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.

  • G

    GMP (good manufacturing practice)

    A good manufacturing practice (GMP) is one that conforms to the guidelines set by the regulatory agencies that control authorization and licensing for the production and sale of food, beverages and active pharmaceutical products.

  • go-live (go live)

    In software development, go-live is the time at which code moves from the test environment to the production environment. As a verb, go-live means to make such an event happen.

  • 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.

  • 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).

  • 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.

  • Industry 4.0

    Industry 4.0, which refers to the fourth industrial revolution, is the cyber-physical transformation of manufacturing.

  • 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.

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