Business services are work that supports a business but does not produce a physical commodity. Examples of business services are information technology, procurement, finance and shipping.
The distinction between goods and services is a key aspect of the economic model. Goods are tangible items that customers can purchase by paying a pre-determined price. Service is intangible, often involving an element of interaction between the provider and the customer.
A business that provides a service must consider how the service will be consumed in order to make it profitable. It also has to think about how the service can be designed to attract customers.
In difficult economic times, many people tend to cut back on their consumption of services, even those that they use often. This can make it difficult to keep a service going for long without major investment.
There are several types of business services, including administrative services, which can be performed in person or remotely via the internet. Administrative services include credit card processing, POS systems, merchant services, and virtual private networks.
Another type of service is technical support, which is used to troubleshoot computer and network problems. Technicians can perform services like software upgrades and anti-virus protection.
Finally, there is a service called modern business intelligence that extracts, analyzes and transforms data from a wide range of sources. This type of service can be useful in helping businesses understand their customers and their products. The information that is gathered by these services can help businesses improve their operations and increase profits.