Line of Business

Also known as LOB. A set of products and/or services grouped together under a single team or department of an organization. Those groupings could be based on a number of factors, including product type, customer size, and route to market. A bank, for example, might have several lines of business, including consumer banking, global accounts, and wealth management. No longer the domain solely of IT departments, technology purchasing decisions are increasingly being made by LOB managers.