Business services are a broad and widely used category of activities that support the operation of businesses. These include information technology, facilities management and other professional services.
A service is a process that creates benefits by facilitating a change in customers, a change in physical possessions or a change in intangible assets. This can range from simple services like oil changes to more complicated processes such as the e-commerce services that companies use to manage their online presence.
There are four important factors that determine a service’s success: its people, its operations, its products, and its customers. Those elements are essentially interconnected, and they affect each other more than any one of them does.
People: A company’s employees are crucial to its success. They help make sure that the company’s products are well-designed and that its processes work effectively.
Operational efficiency is also influenced by the way its customers communicate with the firm. For example, a customer who dithers at a fast-food counter delays the service for everyone else behind him.
Product: A company’s products are its main selling points and its primary sources of revenue. These are usually produced or made by the firm itself.
These products can be sold directly to consumers or they can be bundled with other products to create a package. A bundle of products is often a more effective strategy for boosting sales. The value of a bundle of goods can be higher than the sum of its individual parts, and this increases the company’s profitability.