Enterprise resource planning (ERP)

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

smart city - A smart city is a municipality that uses information and communication technologies (ICT) to increase operational efficiency, share information with the public and improve both the quality of government services and citizen welfare.
smart manufacturing (SM) - Smart manufacturing (SM) is a technology-driven approach that utilizes Internet-connected machinery to monitor the production process.
SMB (small and medium-sized business or small and midsize business) - SMB is an abbreviation for a small and medium-sized business, sometimes called a small and midsize business.
social computing - Social computing is the collaborative and interactive nature of online behavior.
social media marketing (SMM) - Social media marketing (SMM) is a form of internet marketing that uses social media apps as a marketing tool.
social media policy - A social media policy is a corporate code of conduct that provides guidelines for employees who post content on the internet either as part of their job or as a private person.
social media recruitment (social media recruiting) - Social media recruitment, or social media recruiting, is the process of using social media platforms to identify, engage and vet people the organization may want to hire.
social media ROI - Social media ROI refers to the return on investment a company can expect to make from its investment in social media technologies.
soft copy - A soft copy (sometimes spelled 'softcopy') is an electronic copy (or e-copy) of some type of data, such as a file viewed on a computer's display or transmitted as an email attachment.
soft skills - A soft skill is a personal attribute that supports situational awareness and enhances an individual's ability to get a job done.
solution provider - A solution provider is a vendor, service provider or value-added reseller (VAR) that comprehensively handles the project needs of their client from concept to installation through support.
solution selling - Solution selling refers to the philosophy or practice of uncovering a customer's pain points and then providing products and services that address the underlying business problem.
SPI model - The SPI model is an abbreviation of the most common cloud computing service models: software as a service (SaaS), platform as a service (PaaS) and infrastructure as a service (IaaS).
SPIF (sales performance incentive fund) - A SPIF(sales performance incentive fund) is a financial incentive that encourages a sales representative to sell a specific item or group of items.
spiral model - The spiral model is a systems development lifecycle (SDLC) method used for risk management that combines the iterative development process model with elements of the waterfall model.
stacked ranking (stack ranking) - Stacked ranking (stack ranking) is an employee evaluation method that slots a certain percentage of employees into each of several levels of performance.
stakeholder - A stakeholder is a person, group or organization with a vested interest, or stake, in the decision-making and activities of a business, organization or project.
standardization - Standardization is the process of developing, promoting and possibly mandating standards-based and compatible technologies and processes within an industry.
startup culture - A startup culture is a workplace environment that values creative problem-solving, open communication and a flat hierarchy.
statement of work (SOW) - A statement of work (SOW), in project management, is a document in which a contracting officer or chief procurement officer (CPO) specifies the objectives and deliverables for a particular project or service contract.
steering committee - A steering committee comprises a group of high-ranking IT professionals who provide guidance and strategic direction to an organization or organizational segment.
strategic management - Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives.
strategic planning - Strategic planning is a process in which an organization's leaders define their vision for the future and identify their organization's goals and objectives.
strategic sourcing - Strategic sourcing is an approach to supply chain management that formalizes the way information is gathered and used.
subscription management - Subscription management is the process of overseeing and controlling all aspects of products and services sold repeatedly through a weekly, monthly, quarterly or yearly subscription-based pricing model.
succession planning - Succession planning is the strategic process of identifying and developing internal candidates to fill key organizational roles to ensure business continuity and leadership in the face of role transitions, departures, or unforeseen events.
sunsetting - Sunsetting is the intentional phasing out or termination of something, and in business, the term is used often regarding brands, partnerships, agreements, policies, and hardware and software.
supplier relationship management (SRM) - Supplier relationship management (SRM) is a systematic approach to evaluating and partnering with vendors that supply goods, materials and services to an organization, determining each supplier's contribution to success, and developing strategies to improve their performance.
supply chain - A supply chain is the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product.
supply chain analytics - Supply chain analytics refers to the processes organizations use to gain insight and extract value from the large amounts of data associated with the procurement, processing and distribution of goods.
supply chain finance - Supply chain finance is a set of technology-enabled business and financial processes that provides flexible payment options for a buyer and one of their suppliers at lower financing costs.
supply chain management (SCM) - Supply chain management (SCM) is the optimization of a product's creation and flow from raw material sourcing to production, logistics and delivery to the final customer.
