Enterprise resource planning (ERP)

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

DIG - INC

digital accessibility - Digital accessibility is design of technology products and environments to help people with various disabilities not be impeded or otherwise unable to partake in use of the service, product or function.
digital core - Digital core is the technology platforms and applications that allow organizations to transform into digital businesses and meet the new needs of the digital economy.
digital disruption - Digital disruption is the change that occurs when new digital technologies and business models affect the value proposition of existing goods and services.
digital economy - The digital economy is the worldwide network of economic activities, commercial transactions and professional interactions that are enabled by information and communications technologies.
digital enterprise - A digital enterprise is an organization that uses technology as a competitive advantage in its internal and external operations.
digital labor - Digital labor is work that is performed by robotic process automation (RPA) systems.
digital leadership - Digital leaders work in much the same way as a chief financial officer (CFO), a director of human resources or a chief operations officer (COO) works; they need to assure interested parties that the assets for which they are responsible maintain maximum value.
digital manufacturing - Digital manufacturing is a technology-based approach to production that links different data silos and processes in the manufacturing lifecycle so that stakeholders can make better business decisions both comprehensively and at each step.
digital profiling - Digital profiling is the process of gathering and analyzing information about an individual that exists online.
digital strategy (digital media strategy) - A digital strategy is a blueprint for managing customer-facing information technology (IT) initiatives.
digital supply chain - A digital supply chain is a supply chain whose foundation is built on Web-enabled capabilities to fully capitalize on connectivity, system integration and the information-producing capabilities of "smart" connected products.
digital thread - Digital thread is a communication framework that connects traditionally siloed elements in manufacturing processes and provides an integrated view of an asset throughout the manufacturing lifecycle.
digital trust - Digital trust is the confidence users have in the ability of people, technology and processes to create a secure digital world.
digital twin - A digital twin is a virtual representation of a real-world entity or process.
direct digital marketing (DDM) - Direct digital marketing (DDM) is the electronic delivery of relevant communications to specific recipients.
direct market reseller (DMR) - A direct market reseller (DMR), also known as an e-tailer, is a company that sells directly to consumers online without operating storefront operations of any kind.
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.
disambiguation - Disambiguation (also called word sense disambiguation) is the act of interpreting the intended sense or meaning of a word.
disaster recovery (DR) test - A disaster recovery test (DR test) is the examination of each step in a disaster recovery plan as outlined in an organization's business continuity/disaster recovery (BCDR) planning process.
disaster recovery plan (DRP) - A disaster recovery plan (DRP) is a documented, structured approach that describes how an organization can quickly resume work after an unplanned incident.
discrete manufacturing - Discrete manufacturing is an industry term for the manufacturing of finished products that are distinct items capable of being easily counted, touched or seen.
disruptive innovation - Disruptive innovation is the introduction of a product or service into an established industry that performs better and, generally, at a lower cost than existing offerings, thereby displacing the market leaders in that particular market space and transforming the industry.
distributed control system (DCS) - A distributed control system (DCS) is a digital automated industrial control system (ICS) that uses geographically distributed control loops throughout a factory, machine or control area.
distribution center - A distribution center is a product storage and shipping building that stores goods a company produces.
distribution channel - A distribution channel is the network of individuals and organizations involved in getting a product or service from the producer to the customer.
distribution requirements planning (DRP) - Distribution requirements planning (DRP) is a time-based systematic process to make the delivery of goods more efficient by determining which goods, in what quantities, and at what location are required to meet anticipated demand.
distributor agreement (distribution agreement) - A distributor agreement, also known as a distribution agreement, is a contract between channel partners that stipulates the responsibilities of both parties.
DMAIC (define, measure, analyze, improve, control) - DMAIC (define, measure, analyze, improve, control) is Six Sigma tool for improving an existing process.
dogfood - Dogfood is an expression that means to use the product or service that you are trying to sell.
dropshipping - Dropshipping is an e-commerce retail model that allows stores to sell products without keeping any physical inventory.
dual sourcing - Dual sourcing is the supply chain management practice of using two suppliers for a given component, raw material, product or service.
dynamic pricing - The goal of dynamic pricing is to allow a company that sells goods or services over the Internet to adjust prices on the fly in response to market demands.
e-business (electronic business) - E-business (electronic business) is the conduct of business processes on the internet.
e-recruitment (e-recruiting) - E-recruitment is an umbrella term for any electronic-based recruiting and recruitment management activity.
