What are business services
Good business services align IT assets with the needs of company employees and customers and support business objectives, making it easier for the company to be profitable. Documenting the value that the IT department provides to business people often involves the process of auditing information technology infrastructure and operations, creating or updating IT service marketing and / or allocations of self-service employee portal to improve communications.
Business services are referred to as activities that help a business but do not provide a tangible good. For example, information technology is a business service that supports many other business services (such as transportation, procurement, and finance) that may be stored in the future. Most companies today are inclined towards these specialized business services.
India is getting very competitive and gives stiff competition to other countries when it comes to providing services. A large number of foreign countries prefer India as a host partner for business services, and sometimes they prefer to open a branch office.
Characteristics of business services:
Business services are divided into five characteristics listed below.
1 Intangible
These are intangible and untouchable assets.
They do not have a physical presence.
Anyone can just try that.
It is important to provide the customer with quality service, so that the customer feels a favorable experience.
Example: Teaching by teachers, Doctor treating patients, etc.
2 Contradiction
There is no consistency in services as there is in physical products.
Each time the service must be performed exclusively.
Different customers have different demands and expectations.
Each time the service provider has to adjust the service accordingly.
3 Inseparability
Production and consumption are simultaneous in the case of services.
If we produce the goods today, they can be sold later.
4 Inventory
The service cannot be stored for future use.
It has no physical component.
Demand and supply of service are very close to each other.
The service must be provided to the customer whenever requested.
Example: A McDonald's burger can be stored but its taste can only be tested. The airline ticket can be stored, and the flight can be tried.
5 Get involved
- Services are provided according to clients' requirements.
- It has customer participation in the service delivery process.
What are the types of services?
Here are the types of services:
1: Business services
Services that commercial enterprises use in conducting business activities.
Example: banking, insurance, warehousing, telecom services, etc.
2: Social services
These are provided voluntarily to achieve social goals.
Example: Providing educational and health facilities for employees and their family members.
3: Personal services
- This is not consistent in nature.
- Different consumers have different services.
- They depend on customer priority.
- Example: Tourism, restaurant, etc.
Meet the challenges of business services
How can you increase profitability, maintain regulatory compliance, and meet changing customer requirements? In order to compete effectively, industry leaders need to leverage the power of digitization to overcome complexities, improve efficiencies, and allow time for customer-centered innovation.
Solved Questions:
1: What is an intangible product?
Answer:
These are intangible and untouchable assets.
They do not have a physical presence.
Anyone can just try that. Example: Teaching by teachers and doctor with patients etc.
2: Give 3 examples of services?
Answer:
Banking, insurance, and transportation.
3: Name the services provided by the organization to encourage social welfare?
Answer:
social services.
4: Name the services that the organization provides to achieve the goals of the organization?
Answer:
Commercial activities.
For more data on the Business Studies curriculum for Grade 11, Trade Notifications and sample papers for Grade 11 Commerce