Business Services

Business services are the intangible products and activities that support companies and their use of goods and resources. They are vital to the operations of many industries including IT, banking and insurance. Business services are the backbone of numerous industry sectors such as telecommunications, logistics, information management and accounting.

The nature of business services is very diverse and encompasses a wide range of functions and activities. They are typically based on service contracts and can include a range of activities like design, production, distribution, warehousing and waste management. Business services also include any activity that is based on the management of customer relationships, information systems or financial planning and analysis.

Another common feature of business services is their intangibility and experiential nature. They can be delivered through interactions with customers, knowledge and expertise and they can also be provided through the use of tools or software. Unlike physical goods, business services do not require inventory and they can be consumed immediately after production.

Generally, business services are tailored to the specific needs of businesses and can be scalable. For example, a graphic design firm can create logos, signage, publications and web graphics for business clients. In addition, a construction company can provide a team to build new facilities or renovate existing ones. Similarly, an IT service provider can offer a customised support contract to fit the needs of its business customers. Alternatively, some business services are designed to improve employee quality of life such as medical and daycare services.