Enterprise resource planning (ERP)

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

5 Whys (Five Whys) - Five Whys, sometimes written as '5 Whys,' is a guided team exercise for identifying the root cause of a problem.
ABC classification - ABC classification is a ranking system for identifying and grouping items in terms of how useful they are for achieving business goals.
accountability - Accountability is an assurance that an individual or an organization is evaluated on its performance or behavior related to something for which it is responsible.
acronym - An acronym (pronounced AK-ruh-nihm, from Greek acro- in the sense of extreme or tip and onyma or name) is an abbreviation of several words in such a way that the abbreviation itself forms a word.
action plan - An action plan is a document that lists what steps must be taken to achieve a specific goal.
advanced shipping notice (ASN) - An advanced shipping notice (ASN) is a document that provides detailed information about a pending delivery.
Agile project management (APM) - Agile project management (APM) is an iterative approach to planning and guiding project processes.
AIDA marketing model - The AIDA marketing model is a framework that describes a buyer's journey through four key stages: Attention, Interest, Decision and Action.
Apex (Salesforce) - Salesforce Apex is a Microsoft-certified framework for building software as a service (SaaS) apps on top of Salesforce's customer relationship management (CRM) functionality.
application portfolio management (APM) - Application portfolio management (APM) is a framework for managing enterprise IT software applications and software-based services.
Appreciative inquiry (AI) - Appreciative Inquiry (AI) is a change management approach that focuses on identifying what is working well, analyzing why it is working well and then doing more of it.
asset performance management (APM) - Asset performance management (APM) is both a strategy and a set of software tools for tracking and managing the health of an organization's physical assets.
availability bias - In psychology, the availability bias is the human tendency to rely on information that comes readily to mind when evaluating situations or making decisions.
BAI2 file format - BAI2 file format is a specialized and standardized set of codes used for cash management and bank reconciliations, and introduced by the Bank Administration Institute (BAI).
bank identifier code (BIC) - A bank identifier code (BIC) is a unique identifier for a specific financial institution.
Bank Secrecy Act (BSA) - The Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Reporting Act, is legislation passed by the United States Congress in 1970 that requires U.
barcode (or bar code) - A barcode (sometimes seen as two words, bar code) is the small image of lines (bars) and spaces that is affixed to retail store items, identification cards and postal mail to identify a particular product number, person or location.
benefits administration - Benefits administration is the process of assembling and managing the benefits an organization provides to employees.
best practice - A best practice is a standard or set of guidelines that is known to produce good outcomes if followed.
Betteridge's law (of headlines) - Betteridge's law (of headlines) is an adage that states "Any headline that ends in a question mark can be answered by the word no.
Big 4 - The Big 4 are the four largest international accounting and professional services firms.
bimodal IT (bimodal information technology) - Bimodal IT is a two-tiered IT operations model that allows for the creation of IT systems and processes that are stable and predictable as well as agile and fast.
Bitcoin Cash (BCH) - Bitcoin Cash (BCH) is an altcoin version of the popular Bitcoin cryptocurrency.
blockchain economy - The blockchain economy is a scenario and potential future environment in which the technology replaces current monetary systems, potentially on a global basis.
book of business - Book of business is another name for an account or client list.
Bootstrap - Bootstrap is a free, open source front-end development framework for the creation of websites and web apps.
brainstorming - Brainstorming is a group problem-solving method that involves the spontaneous contribution of creative ideas and solutions.
brand ambassador - A brand ambassador is an advocate of a particular company's products and services.
broken windows theory - The broken windows theory posits that visible signs of disorder and neglect in an environment encourage further disorder and misconduct among those who live in it.
budgeting, planning and forecasting (BP&F) - Budgeting, planning and forecasting (BP&F) is a three-step strategic planning process for determining and detailing an organization's long- and short-term financial goals.
business capability - A business capability is the ability of an organization to achieve a specific outcome or objective.
business case - A business case is a formal document or verbal value proposition that outlines the justification for commencing a project or undertaking a specific task.
business continuity management (BCM) - Business continuity management (BCM) is a framework for identifying an organization's risk of exposure to internal and external threats.
business impact analysis (BIA) - A business impact analysis (BIA) is a systematic process to determine and evaluate the potential effects of an interruption to critical business operations as a result of a disaster, accident or emergency.
business innovation - Business innovation is an organization's process for introducing new ideas, workflows, methodologies, services or products.
