14 Types of Business Services

The services that organizations utilize are called business services. Unlike products or goods services are intangible. A large part of the business industries is present in the service sector. There are different types of business services based on the sector they cater to.

These business services provide various aspects of the industry which the goods or product cannot provide. Following are a few types of Business services :

What are the Different Type of Business Services?

1) Management services

Management services cater to various aspects of managing the independent services. Management services or of different types for example finance industries requires asset Management Service, Debt Management services or stock Management services. Some sectors would require facility Management services horrible people Management services.

Event Management Services is one of the important parts of every organization. They require assistance from third-party agents who specialize in event marketing and event management. The services required especially for business and trade shows as well as during launch events and other important business meetings.

Event management in was right from deciding the venue to putting up a stall and conducting the event and finally cleaning the premises after the work is done. They also provide assistance in setting up boots and providing backup during emergencies like power failure at an event.

2) Software services

Information Technology has made its presence in every field. A major part of it is Software services. The software is an integral part of every electronic device. The software ranges from operating systems to anti-virus to data backups to special programs to access special files.

Part of software servicing is giving upgrades and enhancing the features as well as security. It is essential that while all the important transactions happen over software’s chances of software hacking increase. This is your software services come into the picture.

Banking is an important area where software services are very crucial. Since more than 90% of the transactions happen online on the Internet it is very essential that the software services are up to date to combat virus threats as well as hacking threats.

3) Consulting services

 These are the types of business services which are used by many organizations irrespective of industry. Consulting services can be for financial projects, business expansion projects or for a particular sector of business. Consultations are an integral part of corporate giants like Accenture who provide services to almost every industry.

Consulting services are also availed by organizations during mergers and acquisitions to understand the nature of the industry and the nature of the business. Consultancy services are also provided to understand the nature of the competition and the industry specifics.

4) Training Services :

Lot of companies require training services. While the companies are competent enough to train their employees in their own technicalities, external training agency services are required to train employees in soft skills or in case of technical know-how about a sector unrelated to the organization.

For example, an FMCG organization like Unilever would require training in IT and software services or while upgrading their existing software to new versions. There are also external training agencies which provide training programs to employees regarding certain skill.

An essential aspect of training is the knowledge check. While a trainer would train the participants, it is important to understand how of much what has been taught has been understood by the employees. It would be waste of time and money if all the training was not understood by the participants hence knowledge check is essential.

5) Financial services

Finance is a very important aspect of any organization. Every organization request financial services for various purposes like taxation, valuation, depreciation or expansion. Managing finances is usually done by the finance department in the organizations but services here mentioned above require special financial help from financial advisors.

Financial advisors are also present in investment decisions wherein they decide what is the amount of investment to be done in which sector and whether there is a good and timely return on investments. Financial services also required for stock market decisions.

6) Marketing Services

Organizations require Marketing Services often, especially niche marketing services like creative advertising and creative marketing. There are designated Advertising and Marketing agencies to do just that.

These agencies focus only on providing services to the clients my coming up with innovative ideas. Companies do have an in-house Marketing department but they prefer to invest in outsourcing the marketing to get quality work done. An organization may also have a marketing department which is in the house and caters to third-party clients as well.

Coming up with Marketing campaigns in a new sector or any geography would require the organization to study a lot which would take up time. Instead, your organization would invest in third-party marketing services and come up with faster suggestions and implement marketing campaigns quicker and more effectively. Also, the outsourced marketing departments are more efficient compared to in-house marketing teams. Another part of marketing is market research.

More than 90% of organizations prefer to get this done by outsourced agencies specializing in market research services. These agencies understand the requirements of the clients, then prepare their own questionnaires, get it approved from the company and then conduct a first and primary survey to know the market data. Most of the times collecting this data is very costly for the company but it is worth the amount because of its authenticity and the information which the data produces which is priceless.

7) Travel services

Organizations often require travels to different locations on account of the business. It is essential that these services are outsourced to the proper people involved in travel booking since they can get the bookings done with a very reasonable charge.

While it is undeniable that it is effective economically, it is also efficient professionally to get the services done by professionals. They are also involved in providing proper reminders, itineraries and important travel tips before traveling which the internal department may not be able to do so.

Hospitality services are also a part of travel services, which deal with providing lodging and boarding. Providing proper stay to employees after they reach the destination, looking at transportation facilities and making all other local travel arrangements are a part of Travel services.

