete a favorite service, select it from the list and click Actions > Delete Service. You can also customize your Business Services page by creating dashboards that include favorites in the multi-sort function. To learn more, see Creating Dashboards. You can also select one or more services to be permanently displayed at the top of the Business Services page by clicking the checkboxes next to each service. This is known as bookmarking a service or adding it to your favorites. This is a convenience feature that you can turn on or off in the settings menu.