ISC 309: Business Information Services and Records Notes

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Summary

What is Business information?
Business Information means any information or compilation of information relating to the business, of the company including existing data, and all information ,data, knowledge and know-how , in whatever form and however communicated relating to business procedures, techniques, methods, concepts, ideas, affairs, products, processes or services, which relates to customers or the business of the Company including without limitation, sales and rate information, software, business plans and operating strategies, product information , and material identifying an association with the Company. Business information comes in general surveys, data, articles, books, references, search-engines, and internal records that a business can use to guide its planning, operations, and evaluation of its activities. Such information also comes from friends, customers, associates, and vendors.
Business information Services
A business entity is an organization that uses economic resources to provide goods or services to customers in exchange for money or other goods and services. Business organizations come in different types and in different forms of ownership
Accurate and timely business information gives a competitive edge and is the key to success in the corporate world. Effective and informed decisions making relies on authentic data that is well presented and organized for further analysis. Business information services refer to the services that organizations utilize which are unlike products and goods are intangible. Business services are activities that benefit companies without supplying physical products. This means that the value of each service is intangible. When a company needs to outsource labor that may not fall under its expertise or capability, it relies on business services to provide that labor. Business services allow a company to focus on its specific goals and hire internal employees for that purpose while hiring business service professionals to complete tasks that need special expertise or equipment. Information centers support parent institutions with the required data or information on -the -go.
Characteristics of Business Services
Business services divided into five characteristics are mentioned below.
(1) Intangibility
• These are intangible assets, they cannot be touched.
• They don’t have their physical presence.
• A person can only experience it.
• It is important to provide quality service to the customer, so that customer can feel the favourable experience.
• Example: Teaching by teachers, doctor’s treatment to patients etc.
(2) Inconsistency
• There is no consistency in the services as like in physical products.
• Each time the service has to be performed exclusively.
• Demands and expectations of the different customers are different.
• Every time the service provider has to modify the service accordingly.
(3) Inseparability
• Production and consumption are simultaneous in case of services.
• If we produce the goods today, it can be sold later.
(4) Inventory
• Services cannot be stored for the future.
• It has no physical component.
• Demand and supply for the service are very close to each other.
• Service has to be provided to the customer as and when it is asked by them.
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