The business services sector is like the behind-the-scenes heroes that keep businesses running smoothly and efficiently. From navigating legal intricacies to harnessing the power of technology to taking care of human resources, these unsung champions are essential for companies of all sizes. In fact, they are the very foundation that allows businesses to focus on their core offerings and grow.

As a subset of the economic services sector, business services are an important part of the European economy. They represent 11% of EU GDP, and are an increasingly vital component for both the manufacturing and service sectors. Moreover, they are becoming the key to unlocking new value propositions and services through innovative combinations of goods and services.

A key feature of business services is their intangibility and the fact that they are supporting activities rather than core products or services. They are also often characterized by their interaction with customers, and by the fact that they can be produced at the same time as they are consumed. In contrast, goods have to be stored as inventory until they are required.

In the past, many business services were provided in-house by businesses, but now they are more commonly outsourced to specialized third-party providers. By doing so, companies can concentrate on their core business and leave noncore functions to the experts. This also helps reduce operating costs, increase efficiency, and gain access to a broader range of services.

For example, many of the support services that companies require are now available through cloud-based platforms and systems, enabling them to provide their services at a fraction of the cost of traditional methods. In addition, these technologies allow them to scale their services up or down based on demand, providing maximum flexibility and agility to businesses.

Another way that businesses can take advantage of business services is through partnerships with other firms that specialize in the provision of these services. This is known as the shared service model and enables them to maximize their efficiency by focusing on their core activities, while at the same time reducing costs.

For instance, a law firm may partner with an IT company to offer its clients cutting-edge technological solutions. In turn, this partnership can help the IT company expand its client base and grow its revenue, while at the same time allowing the law firm to focus on its core activity.

The mission of the Office of Business Services is to provide leadership and expertise in the development, implementation and continuous improvement of auxiliary services necessary for Kean University to fulfill its mission. This includes food services, campus bookstore and vending services, cash management, banking and treasury operations as well as travel and risk management. The office also acts as an institutional liaison with the major vendors who provide these services to the University, thereby leveraging its collective buying power to ensure competitive prices and superior quality. The office is committed to serving the needs of its constituents in a responsive and responsible manner.