Business services provide companies with a wide range of support activities that are not directly related to producing or delivering a tangible product. These services can be used to streamline processes, lower costs, or add value for customers. These services can include everything from consulting to marketing and advertising. They can even include the rental of equipment or facilities. Companies often outsource business services to reduce overhead expenses or to focus on core competencies.

A business service is a group of interconnected IT services that work together to produce a critical function. A business service may be used to monitor a specific IT Service such as DNS or Collector Group, or it can be defined in terms of a collection of Business Services such as the database plus a Collector Group and a DNS server.

The intangibility of business services is what distinguishes them from products. Unlike goods, which are tangible and can be held or touched, business services are intangible and cannot be stored like inventory for later use. Because of this, business services are produced and consumed at the same time. This means that a company’s success as a provider of business services is largely dependent on customer satisfaction.

A service-based business model typically requires less start-up capital than a goods-based business because it does not require investing in the production of physical items. A service-based business also does not need to keep inventory on hand, but it still needs to invest in equipment to create services that meet the needs of its customers. These businesses are often exclusive because they make services that are custom to their clients’ specifications.

These services can include anything from creating content to preparing for standardized tests. They can also encompass any type of creative service, such as graphic design or translation. These types of services are generally offered by a variety of agencies that cater to different types of businesses.

In addition, these business services can include consulting or strategic advice. They can help businesses develop their business strategy, attract investors, or implement new technology. Companies may also hire these service providers to manage their legal affairs, including the preparation of contracts and non-disclosure agreements.

Business service providers can also provide logistics, such as warehouse management or transportation services. They can also offer a wide range of value-added activities, such as repackaging goods, performing light assembly, and marking prices. These services are essential for shipping products and ensuring that the goods reach their destination on time and in good condition.

The ability to map technical services to business services is important for providing context on how an incident might impact a particular business service. This information can be displayed on a status dashboard and shared with non-technical stakeholders. To create or edit a business service, navigate to Services Business Services and select the name of the desired business service. Click the star icon to mark the service as a favorite. Favorite business services appear at the top of the page by default and are included in the multi-sort functionality.