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.

  • I

    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.

  • J

    JDA Software

    JDA Software is a software and consultancy company that specializes in selling supply chain management products and services to businesses.

  • K

    Kaizen (continuous improvement)

    Kaizen is an approach to creating continuous improvement based on the idea that small, ongoing positive changes can reap major improvements.

  • 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 manufacturing (lean production)

    Lean manufacturing is a methodology that focuses on minimizing waste within manufacturing systems while simultaneously maximizing productivity.

  • 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 and executing the efficient transportation and storage of goods from the point of origin to the point of consumption.

  • logistics management

    Logistics management is the governance of supply chain management functions that helps organizations plan, manage and implement processes to move and store goods.

  • M

    maker movement

    The maker movement is a cultural trend that places value on an individual's ability to be a creator of things as well as a consumer of things.  

  • makerspace

    A makerspace is a community center that provides technology, manufacturing equipment and educational opportunities to the public.

  • Manufacturing 2.0

    Manufacturing 2.0 is the integration of Web 2.0 communication and collaboration applications into traditional manufacturing practices and processes.

  • manufacturing execution system (MES)

    A manufacturing execution system (MES) is an information system that connects, monitors and controls complex manufacturing systems and data flows on the factory floor.

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