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 WhatIs.com or using the search box below.

  • H

    hybrid manufacturing

    Hybrid manufacturing is a term that describes combining additive manufacturing and subtractive manufacturing in a single machine system.

  • I

    IFS AB

    IFS AB (Industrial and Financial Systems) is an ERP software vendor that specializes in asset-intensive, project-centric industries, such as manufacturing and distribution.

  • Infor

    Infor is a New York-based vendor of ERP and other enterprise business software.

  • integrated business planning (IBP)

    Integrated business planning (IBP) is a strategy for connecting the planning functions of each department in an organization to align operations and strategy with the organization's financial performance.

  • inventory management

    Inventory management is the supervision of non-capitalized assets (inventory) and stock items. A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.

  • inventory optimization

    Inventory optimization (IO) is a strategy for balancing the amount of working capital that's tied up in inventory with service-level goals across multiple stock-keeping units (SKUs).

  • inventory turns

    Inventory turns are a popular measurement used in inventory management to assess operational and supply chain efficiency. Also referred to as inventory turnover and inventory turnover ratio, the inventory turns ratio is calculated by dividing the annual cost of goods sold (COGS) by the amount of average inventory.

  • IQMS

    IQMS introduced one of its newest services, WebIQ, in August 2016. WebIQ runs on HTML5 and JavaScript and essentially recreates EnterpriseIQ's user interface, allowing users to access EnterpriseIQ anywhere on any device, the vendor claims.

  • ISAE 3402

    ISAE (International Standards for Assurance Engagements) 3402 is a global assurance standard for reporting on controls at service organizations.

  • ISO 20022

    ISO 20022 is an ISO standard for developing financial services messages.

  • K

    kaizen (or continuous improvement)

    Kaizen, also known as continuous improvement, is an approach to work that systematically seeks to achieve small, incremental changes in processes in order to improve efficiency and quality.

  • L

    last mile of finance (LMOF)

    The last mile of finance is composed of the management processes that finance executives perform after the monthly, quarterly or annual close to prepare for financial reporting and disclosure. 

  • lean production

    Lean production is an assembly-line methodology developed originally for Toyota and the manufacturing of automobiles. It is also known as the Toyota Production System or just-in-time production.

  • liquid logistics

    Liquid logistics is a specialized material-handling and transportation discipline that is used when moving liquid products through a supply chain.

  • logistics

    Logistics is the process of planning, implementing, and controlling procedures for the efficient and effective transportation and storage of goods, including services and related information, from the point of origin to the point of consumption.

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