Business services are a category of economic services that businesses provide. As service consumers and providers, businesses have similar characteristics. Hence, they are concerned about building service systems. These services are of two types: intangible and perishable. The two types are similar, but there are some differences between the two. Let us look at each type in turn.
Intangible
Intangible business services are not products, but rather experiences that cannot be seen, touched, or exchanged. This makes it difficult to measure their quality and standardize them. Additionally, they may vary widely from one consumer to another. Therefore, it’s difficult to establish their value, and consumers have varying experiences with intangible business services.
There are many types of intangible services, such as consulting and education, as well as healthcare services. The difference between these products is that intangible services cannot be tested before being sold to a customer. In the case of computer software, for example, the programmer must study customer needs to determine what types of features they will include. The programmer will then design the manufacturing process to meet those needs. In many cases, this person will be the only person involved in both design and manufacture.
Supportive
Supportive business services provide a range of products and services to help businesses succeed. They can be anything from bookkeeping and accounting to helping people develop new talents. Some services can even help individuals turn their hobbies into extra money. For instance, if you have a knack for crafts, you could start a business selling your wares either online or in a brick-and-mortar store. While these services are typically not available for household sales, they can be useful for institutions and government agencies.
Technical
Technical business services help you manage your IT infrastructure. They can include IT support, data capture, hosting, and analysis. They also help you track data about 3M+ companies. To get a more detailed view of the services they offer, visit Origin Technical Business Services’ full profile on PitchBook.com. The company’s technical services help businesses achieve their business objectives.
Business services and technical business services are interdependent, but they do differ from each other. Business services typically revolve around applications installed on servers and technical services are the ones that provide the service context for infrastructure Configuration Items, or CIs. Technical business services may be based on employee provisioning, backup and recovery, storage, and a self-service help desk.
Financial
The Office of Financial Business Services (FBS) provides expertise and quality financial services to the university. These services ensure effective financial management, provide responsive service, and help the university achieve its mission. The services include accounting, tax services, currency exchange, wire transfer, and credit card machine and network services. Additionally, FBS ensures that financial transactions are handled in a timely and appropriate manner.
Financial services are a growing consumer and driver of business services. According to the current Fortune 500, there are 40 commercial banks with a combined revenue of more than $341 trillion.