Enterprise resource planning (ERP)

Terms related to business, including definitions about project management and words and phrases about human resources, finance and vertical industries.

triple constraint - The triple constraint is a model that describes the three most significant restrictions on any project: scope, schedule and cost.
two pizza rule - The two pizza rule is a guideline for limiting the number of attendees at a meeting.
two-tier ERP - Two-tier ERP is a technology strategy taken by large, multinational enterprises that uses tier 1 ERP for financials and other core common processes at the corporate level and tier 2 ERP for divisions, subsidiaries and smaller locations of the company to address specific needs.
Unfreeze, Change, Refreeze (Kurt Lewin Change Management Model) - Unfreeze, Change, Refreeze or Kurt Lewin's Change Management Model is a model to understand and manage organizational change.
unique selling point (USP) - A unique selling point (USP), also called a unique selling proposition, is a marketing statement that differentiates a product or brand from its competitors.
universal basic income (UBI) - Universal basic income (UBI) is a model for providing all citizens of a country or other geographic area with a given sum of money, regardless of their income, resources or employment status.
upcharge - An upcharge is an additional fee that is added to a bill after a contract has already been negotiated.
value chain - A value chain is a concept describing the full chain of a business's activities in creating a product or service -- from initial receipt of materials through its delivery to market.
value driver - A value driver is an activity or capability that adds worth to a product, service or brand.
value stream management - Value stream management is an emerging business process intended to gauge the flow of value into business resources and activities, as well as the flow of value back into the business.
value stream mapping - Value stream mapping is a lean manufacturing tool that visualizes every repeatable step required to deliver a product or service to the customer.
vCIO (virtual CIO) - A vCIO, or virtual CIO, is a contractor or company that serves as an organization's chief information officer.
vendor management system (VMS) - A vendor management system (VMS) is an enterprise software platform that helps companies control the process of procuring and managing a flexible workforce.
vendor-managed inventory (VMI) - Vendor-managed inventory (VMI) is an inventory management technique in which the supplier of goods, usually the manufacturer, is responsible for optimizing the inventory a distributor holds.
video interview - A video interview is a job interview that takes place remotely and uses video technology as the communication medium.
virtual desktop - A virtual desktop is a computer operating system that does not run directly on the endpoint hardware from which a user accesses it.
vision statement - A vision statement is an organization's declaration of its mid-term and long-term goals, stating what they want to become in the future.
VMware Partner Network - The VMware Partner Network is a global channel partner program with benefits and support to provide VMware's virtualization and cloud technology.
VUCA (volatility, uncertainty, complexity and ambiguity) - VUCA is an acronym that stands for volatility, uncertainty, complexity and ambiguity -- qualities that make a situation or condition difficult to analyze, respond to or plan for.
warehouse management system (WMS) - A warehouse management system (WMS) consists of software and processes that allow organizations to control and administer warehouse operations from the time goods or materials enter a warehouse until they move out.
What are leadership skills? - Leadership skills are the strengths and abilities individuals demonstrate that help to oversee processes, guide initiatives and steer their employees toward the achievement of goals.
What are systems of engagement? - Systems of engagement are decentralized IT components that incorporate technologies such as social media and the cloud to encourage and enable peer interaction.
What are virtual agents and how are they being used? - A virtual agent -- sometimes called an intelligent virtual agent (IVA) -- is a software program or cloud service that uses artificial intelligence (AI) technologies, such as machine learning (ML) and natural language processing (NLP) to provide automated services or guidance to humans.
What is 3PL (third-party logistics)? - A 3PL (third-party logistics) provider offers outsourced logistics services, which encompass anything that involves management of one or more facets of procurement and fulfillment activities.
What is a bill of materials (BOM)? - A bill of materials (BOM) is a comprehensive inventory of the raw materials, assemblies, subassemblies, parts and components, as well as the quantities of each, needed to manufacture a product.
What is a business continuity plan audit and how do you create one? - A business continuity plan audit is a formalized method for evaluating how business continuity processes are being managed.
What is a CEO (chief executive officer)? - A chief executive officer (CEO) is the highest-ranking position in an organization and responsible for implementing plans and policies related to a company's financial strength, operational efficiency and strategic management.
What is a chief experience officer (CXO)? - A chief experience officer (CXO) is an executive in the C-suite who ensures positive interactions with an organization's customers.
What is a cloud service provider? - A cloud service provider, or CSP, is a company that offers components of cloud computing -- typically in an as-a-service model like infrastructure as a service (IaaS), software as a service (SaaS) or platform as a service (PaaS).
What is a customer account record? - A customer account record is the basic unit of information about a customer that resides in a CRM, or customer relationship management system.
What is a customer health score? - A customer health score is a value that indicates the long-term prospect for a customer to drop off or, conversely, to become a high-value, repeat customer through renewal or Cross-selling or up-selling strategies.