business integration - Business integration is a strategy whose goal is to synchronize IT and business cultures and objectives and align technology with business strategy and goals.
business metric - A business metric is a quantifiable measure businesses use to track, monitor and assess the success or failure of various business processes.
business plan - A business plan is a formal document that outlines a company's objectives, strategies and financial forecasts, serving as a comprehensive roadmap for business growth and development.
business process - A business process is an activity or set of activities that accomplish a specific organizational goal.
business process improvement (BPI) - Business process improvement (BPI) is a practice in which enterprise leaders analyze their business processes to identify areas where they can improve accuracy, effectiveness and efficiency and then make changes within the processes to realize these improvements.
Business Process Management Initiative (BPMI) - Established in August 2000, the Business Process Management Initiative (BPMI) is a nonprofit organization that promotes the standardization of common business processes, as a means of furthering e-business and B2B development.
business process mapping - Business process mapping is the visual display of the steps within a business process showing how it's done from start to finish.
Business Process Modeling Language (BPML) - Business Process Modeling Language (BPML) is an XML standard metalanguage used to outline business processes in an easy-to-understand way.
business structure - A business structure is a category of organization that is legally recognized in a given jurisdiction and characterized by the legal definition of that particular category.
BYOD (bring your own device) - BYOD (bring your own device) is a policy that enables employees in an organization to use their personally owned devices for work-related activities.
candidate experience - Candidate experience reflects a person's feelings about going through a company's job application process.
Capability Maturity Model (CMM) - The Capability Maturity Model (CMM) is a methodology used to develop and refine an organization's software development process.
Capex (capital expenditure) - A capital expenditure (Capex) is money invested by a company to acquire or upgrade fixed, physical, non-consumable assets, such as buildings and equipment or a new business.
catchball - Catchball is an approach to decision-making in an organization or group where ideas are pitched from one individual to another throughout the group’s hierarchy and divisions.
change control - Change control includes the various steps needed to process changes made to a product or system.
change management - Change management is a systematic approach to dealing with the transition or transformation of an organization's goals, processes and technologies.
channel partner - A channel partner is a person or organization that provides services or sells products on behalf of a software, hardware, networking or cloud services vendor.
channel partner portal - A channel partner portal is a web-based application that provides a vendor's established partners (usually distributors, resellers, service providers or other strategic partners) with access to deal registration, marketing resources, pricing and sales information for products and services, as well as technical details and support that are unavailable to other end users.
chart of accounts (COA) - A chart of accounts (COA) is a financial, organizational tool that provides an index of every account in an accounting system.
chief customer officer (CCO) - A chief customer officer, or customer experience officer, is responsible for customer research, communicating with company employees and taking charge of customer experience (CX) metrics.
chief data officer (CDO) - A chief data officer (CDO) in many organizations is a C-level executive whose position has evolved into a range of strategic data management responsibilities related to the business to derive maximum value from the data available to the enterprise.
chief financial officer (CFO) - A chief financial officer (CFO) is the corporate title for the person responsible for managing a company's financial operations and strategy.
chief human resources officer (CHRO) - Chief human resources officer (CHRO) is a top-level management executive in charge of an organization's employees.
chief operating officer (COO) - A chief operating officer (COO) is the corporate executive who oversees ongoing business operations within the company.
chief procurement officer (CPO) - The chief procurement officer, or CPO, leads an organization's procurement department and oversees the acquisitions of goods and services made by the organization.
chief risk officer (CRO) - The chief risk officer (CRO) is the corporate executive tasked with assessing and mitigating significant competitive, regulatory and technological threats to an enterprise's capital and earnings.
chief strategy officer (CSO) - A chief strategy officer (CSO) is a C-level executive charged with helping formulate, facilitate and communicate an organization's strategic initiatives and future goals.
chief trust officer - A chief trust officer (CTrO) in the IT industry is an executive job title given to the person responsible for building confidence around the use of customer information.
circular economy - A circular economy is a model of production and consumption, where items and products are reused whenever possible rather than discarded.
