Business services are the tasks and activities that a company performs to keep its operations running smoothly. The value of these services is intangible, because they cannot be seen or measured.
These services can range from delivery of essential supplies to a variety of office and retail space rentals. For example, companies that rent spaces instead of owning them often hire real estate agents to help arrange rental agreements and negotiate terms with the landlords.
In addition, businesses often hire maintenance professionals to fix appliances and other equipment in a workplace. They may also choose to use pest exterminators for occasional infestations or hire tech support professionals to troubleshoot any problems with technology.
The main distinction between Business Services and Technical Services is that a Business Service is one that is used by end-users, while a Technical Service is the set of software, hardware, servers, or network devices that Analysts use to provide a particular service.
As you can see from Figure 2, there has been a significant increase in imports and exports of technical, trade-related and other business services since 2010. However, the contribution of these categories to EU GDP decreased for the first time in 2020, with exports becoming less than imports.
You can create Business Services using ServiceNow or SL1. To do so, navigate to the Business Services page and click New. In the New Business Service pop-up window, name it and select a team to associate it with.