Business Services – Meaning

Every renowned corporation, whether a school, a supermarket, or a university, provides services to the people visiting it or to the people who are a part of it or are working there. Similarly, banks are such corporations that provide services to not only their employees, that is, the people working there, but also to all their customers who hold a bank account in the bank. Every person related to the bank gets to experience certain limited or unlimited features and services. Such services act as a life saviour to people as not all can afford to live the life they always wanted or dreamt of.

What is a Business?

A business is a type of occupation in which a group of people are engaged regularly to perform certain activities in production, trading, import and export activities, sales, services, etc., on a small or large scale.

What is a Service?

A service is defined as all the activities related to economics that are non-physical and show an interactive relationship between the service providing body and the customer/buyer.

What is a Business Service?

A service or a set of services used by companies who run businesses to conduct their activities or to run the enterprise are called business services.

Some examples of Business Services are mediclaim, banking facilities, transportation facilities, communication services, etc.

Features of Business Services

Involvement

Participation of the customer to experience and know the services provided by the company is very important. As per their needs and convenience, a customer gets the services altered to make any additional changes on the company’s approval to its given services.

Inventory

A service is a non-physical activity granted to the employees of the company. Unlike the salary provided to the employees, a service cannot be stored or collected for future use. It needs to be used or acted on when granted to the person. 

For example: A bus ticket can be collected and stored, but the bus journey cannot be stored for future use; it can only be experienced.

Inseparable

Another important characteristic of business services is the simultaneously occurring activities of being consumed and being produced (production and consumption) being performed. This makes the services seem like they are inseparable.

For example: Banking clerks are today being replaced by ATMs for cash withdrawals.

Non-Physical Ability

A service is non-physical; it cannot be touched. An important feature of this ability is that this offer can often not be determined before consumption and, thus, purchase. It is essential for the service-providing people to create a desirable service for all their customers.

Inconsistent

Since nothing is constant, even standard products are not consistent. There is a need for new services each time depending on different types of customers who have different choices, wants, needs, and expectations.

Categories of a Business Service

There are plenty of business services that provide non-physical products and allowances to customers in the form of various functions according to the type of business it is.

Banking Facility – A functional bank account is given to the company employees in which they are given their monthly or annual salary. The employee then owns this bank account, and can withdraw and add money to it as per their wish and convenience.

Insurance – Health and various insurance facilities must be provided to the employees of the company; if there was something to happen to the employee of the company, their family members would not have to be left hanging. Financial aid must be provided to their employees in cases of any emergencies, health problems, or accidental scenarios.

Communication Facilities – A company must give their employees the basic means of life, that is, communication. A company must provide communication services to their employees to function its business. Internet and mobile data packages must be provided by and paid by the company. 

Today, a company laptop is provided to the employees who travel from home if they cannot afford one or possess one.

Mode of Transportation – Transportation facilities like bus services that provide pick-up and drop services from railway stations to the work office are trending in today’s world.

Railway concession must be granted to employees staying in the city’s suburban areas.

A Good Company/ Business Service

A good business service is considered to be a business service given to the employees of the company where all their basic needs are fulfilled, and they do not experience any struggle or hardship in terms of work such as difficulty in commuting to the workplace, difficulty in receiving and sending emails due to poor or no internet connection.

Pyramid Ranking of Business Services in a Business Company:

1. Services related to analysis and banking.
2. Services related to management and strategies.
3. Services related to documentation.
4. Services related to communication.

• Telecommunication.
• Internet/WiFi.
• Media and entertainmentNo device.
  5.Services related to assessment and validation.
  6.Services related to transportation

• Pick-up and drop from home.
• Railway concessions.

Conclusion

Business services play an important role in the corporate world. Every employee has their own needs that they want to be fulfilled by the company they work for. 

Business companies must provide essential services to their employees for support and to create an aura of calmness and hope that there will not be any additional struggle in life.

Good and innovative business process services, directly and indirectly, mean a good relationship between the company and its employees. In this way, a company will know how much the owner’s partners care for them.