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.

  • S

    strategic sourcing

    Strategic sourcing is an approach to supply chain management that formalizes the way information is gathered and used so that an organization can leverage its consolidated purchasing power to find the best possible values in the marketplace.

  • Supplier performance management (SPM)

    Supplier performance management (SPM) is a blanket term for any business practice that is designed to manage, measure and analyze the performance of a supplier or suppliers in a network.

  • supplier relationship management (SRM)

    Supplier relationship management (SRM) is the systematic approach of assessing suppliers' contributions and influence on success, determining tactics to maximize suppliers' performance and developing the strategic approach for executing on these determinations.

  • supplier risk management

    Supplier risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings that are caused by the organization's supply chain. 

  • supply chain analytics

    Supply chain analytics is the application of analytics to supply chain data to improve forecasting and efficiency and be more responsive to customer needs.

  • supply chain execution (SCE)

    Supply chain execution (SCE) is the flow of tasks involved in the supply chain, such as order fulfilment, procurement, warehousing and transporting.

  • supply chain finance

    Supply chain finance is a set of technology-enabled business and financial processes that provides flexible payment options for a buyer (such as a manufacturer) and one of their suppliers (for example, a raw materials supplier), typically through the services of a financial institution at lower financing costs.

  • Supply Chain Operations Reference (SCOR)

    Supply Chain Operations Reference (SCOR) is the process reference model used across industries as a supply chain management diagnostic tool.

  • Supply Chain Planning (SCP)

    Supply chain planning (SCP) is the process of anticipating the demand for products and planning their materials and components, production, marketing, distribution and sale.

  • supply chain security

    Supply chain security is the part of supply chain management (SCM) that focuses on minimizing risk for supply chain, logistics and transportation management systems (TMS).

  • supply chain sustainability (SCS)

    Supply chain sustainability (SCS) is a holistic view of supply chain processes, logistics and technologies that addresses the environmental, social, economic and legal aspects of a supply chain's components.

  • supply chain visibility (SCV)

    Supply chain visibility (SCV) is the ability of parts, components or products in transit to be tracked from the manufacturer to their final destination.

  • SWIFT FIN message

    SWIFT FIN is a message type (MT) that transmits financial information from one financial institution to another.

  • SYSPRO

    SYSPRO is a vendor that specializes in providing ERP and other integrated business software to midsize manufacturers and distributors.

  • What Is Supply Chain Management (SCM) and Why Is It Important?

    Supply chain management (SCM) is the broad range of activities required to plan, control and execute a product's flow from materials to production to distribution in the most economical way possible.

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