What is a customer journey map? - A customer journey map is a visual depiction of the stages customers go through when interacting with a company -- from buying products online to accessing customer service on the phone to airing grievances on social media.
What is a CVO (chief visionary officer)? - The CVO (chief visionary officer) is a newer C-suite title where the holder is expected to have a broad and comprehensive knowledge of all matters related to the business of the organization, as well as the vision required to steer its course into the future.
What is a disaster recovery plan (DRP)? - A disaster recovery plan (DRP) is a documented, structured approach that describes how an organization can quickly resume operations after an unplanned incident.
What is a general ledger (GL)? - A general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports.
What is a key performance indicator (KPI)? Strategy and guide - Key performance indicators (KPIs) are quantifiable business metrics that corporate executives, managers and other stakeholders use to track and analyze factors deemed crucial to meeting the organization's stated objectives.
What is a paperless office? - The paperless office is an umbrella term for business practices that improve the workplace by reducing reliance on paper.
What is a PMO (project management office)? - A project management office (PMO) is a group, agency or department that defines and maintains the standards of project management for a company.
What is a private cloud? Definition and examples - Private cloud is a type of cloud computing that delivers advantages similar to public cloud, including scalability and self-service, but through a proprietary architecture.
What is a product owner? - A product owner is a role on a Scrum team that is responsible for the project's outcome.
What is a sales funnel? Everything you need to know - A sales funnel, also called a 'purchase funnel,' is the visual representation of the customer journey, depicting the sales process from awareness to action.
What is a semantic network? - A semantic network is a knowledge structure that depicts how concepts are related to one another and how they interconnect.
What is a smart city? - A smart city is a municipality that uses information and communication technology to increase operational efficiency, share information with the public and improve the quality of government services and citizen welfare.
What is a smart contract? - A smart contract is a self-executing computer program that automatically executes the terms of a contract without the involvement of third parties.
What is a startup company? - A startup company is a newly formed business with particular momentum behind it based on perceived demand for its product or service.
What is a voice user interface (VUI)? - A voice user interface (VUI) is a type of interface that relies on speech recognition technology to enable users to interact with an application or device through voice commands.
What is a Waterfall model? Definition and guide - The Waterfall model is a linear, sequential approach to the software development lifecycle (SDLC) that is popular in software engineering and product development.
What is Alphabet Inc.? - Alphabet Incorporated (also known as Alphabet Inc.
What is an IT service catalog? - An IT service catalog is a list of information technology resources and offerings available from the IT service provider within an organization.
What is an organizational goal? - Organizational goals are strategic objectives that a company's management establishes to outline expected outcomes and guide employees' efforts toward the achievement of those outcomes.
What is an outbound call? - An outbound call is one initiated by a contact center agent to prospective customers and focuses on sales, lead generation, telemarketing and fundraising.
What is B2B2C (business-to-business-to-consumer)? - B2B2C (business-to-business-to-consumer) extends the B2B (business-to-business) model to include e-commerce for consumers.
What is BCDR? Business continuity and disaster recovery guide - Business continuity (BC) and disaster recovery (DR) are closely related practices that support an organization's ability to remain operational after an adverse event.
What is Blue Yonder (formerly JDA Software)? - Blue Yonder, formerly JDA Software, is a software and consultancy company that specializes in selling supply chain management products and services to businesses.
What is brand recognition? - Brand recognition is the extent to which a consumer can correctly identify a particular product or service just by viewing the product or service's logo, tagline, packaging or advertising campaign.
What is business process modeling? - Business process modeling, often called process modeling, is the graphical representation or illustration of an organization's business processes.
What is business sustainability? - Business sustainability, also known as corporate sustainability, is the management of environmental, social and financial concerns by a company to ensure responsible, ethical and ongoing success.
What is C-level (C-suite)? - C-level, also called the C-suite, is a term used to describe high-ranking executive titles in an organization.
What is CAD (computer-aided design)? - CAD (computer-aided design) is the use of computer-based software to aid in design processes by creating simulations of real-world objects.
What is cloud computing? Types, examples and benefits - Cloud computing is a general term for the on-demand delivery of hosted computing and IT services over the internet with pay-as-you-go pricing.
What is corporate social responsibility (CSR)? - Corporate social responsibility (CSR) is a strategy undertaken by companies to not just grow profits, but also to take an active and positive social role in the world around them.
What is cost management? Definition, steps and benefits - Cost management is the process of planning and controlling a business budget.
What is CPQ software (configure price quote software)? - CPQ (configure, price, quote) is programming that helps sales representatives and self-service customers quickly generate accurate quotes for configurable products and services.
What is customer experience (CX) and why is it important? - Customer experience (CX) is the sum total of customers' perceptions and feelings resulting from interactions with a brand's products and services.
What is customer experience management (CXM)? Ultimate guide - Building brand loyalty among customers involves a customer-centric strategy and measuring feedback through voice of the customer data to improve customer experiences.
