Business services are those activities that support a business but do not result in the production of tangible products. These include marketing, accounting, IT, consulting and human resources. They are a vital component of a company’s operations and are used to improve efficiency, reduce costs and enhance productivity. There are many different business services available, and each provides its own unique benefits.
The business services industry is comprised of all industries that provide non-financial services to businesses. This includes IT services, management services, logistics, insurance and supply chain services, and other professional service providers. In the IT sector, business services encompass everything from assisting companies with their IT infrastructure to providing IT support and training. In the financial sector, business services can be found in areas such as tax consulting and investment advice. Similarly, in the logistics and supply chain sector, business services can be provided by firms that manage transportation and shipping, warehouse storage, and material procurement.
There are five key characteristics of Business services: intangibility, ephemerality, inseparability, access to specialized expertise, and fostering innovation. These aspects make them distinct from manufacturing, which produces physical goods. Intangibility is the main characteristic of Business services as they are not tangible and cannot be possessed by customers. They can only be experienced through interactions with the service provider. Moreover, the value of Business services is based on the customer’s satisfaction and therefore can be difficult to measure.
Additionally, ephemerality is another important aspect of Business services as they are not permanent and can disappear from the market. This makes it necessary for the service provider to constantly evolve and adapt to changing market trends and consumer demands. This flexibility also helps to reduce operational costs and improve productivity.
Furthermore, access to specialized expertise is another significant aspect of Business services as it allows companies to tap into knowledge and skills that may not be available in-house. This can facilitate innovative solutions and aid in decision-making. Finally, business services can foster innovation by introducing fresh perspectives and approaches to problem-solving.
Business services can be outsourced to third-party companies or be provided in-house. In the latter case, they are usually documented in a Service Level Agreement (SLA) which defines the terms and conditions of the service. The SLA typically includes provisions governing the delivery, quality and performance of the Business service.
A Service Catalog in SL1 allows you to categorize your business services and display them on a dedicated page. This allows you to filter and find the services that are relevant to your business. It also displays service status and availability, health and risk, RCA options, and more. Moreover, you can mark one or more services as favorites so that they always appear at the top of the list on the Business Services page. You can also delete one or more services from the Service Catalog by selecting them and clicking Delete Services. In addition, you can set up notifications to be notified when a new version of the Business service is published.