Supply Chain Operations Reference (SCOR) - Supply Chain Operations Reference (SCOR) is the process reference model used across industries as a supply chain management diagnostic tool.
supply chain planning (SCP) - Supply chain planning (SCP) is the process of anticipating the demand for products and planning their materials and components, production, marketing, distribution and sale.
supply chain risk management (SCRM) - Supply chain risk management (SCRM) is the coordinated efforts of an organization to help identify, monitor, detect and mitigate threats to supply chain continuity and profitability.
supply chain security - Supply chain security is the part of supply chain management that focuses on the risk management of external suppliers, vendors, logistics and transportation.
supply chain sustainability (SCS) - Supply chain sustainability (SCS) is a holistic view of supply chain processes, logistics and technologies that affect the environmental, social, economic and legal aspects of a supply chain's components.
supply chain transformation - Supply chain transformation is the addition and integration of technology to improve supply chain performance, optimize costs and mitigate risks.
supply chain visibility (SCV) - Supply chain visibility (SCV) is the ability of parts, components or products in transit to be tracked from manufacturer to final destination.
SWIFT FIN message - SWIFT FIN is a message type (MT) that transmits financial information from one financial institution to another.
SWOT analysis (strengths, weaknesses, opportunities and threats analysis) - SWOT analysis is a framework for identifying and analyzing an organization's strengths, weaknesses, opportunities and threats.
synectics - Synectics is a method of problem-solving that focuses on cultivating creative thinking, often among small groups of individuals with diverse experience and skills.
systems thinking - Systems thinking is a holistic approach to analysis that focuses on the way that a system's constituent parts interrelate and how systems work over time and within the context of larger systems.
T-shaped employee - A T-shaped employee, in the context of human resources, is an individual who has a depth of knowledge as well as skills in a particular area of specialization.
talent pipeline - A talent pipeline is a pool of candidates who are ready to fill a position.
targeted ad (targeted advertising) - A targeted ad, or targeted advertising, is a method of displaying advertisements to a specific group of people based on their demographics, behavior, interests, or other criteria.
Theory of Constraints (TOC) - The Theory of Constraints (TOC) is a philosophy of management and continuous improvement originally developed by Dr.
third party - A third party is an entity that is involved in some way in an interaction that is primarily between two other entities.
tier 1 vendor - A tier 1 vendor is one of the largest and most well known in its field -- often enjoying national or international recognition and acceptance.
tier 2 vendor - A tier 2 vendor is a smaller and less well-known provider as compared to a tier 1 vendor and is often also limited in its geographic coverage as well.
time series chart - A time series chart, also called a times series graph or time series plot, is a data visualization tool that illustrates data points at successive intervals of time.
time to value (TtV) - Time to value (TtV) is a business term that describes the period of time between a request for a specific value and the initial delivery of the value requested.
timeline - A timeline is a visual representation of a chronological sequence of events along a drawn line that helps a viewer understand time relationships.
TIN (Taxpayer Identification Number) - A Taxpayer Identification Number (TIN), in the United States, is a unique nine-digit number for identifying an individual, business or other entity in tax returns and additional documents filed with the Internal Revenue Service (IRS).
Top searches of 2008 - What were people searching the WhatIs.
Total Quality Management (TQM) - Total Quality Management (TQM) is a management framework based on the belief that an organization can build long-term success by having all its members -- from low-level workers to its highest-ranking executives -- focus on improving quality and, thus, delivering customer satisfaction.
Toyota Way - The Toyota Way is a comprehensive expression of the company's management philosophy, which is based on the two foundational pillars of Continuous Improvement, also known as kaizen, and Respect for People.
traceability - Traceability, in supply chain traceability, is the ability to identify, track and trace elements of a product or substance as it moves along the supply chain from raw goods to finished products.
transactional leadership - Transactional leadership, also known as managerial leadership, is a leadership style where leaders rely on rewards and punishments to achieve optimal job performance from their subordinates.
transparency - Transparency is the quality of being easily seen through, while transparency in a business or governance context refers to being open and honest.
transportation management system (TMS) - A transportation management system (TMS) is specialized software for planning, executing and optimizing the shipment of goods.
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.
validated learning - Validated learning is an approach to demonstrating progress against business goals when traditional key performance indicators (KPIs) are not very useful.
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 - A vendor is an individual or company that sells goods or services to somone else in the economic production chain.
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.
voice of the customer (VOC) - Voice of the customer (VOC) is the component of customer experience that focuses on customer needs, wants, expectations and preferences.
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 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 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? - Private cloud is a type of cloud computing that delivers similar advantages 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.