8) Catering services :

Good food is a very important aspect of every business meeting. It is very important that there is the presence of proper and hygienic catering services that look after food and beverages for organizations. It can be a regular meeting or it can be an Annual meeting, the food services should be proper authentic hygienic and if possible, innovative while being in likes with everyone’s taste.

It is also important to have a variety of food since organizations now have become multicultural. While there are few countries like the United States where all kinds of food are acceptable there are other countries like the United Arab Emirates which do not accept pork in its menu or India where beef is considered taboo.

Food is not related to culture-specific but it has become an important parameter and everyone has their own tastes irrespective of their culture or background. For example, it is a well-known fact that Julia Roberts although born and bred in the United States is now converted to Hinduism and follows a vegetarian diet or Michael Jackson followed Islam.

9) Distribution and supply chain Services

These are the services which organizations have referred to either keep it within in-house or give it to the third party. Example delivery services of Amazon initially wear with the third party but later on have moved back Amazon.

Every organization requires courier services which is a part of supply chain management. Right from sending bills to most important letters, courier services are still widely used and preferred, sometimes more than the instant online services. Distribution services are also required to transport a product from one location to other or from warehouse to the distributor or from warehouse to the customer.

Transportation services from a very important parameter for E-Commerce because of faster delivery at means better customer satisfaction and better customer retention which in turn means increased market share and increased profit margins. The commute of employees to office is also a part of the same. Organizations preferred to outsource the services to the professionals. For transporting products to customers global players are Blue dart, FedEx, etc. There are also many local distribution companies present and every country.

10) Designing

Designing are the types of business services which require immense focus and superb creativity. Right from designing an insurance policy for example to designing a model of a car to designing dress creativity is the most important factor in designing. Apart from offline designing, there is also nowadays something called online designing which includes designing a website, a video, to designing an emailer which is being sent to the customer, should be designed properly, attractively and innovatively.

11) Construction Services

These are the types of business services which every organization require once while the inception of the business. Construction services are also required later on in the business to update or modify certain existing offices.

There also required if the organization decides to expand into new facilities by providing that state-of-the-art infrastructure and modern types of equipment to their employees. The part of construction services includes procuring the raw material and getting workers to work on the project within a limited time. Construction services are very important sensor good construction may last for a long time while a bad construction will be a recurring cost for the organization.

Good air conditioning, plumbing, elevator and also exit routes in case of the emergency road taken care by construction services. Construction services are critical in case of manufacturing plants where strict specifications are to be followed has laid down by the government rules and the minimum safety requirements.

12) Waste Management Services

Recycling of the excess and unwanted material is called waste management. Waste management has become very important in recent times. Industries have been polluting ecological societies and systems since decades which is caused by ecological problems.

It is essential that the waste generated from the manufacturing plant should be recycled and channel properly so as to leak minimum dangerous material that would harm the environment. Waste Management Services ensure that the waste that is generated from the industries is non-toxic, or least toxic and least polluting which intern proved to be least harmful to the environment and the people.

Specifications like having a plant outside of the city premises, having tall chimneys with filters that would filter of the harmful waste of gases and disposing of these filters on a regular basis away from human contact is very essential.

Waste management is also required in case of hospitals where harmful materials like needles syringes surgical gloves stained with the blood of the patient are to be disposed of without causing pollution of any kind.

13) Security Services

These types of business services are required by the organizations in order to keep their goods secure. Security Services include the physical presence of a person to secure the premises to have the protection of data online. Security is also part of financial services which include security for fraud transactions. These types of business services especially important in the case of Research and development department where latest products are being discovered.

Protection of these is very crucial from prying eyes so as to avoid the leak of the information to the competition. Security Services also provide personnel for transactions which include cash transfer from one location to other for example. Both offline and online security services are majorly availed by the banking sector and government sectors.

14) Personal Services

Many organizations started to provide personal services to their employees on the company premises. Google is no stranger to provide luxury services to their employees right from excellent swimming pool to a healthy gymnasium almost everything is provided to the employees apart from their pays. The services act as motivation for the employees.

Personal services also include escorting from home to office, insurance services, medical Services etc. While this applies for the people who work in head offices for the people who work outside their head office are provided with allowances which take care of the same.

Liked this post? Check out the complete series on Business