E-stop - E-stop (emergency stop) is a simple, highly visible button designed to shut down operations on heavy and/or dangerous equipment.
electric grid - An electric grid is a network of synchronized power providers and consumers that are connected by transmission and distribution lines and operated by one or more control centers.
emergency communications plan (EC plan) - An emergency communications plan (EC plan) provides guidelines, contact information and procedures for how information should be shared should a crisis that requires immediate action occur.
emergency management plan - An emergency management plan should include measures that provide for the safety of personnel and, if possible, property and facilities.
emotional intelligence (EI) - Emotional intelligence (EI) is the area of cognitive ability that facilitates interpersonal behavior.
employee churn - Employee churn is the overall turnover in an organization's staff as existing employees leave and new ones are hired.
employee engagement - Employee engagement is the emotional and professional connection an employee feels toward their organization, colleagues and work.
employee onboarding and offboarding - Employee onboarding and offboarding are two core HR activities that are gaining in importance.
employee productivity - Employee productivity, sometimes referred to as workforce productivity, is an assessment of the efficiency of a worker or group of workers.
end of life (EOL) - End of life (EOL), in the context of manufacturing and product lifecycles, is the final stages of a product’s existence.
engineering bill of materials (EBOM) - An engineering bill of materials (EBOM) is a product recipe structured from the design standpoint, rather than the manufacturing standpoint.
Enterprise 2.0 - Enterprise 2.
enterprise architecture framework - An enterprise architecture framework (or simply EA framework) is the collection of processes, templates and tools that software teams use to plan and build large, enterprise-grade application architecture systems.
enterprise asset management (EAM) - Enterprise asset management (EAM) is the process of managing the lifecycle of physical assets to maximize their use; save money; improve quality and efficiency; and safeguard health, safety and the environment.
enterprise document management (EDM) - Enterprise document management (EDM) is a strategy for overseeing an organization's paper and electronic documents so they can be easily retrieved in the event of a compliance audit or subpoena.
enterprise IT (enterprise-class IT) - Enterprise IT, also known as enterprise-class IT, is hardware and software designed to meet the demands of a large organization.
enterprise mobility - Enterprise mobility is an approach to work in which employees can do their jobs from anywhere using a variety of devices and applications.
Epicor Software Corp. - Epicor Software Corp.
Erlang B - Erlang B is a modeling formula that is widely used in call center scheduling.
ERP (enterprise resource planning) - ERP, or enterprise resource planning, is software designed to manage and integrate the functions of core business processes like finance, HR, supply chain and inventory management in a single system.
ERP finance module - The ERP finance module is the software component that handles the main accounting and financial management functions of an enterprise resource planning system.
executive leadership - Executive leadership is the ability of an organization's management to guide and motivate employees while meeting organizational goals.
express consent - Express consent is permission for something that is given specifically, either verbally or in writing.
fair and reasonable price - A fair and reasonable price is the price point for a good or service that is fair to both parties involved in the transaction.
Fair Credit Reporting Act (FCRA) - The Fair Credit Reporting Act (FCRA) is United States federal legislation that promotes accuracy, fairness and privacy for data used by consumer reporting agencies.
fake news - Fake news is an inaccurate, sometimes sensationalistic report that is created to gain attention, mislead, deceive or damage a reputation.
Fast Guide to acronyms used in manufacturing - The following glossary or acronyms are those most used in internal communications within the manufacturing industry.
financial analytics - Financial analytics is the creation of ad hoc analysis to answer specific business questions and forecast possible future financial scenarios.
FinOps - FinOps -- a combination of the terms finance and DevOps -- is a framework for managing Opex across an organization, often in conjunction with the cloud and cloud computing.
fiscal year - A fiscal year is the twelve-month period that an organization uses for budgeting, forecasting and reporting.
fishbone diagram (Ishikawa cause and effect) - A fishbone diagram is a visualization tool for categorizing the potential root causes of a problem.
fixed price - A fixed price is a non-negotiable sum charged for a product, service or piece of work.
float (project float, slack) - In project management, float or slack is the time span between the completion of the last task on the critical path and the finish date for the project.
FMEA (Failure Mode and Effects Analysis) - FMEA (failure mode and effects analysis) is a step-by-step approach for collecting knowledge about possible points of failure in a design, manufacturing process, product or service.
framing effect - Framing effect is a form of cognitive bias which causes people to focus more on the positive or negative aspects of a decision, situation or information based on the way it is presented.
freemium - Freemium is a way of promoting services by offering the basic features at no cost, charging a premium only for supplemental features.
