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.

  • P

    product as a service

    Product as a service is the concept of selling the services and outcomes a product can provide rather than the product itself.

  • product data management (PDM)

    Product data management (PDM) involves capturing and managing the electronic information related to a product so it can be used in various business processes, including production and marketing. It usually requires a dedicated software application and centralized database.

  • product information management (PIM)

    Product information management (PIM) is a classification of software products that support the global identification, linking and synchronization of product information across heterogeneous data sources.

  • product lifecycle management (PLM)

    Product lifecycle management (PLM) is a systematic approach to managing the series of changes a product goes through, from its design and development to its ultimate retirement or disposal. PLM software can be used to automate the management of product-related data and integrate the data with other business processes.

  • profit and loss statement (P&L)

    A profit and loss statement (P&L), also known as an income statement, is a financial report that shows a company's revenues and expenses over a given period of time, usually a fiscal quarter or year.

  • profitability analysis

    Profitability analysis is a component of enterprise resource planning (ERP) that allows administrators to forecast the profitability of a proposal or optimize the profitability of an existing project.

  • prototype

    In software development, a prototype is a rudimentary working model of a product or information system, usually built for demonstration purposes or as part of the development process.

  • PTC ThingWorx

    PTC ThingWorx is a model-based rapid application development (RAD) platform for the Internet of Things. The platform provides design, networking, data management and analytics tools for building business software that integrates with and manages IoT devices.

  • Q

    quality function deployment

    Quality function deployment (QFD) is the translation of user requirements or requests into designs. The goal of QFD is to build a product that does exactly what the customer wants instead of delivering a product that emphasizes expertise the builder already has.

  • R

    rapid prototyping

    Rapid prototyping is the speedy creation of a full-scale model.  The word prototype comes from the Latin words proto (original) and typus (model).

  • replenishment

    Replenishment refers to the movement of inventory from upstream -- or reserve -- product storage locations to downstream -- or primary – storage, picking and shipment locations.

  • revenue recognition

    Revenue recognition is a tenet of corporate financial management that defines when a company officially accounts for revenue.

  • reverse logistics

    Reverse logistics is the set of activities that is conducted after the sale of a product, such as servicing, refurbishment and recycling, for the purpose of recapturing value or proper disposal.

  • RFI (request for information)

    An RFI (request for information) is a formal process for gathering information from potential suppliers of a good or service.

  • right to repair (electronics)

    Right to repair is the legal concept that allows consumers to repair the products they buy, or choose their own service providers instead of going through the manufacturer.

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