Business services are various activities that help a company maintain its operations. These activities do not produce any tangible product and include tasks such as marketing, consultation, logistics (including travel services), waste management, staffing, shipping, administration, and IT service. Companies often outsource these services because they do not fall within their expertise or have the resources to provide them themselves. This business-to-business model allows companies to focus on their core competencies while relying on a third party for other, non-core functions.
Unlike goods, services cannot be stored in inventory; they must be provided when needed. This is one of the main differences between business services and traditional products. Also, whereas goods are sold as units, business services are generally provided on a project-by-project basis.
In addition to being a large source of revenue for companies, business services have a number of other advantages. For example, they can improve a company’s reputation, increase efficiency, and create new opportunities. These benefits make them a crucial component of any company.
To define a business service, click the New Business Service button in the Dashboard Designer. Enter a name and select a team to associate with the business service. You can also choose to make the business service a favorite by clicking the star icon. Favorite services appear at the top of the Business Services page by default and are included in the multi-sort function. However, you must have permission to mark a business service as a favorite.