Fulfillment by Amazon (FBA) - Fulfillment by Amazon (FBA) is an advanced service in which third-party vendors store their products in Amazon’s fulfillment centers and the e-commerce giant picks, sorts, packs, ships, keeps records, and handles returns and refunds for these products.
fulfillment center - A fulfillment center is a warehouse where incoming orders are received, processed and filled.
funnel analysis - Funnel analysis is a way to measure and improve the performance of customer interactions in a step-wise progression from the initial customer contact to a predetermined conversion metric.
G-code - G-code (also known as RS-274) is the name of the most prevalent programming language for computer numerical control (CNC) in computer-aided design and manufacturing (CAD/CAM).
GAAP (generally accepted accounting principles) - GAAP (generally accepted accounting principles) is a collection of commonly followed accounting rules and standards for financial reporting.
GDSN (Global Data Synchronization Network) - GDSN (Global Data Synchronization Network) is an internet-based network that enables trading partners to exchange product-identification data in a standardized way in real time.
Genchi Genbutsu - Genchi Genbutsu is the Japanese principle of going to and directly observing a location and its conditions in order to understand and solve any problems faster and more effectively.
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.
Generation Z - Generation Z is the demographic cohort following Generation Y -- which is more popularly known as the Millennial Generation.
geo-marketing - Geo-marketing is a tool that uses geographic, or location-based, information to help companies put together marketing strategies and campaigns.
gig economy - A gig economy is a free market system in which temporary positions are common and organizations hire independent workers for short-term commitments.
globalization - Globalization is the process by which ideas, goods and services spread throughout the world.
go-live (go live) - Go-live is the time at which something becomes available for use.
go-to-market strategy (GTM strategy) - A go-to-market strategy (GTM strategy) is an action plan that specifies how a company will reach target customers and achieve competitive advantage.
gold plating - Gold plating is the practice of making changes to a project that are outside of the original agreed-upon scope.
Google Trends - Google Trends is a free service provided by Google that displays how often specific keywords, subjects and phrases have been searched for on Google over a period of time.
GR/IR clearing accounts - A GR/IR (goods-receipt/invoice-receipt) clearing account is a bookkeeping device that can be used when goods arrive before the invoice is generated, or when an invoice arrives before the goods are delivered.
greenwashing - Greenwashing is a term used to describe a false, misleading or untrue action or set of claims made by an organization about the positive impact that a company, product or service has on the environment.
gross revenue - Gross revenue is the total of all money generated by a business, without taking into account any part of that total that has been or will be used for expenses.
group think - Group think (also spelled groupthink) is a phenomenon that occurs when group's need for consensus supersedes the judgment of individual group members.
GS1 - GS1 is a global, not-for-profit association that maintains standards for barcodes and RFID tags and for supply chain messaging such as Electronic Data Interchange (EDI).
guaranteed income - Guaranteed income is an umbrella term for a number of models designed to deliver funds to a given population.
hard skills - Hard skills are specific abilities, capabilities and skill sets that an individual can possess and demonstrate in a measured way.
hardware-as-a-service (in managed services) - Hardware-as-a-service (HaaS) is a procurement model that is similar to leasing or licensing in which hardware that belongs to a managed service provider (MSP) is installed at a customer's site and a service level agreement (SLA) defines the responsibilities of both parties.
Hawthorne effect - The Hawthorne effect is the modification of behavior by study participants in response to their knowledge that they are being observed or singled out for special treatment.
holacracy - A holacracy is a governance structure characterized by a distribution of power among self-organizing groups, rather than the typical top-down hierarchical corporate culture model.
holistic (holistic technology) - Holistic (holistic technology) is a concept concerned with treatment of entire systems, rather than the analysis, treatment or segmentation of parts of those systems.
hosted services - Hosted services are applications, IT infrastructure components or functions that organizations access from external service providers, typically through an internet connection.
HRIS (human resource information system) - A human resource information system (HRIS) is software that provides a centralized repository of employee master data that the human resource management (HRM) group needs for completing core human resource (core HR) processes.
human capital management (HCM) - Human capital management (HCM) is a comprehensive set of practices and tools used for recruiting, managing and developing employees.

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IND - MUL