ERP Definitions
This glossary explains the meaning of key words and phrases that information technology (IT) and business professionals use when discussing ERP and related software products. You can find additional definitions by visiting WhatIs.com or using the search box below.
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U
upcharge
An upcharge is an additional fee that is added to a bill after a contract has already been negotiated.
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V
value driver
A value driver is an activity or capability that adds worth to a product, service or brand.
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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.
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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.
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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.
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W
Warehouse control system (WCS)
Warehouse control system (WCS) is a software application for orchestrating activity flow within a warehouses and distribution center.
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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.
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work in progress (WIP)
Work in progress (WIP) refers to the number of tasks or projects that are currently in the process of being completed.
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working capital
Working capital is the difference between a business's current assets and current liabilities.