null Definitions
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T
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.
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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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voice user interface (VUI)
Voice user interface (VUI) is speech recognition technology that allows people to interact with a computer, smartphone or other device through voice commands. Apple's Siri, Amazon's Alexa, Google's Assistant and Microsoft's Cortana are prime examples of VUIs.
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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.