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Line Of Business
Line of business (or LOB) is a generic term that refers to the industry that a company services. It describes the product or service that is provided by a company so that the business can be categorized into a more specific area. For instance, a company that sells car insurance would fall under the “insurance” line of business while one that manufacturers medical devices would be classified as "health care."
What Small and Midsize Businesses Need to Know About Line Of Business
For SMBs, defining a line of business is needed to ensure that certain regulations and policies are in place for all departments. This ensures more thorough compliance with laws and industry-specific mandates. An example of this would be a healthcare company that must follow HIPAA regulations across all departments—even those that are not directly involved in customer relations.
Related terms
- PDM (Product Data Management)
- Project Management
- Gain Sharing
- Small and Midsize Business (SMB)
- Business Process Automation (BPA)
- Human Capital Management (HCM)
- Best Practice
- Business Process Management (BPM)
- Business Impact Analysis (BIA)
- Track And Trace
- Digital Business Transformation
- Bimodal
- Span of Control
- Solution
- Business Process Re-engineering (BPR)
- Enterprise Solutions
- Growth Strategy
- Project Management Office (PMO)
- Business Process Outsourcing (BPO)
- Line Of Business