CKO (chief knowledge officer) - Chief knowledge officer (CKO) is a corporate title for the person responsible overseeing knowledge management within an organization.
clean desk policy (CDP) - A clean desk policy (CDP) is a corporate directive that specifies how employees should leave their working space when they leave the office.
closed loop control system - A closed loop control system is a mechanical or electronic device that automatically regulates a system to maintain a desired state or set point without human interaction.
cloud ERP - Cloud ERP is a type of enterprise resource planning software that runs on a provider's cloud computing platform, rather than on premises on an enterprise's own computers.
cloud sourcing - Cloud sourcing is an arrangement in which a company pays a third-party cloud hosting provider to deliver and support IT services that could be provided in-house.
communication plan - A communication plan is a policy-driven approach to providing company stakeholders with certain information.
competitive differentiation - Competitive differentiation is a strategic positioning tactic an organization can undertake to set its products, services and brands apart from those of its competitors.
complex event processing (CEP) - Complex event processing (CEP) is the use of technology to predict high-level events.
conduct risk - Conduct risk refers to the potential for a company's actions or behavior to harm its customers, stakeholders or broader market integrity.
confirmation bias - Confirmation bias is a cognitive error in which information that supports a pre-existing belief is assigned more value than other information.
consignment inventory - Consignment inventory is a supply chain model where the supplier retains ownership of the products until they are sold by the retailer, reducing the financial risk for retailers and allowing suppliers to access broader markets.
contact center agent (call center agent) - A contact center agent is a person who handles incoming or outgoing customer communications for an organization.
contact center schedule adherence - Contact center schedule adherence is a standard metric used in business contact centers to determine whether contact center agents are working the amount of time they are scheduled to work.
content personalization - Content personalization is a branding and marketing strategy in which webpages, email and other forms of content are tailored to match the characteristics, preferences or behaviors of individual users.
content services platform - A content services platform is cloud-based SaaS software that enables users to create, share, collaborate on and store text, audio and video content.
contextual marketing - Contextual marketing is an online marketing strategy model in which people are served with targeted advertising based on their search terms or their recent browsing behavior.
contingency plan - A contingency plan is a course of action designed to help an organization respond effectively to a significant future incident, event or situation that may or may not happen.
contingent workforce - A contingent workforce is a labor pool whose members are hired by an organization on an on-demand basis.
continuous performance management - Continuous performance management, in a human resource (HR) management context, is the supervision of an employee's performance through one-on-one discussions and ongoing feedback from supervisors during regularly scheduled check-ins.
control framework - A control framework is a data structure that organizes and categorizes an organization’s internal controls, which are practices and procedures established to create business value and minimize risk.
control loop - A control loop is a system made up of all the hardware components and software control functions needed for the measurement and adjustment of a variable that controls an individual process.
control system - A control system is a set of mechanical or electronic devices that regulates other devices or systems by way of control loops.
coopetition (co-opetition) - Coopetition is a business strategy that uses insights gained from game theory to understand when it is better for competitors to work together.
Core competencies: What they are and how they lead to success - For any organization, its core competencies refer to the capabilities, knowledge, skills and resources that constitute its 'defining strengths.
core HR (core human resources) - Core HR (core human resources) is an umbrella term that refers to the basic tasks and functions of an HR department as it manages the employee lifecycle.
corporate culture - Corporate culture is the collection of values, beliefs, ethics and attitudes that characterize an organization and guide its practices.
corporate culture model - A corporate culture model is the organizing principle behind the values, beliefs and attitudes that characterize a company and guide its practices.
corporate division - A corporate division, also known as a business division, is a discrete part of a company that may operate under the same name and legal responsibility or as a separate corporate and legal entity under another business name.
COSO cube - The COSO cube is a diagram that shows the relationship among all parts of an internal control system.
cost containment - Cost containment is a process of judiciously reducing costs in a business or limiting them to a constant level.
cost of goods sold (COGS) - Cost of goods sold (COGS) is the total of the costs directly attributable to producing things that can be sold.
cost price - Cost price is the total amount of money that it costs a manufacturer to produce a given product or provide a given service.
crisis management - Crisis management is the application of strategies designed to help an organization deal with a sudden and significant negative event, while maintaining business continuity.
CSO (Chief Security Officer) - A Chief Security Officer (CSO) is a C-suite executive responsible for a company's physical and digital security.
currency - Currency is anything that is generally accepted to have value as a medium of exchange so that it can be traded for goods and services.
customer lifecycle - In customer relationship management (CRM), customer lifecycle is a term used to describe the progression of steps a customer goes through when considering, purchasing, using and maintaining loyalty to a product or service.