There are three main functions of system software that you should take into account. Allocating system resources, the first function, focuses on controlling systems like time and memory. It assigns time slices based on task priority and controls storage space. Monitoring system activities, the second function, focuses on keeping an eye on the security and performance of the system. The final component, file, and disk management, take care of activities like copying, pasting, deleting, and transferring data to fulfill user needs.