What is customer segmentation? - Customer segmentation is the practice of dividing a customer base into groups of individuals that have similar characteristics relevant to marketing, such as age, gender, interests and spending habits.
What is Data as a Service (DaaS)? - Data as a Service (DaaS) is an information provision and distribution model in which data files (including text, images, sounds, and videos) are made available to customers over a network, typically the Internet.
What is data monetization? - Data monetization is the process of measuring the economic benefit of corporate data.
What is days sales outstanding (DSO)? - Days sales outstanding (DSO) measures the average time it takes a business to collect payments after a sale.
What is demand planning and why is it important? - Demand planning is the process of forecasting the demand for a product or service so it can be produced and delivered more efficiently and to the satisfaction of customers.
What is demand shaping? - Demand shaping is an operational supply chain management (SCM) strategy where a company uses tactics such as price incentives, cost modifications and product substitutions to entice customers to purchase specific items.
What is DevOps 2.0? - DevOps 2.0 is the extension of DevOps practices through the entire organization, beyond development and IT ops.
What is digital labor? - Digital labor is work that's performed by robotic process automation (RPA) systems and interactive applications, including chatbots and digital assistants.
What is digital transformation? Everything you need to know - Digital transformation is the incorporation of computer-based technologies into an organization's products, processes and strategies.
What is direct marketing? - Direct marketing is a type of advertising campaign that seeks to elicit an action (such as an order, a visit to a store or website or a request for further information) from a selected group of consumers in response to communication from a marketer.
What is emotional intelligence (EI)? - Emotional intelligence (EI) is the area of cognitive ability that facilitates interpersonal behavior.
What is enterprise content management? Guide to ECM - Enterprise content management is a set of defined processes, strategies and tools that enables a business to obtain, organize, store and deliver critical information to its employees, business stakeholders and customers.
What is Epicor Software Corp.? - Epicor Software Corp.
What is executive leadership? - Executive leadership is the ability of those who manage or direct employees in an organization to influence and guide these individuals.
What is financial analytics and why is it important? - Financial analytics is the creation of ad hoc analysis to answer specific business questions and forecast possible future financial scenarios.
What is FinOps? - FinOps -- a combination of the terms finance and DevOps -- is a framework for managing operational costs across an organization, often in conjunction with cloud computing.
What is greenwashing? - Greenwashing refers to the act of making false or misleading claims about the positive environmental impact that a company, product or service has on the environment.
What is hardware as a service (HaaS)? - Hardware as a service (HaaS) is a procurement model that's similar to leasing or licensing.
What is IFS AB? - IFS AB (Industrial and Financial Systems) is an enterprise resource planning (ERP) software vendor that specializes in asset-intensive, project-centric industries, such as manufacturing and distribution.
What is incremental innovation? - Incremental innovation is a series of small improvements or upgrades made to a company's existing products, services, processes or methods.
What is Infor? - Infor is a New York-based vendor of ERP and other enterprise business software.
What is information rights management (IRM)? - Information rights management (IRM) is a discipline that involves managing, controlling and securing content from unwanted access.
What is inventory management? - Inventory management is the component of supply chain management that tracks and supervises noncapitalized assets -- or inventory -- and stock items.
What is IoT Cloud (Salesforce IoT Cloud)? - IoT Cloud is a Salesforce platform designed to store and process internet of things (IoT) data.
What is labor arbitrage? - Labor arbitrage is the practice of searching for and then using the lowest-cost workforce to produce products or goods.
What is lead scoring? - Lead scoring is a methodology sales and marketing departments use to determine the worthiness of leads, or potential customers, by attaching values to them based on their behavior relating to their interest in products or services.
What is LinkedIn and how does it work? - LinkedIn is a social networking site designed specifically for the business community.
What is multichannel marketing? - Multichannel marketing refers to the practice of companies interacting with customers via multiple direct and indirect channels to sell them goods and services.
What is Open Platform Communications (OPC)? - Open Platform Communications (OPC) is an interoperability standard for secure data exchange in industrial automation and other areas.
What is Oracle PartnerNetwork (OPN)? - Oracle PartnerNetwork, also known as OPN, is a channel partner program that provides resources and benefits for value-added resellers (VARs), independent software vendors (ISVs) and other businesses that want to collaborate with Oracle.
What is order to cash (OTC or O2C)? - Order to cash, or OTC or O2C, is a business process that involves receiving and fulfilling customer requests for goods or services.
What is PaaS? Platform as a service definition and guide - Platform as a service (PaaS) is a cloud computing model where a third-party provider delivers hardware and software tools to users over the internet.
What is predictive analytics? An enterprise guide - Predictive analytics is a form of advanced analytics that uses current and historical data to forecast activity, behavior and trends.
What is product as a service? - Product as a service (PaaS) is the concept of selling the services and outcomes a product can provide rather than the product itself.
What is production planning and why is it important? - Production planning is the act of developing a guide for the design and production of a given product or service.