SIC 7374 Computer Processing and Data Preparation and Processing Services

Encyclopedia of American Industries | 2005 | Copyright

SIC 7374
COMPUTER PROCESSING AND DATA PREPARATION AND PROCESSING SERVICES

This category encompasses establishments primarily engaged in providing computer processing and data preparation services. The service may consist of complete processing and preparation of reports from data supplied by the customer or a specialized service, such as data entry or making data processing equipment available on an hourly or time-sharing basis. Subgroups within this entry include computer calculating services, computer service bureaus, computer tabulating services, computer time-sharing, data entry services, data processing services, data verification services, keypunch services, leasing of computer time, optical scanning data services, and rental of computer time.

NAICS Code(s)

514210 (Data Processing Services)

Industry Snapshot

Serving a diverse array of industries, data processing services allow companies to outsource some or all of a data management process, be it payroll, electronic transaction processing, or some other task. Data processing firms offer specialized knowledge and technologies, as well as economies of scale, making them efficient and often cost-effective alternatives to handling such data in-house. As a result, demand for data processing services rose sharply in the 1990s. From just 1994 to 1998, according to government statistics, industry revenue swelled 50 percent.

A significant portion of the industry's rapid growth in the mid-to-late 1990s was fueled by the rise of the Internet and year 2000 (Y2K) related issues. By the early 2000s, growth began to level off. According to U.S. Census Bureau data, industry revenues climbed 14 percent in 1999 and 13 percent in 2000, reaching $42.9 billion. In 2001 and 2002, the industry was impacted by weak economic conditions characterized by reduced levels of corporate spending. Although government figures for these years were not available in early 2003, there were indications that the data processing industry had fared better than others. For example, from 2001 to 2002 the majority of the industry's leading players either saw their revenues increase or decrease by less than 1 percent. In fact, some companies saw their sales rise as much as 13 percent. It is worth noting that Automatic Data Processing, Inc., the world's largest payroll processor, was able to achieve double-digit earnings growth for 41 years until 2003, when its growth was expected to be in the single-digit range. This is one indication of the industry's relative stability.

The largest segments of the industry include payroll processing, employer tax reporting and filing, credit card transaction processing, billing services, insurance claims processing, and general data-center services. Many of these functions have been outsourced for a...

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