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 or using the search box below.

  • B

    BAI2 file format

    BAI2 file format is a specialized and standardized set of codes used for cash management by the Bank Administration Institute (BAI).

  • bar code (or barcode)

    A bar code (often seen as a single word, barcode) 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.

  • Basel III

    Basel III is a set of standards and practices created to ensure that international banks maintain adequate capital to sustain themselves during periods of economic strain.

  • Basware

    Learn about Basware, a Finland-based vendor of networked purchase-to-pay, e-invoicing, procurement, and financing software and services.

  • BIC (bank identifier code)

    A bank identifier code (BIC) is a unique identifier for a specific financial institution.

  • bill of materials (BoM)

    A bill of materials (BoM) is a list of the parts or components that are required to build a product. At its most complex, a BoM is a multi-level document that provides build data for multiple sub-assemblies, which are essentially products within products.

  • BPaaS (Business Process as a Service)

    Business Process as a Service (BPaaS) is a form of business process outsourcing (BPO) that employs a cloud computing service model.

  • budgeting, planning and forecasting (BP&F)

    Budgeting, planning and forecasting (BP&F) is a three-step process for determining and detailing an organization's financial goals for both the long- and short-term.

  • Business Planning and Control System (BPCS)

    Business Planning and Control System (BPCS) is a popular system of application programs for manufacturing and other industries that is developed and sold by Systems Software Associates (SSA).

  • C


    Cartonization is a process that uses algorithms to evaluate the items in an order to determine the number and size of each carton needed to ship the order.

  • CASE (computer-aided software engineering)

    CASE (computer-aided software engineering) is the use of a computer-assisted method to organize and control the development of software, especially on large, complex projects involving many software components and people.

  • chart of accounts (COA)

    A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in an accounting system.

  • CIFT

    CIFT (Center for Innovative Financial Technology) is a research facility dedicated to the study of new technologies in the financial services sector.

  • closed loop manufacturing resource planning (MRP)

    Closed loop manufacturing resource planning, also known as closed loop MRP (CLMRP), is a manufacturing resource planning model that includes returned products in the supply chain.

  • computer numerical control (CNC)

    Computer numerical control (CNC) is a method for automating machine tools through software embedded in an attached microcomputer. CNC is commonly used for manufacturing metal and plastic parts.