The standard (system) field “Managed As” on Company is super useful for filtering etc, but I’ve found that my inability to add values to it has limited me in some specific cases. For instance, it would be great if I could add a “free customer” or something like that for non-paying accounts (promotionals etc) or “strategic” for one-off customers being handled by a different team of folks. This would keep me from having to co-opt an existing field or create something brand new just to handle those few cases, and it fits the Managed As field well. 

Generally, being able to add / edit this dropdown would be super helpful for admins looking to further customize their instance.