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.

  • T

    treasury management

    Treasury management is the administration of a company’s cash flow as well as the creation and governance of policies and procedures that ensure the company manages risk successfully.

  • two-tier ERP

    Two-tier ERP is a technology strategy taken by large, multinational enterprises that uses tier 1 ERP for financials and other core common processes at the corporate level and tier 2 ERP for divisions, subsidiaries and smaller locations of the company to address specific needs.

  • U

    upcharge

    An upcharge is an additional fee that is added to a bill after a contract has already been negotiated.

  • V

    value driver

    A value driver is an activity or capability that adds worth to a product, service or brand. One of the key ideas in defining value drivers is determining which factors provide the organization in question with a competitive edge.

  • value stream mapping

    Value stream mapping is a Toyota lean manufacturing visualization tool for documenting all the processes that are required to bring a product to market.

  • vendor-managed inventory (VMI)

    Vendor-managed inventory (VMI) is an inventory management technique in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor.

  • virtual commissioning

    Virtual commissioning is the practice of using 3D technology to create a simulation model of a manufacturing plant so that proposed changes and upgrades can be tested before they are implemented to the actual plant.

  • virtual manufacturing

    Virtual manufacturing (VM) is the use of computers to model, simulate and optimize the critical operations and entities in a factory plant.

  • voice user interface (VUI)

    Voice user interface (VUI) is speech recognition technology that allows people to interact with a computer, smartphone or other device through voice commands. Apple's Siri, Amazon's Alexa, Google's Assistant and Microsoft's Cortana are prime examples of VUIs.

  • W

    Warehouse control system (WCS)

    Warehouse control system (WCS) is a software application for orchestrating activity flow within a warehouses and distribution center.

  • warehouse management system (WMS)

    A warehouse management system (WMS) is software and processes that allow organizations to control and administer warehouse operations from the time goods or materials enter a warehouse until they move out.

  • work in progress (WIP)

    Work in progress (WIP), also called work in process, is inventory that has begun the manufacturing process and is no longer included in raw materials inventory but is not yet a completed product.

  • working capital

    Working capital is the difference between a business's current assets and current liabilities.

  • X

    X9 (ASC X9)

    ASC X9, Inc. (X9) is the American National Standards Institute (ANSI) organization responsible for the development of all financial services standards in the United States.

  • Y

    yard management system (YMS)

    A yard management system (YMS) is a software system designed to oversee the movement of trucks and trailers in the yard of a manufacturing facility, warehouse, or distribution center.

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