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What is a Manufacturer? – Definition A manufacturer is a company or individual that creates products, either through the process of assembling components into finished goods or through the entire production process from raw materials to finished goods. Manufacturing is a major part of today’s economy and is often seen as one of the most […]

What is a Database? – Definition In our increasingly digital world, databases are becoming more and more important. It’s hard to imagine modern computing without them. But what is a database, exactly? How do they work, and why are they so critical to software applications? In this article, we will answer these questions and explore […]

What is Bidding? – Definition Bidding is a process used by individuals, businesses, non-profits, and governments to acquire goods and services. It allows companies to compare multiple bids from different sources, select the best option, and negotiate a fair price. In this article, we will discuss the definition of bidding, why it’s important, and how […]

What is Converging in Business? – Definition In today’s ever-evolving business landscape, the buzzword “convergence” can be heard everywhere. But what exactly does it mean? Simply put, convergence is the process of combining multiple technologies, products and services into one comprehensive solution. Convergence can take many forms, from merging separate entities into a single entity […]

What is Closed Loop System Economic? – Definition Closed loop systems are an economic system in which resources, including waste and recyclables, are continually re-used and recycled with the aim of minimizing the importation of raw materials. This type of system has been gaining ground in recent years as a more sustainable approach to manufacturing. […]

What is Oem? – Definition OEM stands for Original Equipment Manufacturer, and is a term used to describe companies that produce parts and components that are then used by other firms to manufacture finished products. These parts can range from car engines and airplane turbines, to computer processors and printers. As the world advances in […]

What is a Consortia? – Definition A consortia is an organization of different entities that have a shared interest in achieving a common goal. Consortia can be formed between public, private and nonprofit organizations, as well as individuals, to pursue research projects or other areas of collaboration. Consortia are becoming increasingly popular in many industries […]

What is Replenished? – Definition Replenished is a term used to describe the process of restocking an item or material. It’s a common practice for businesses that need to keep their stock up-to-date, as it ensures that they always have the materials and products necessary to provide excellent customer service. While replenishment can take many […]

What is Cost Effective? – Definition Cost effectiveness is a term that is widely used in business, economics, and finance. But what does it mean? In simplest terms, cost effectiveness is a measure of how well money is being spent to achieve desired results. It helps to determine the most efficient way to use resources […]

What is Cost Analysis? – Definition Cost analysis is an important tool when making decisions about any business venture. It can help you estimate the costs associated with any project or activity, and also helps you understand how much it will cost to accomplish a goal. But what is cost analysis and how does it […]

What is Cost Of Goods Sold? – Definition Cost of goods sold (COGS) is an important concept for businesses to understand and track. It is a key component in determining the cost of production as well as overall profitability. In this blog post, we’ll define what COGS actually is, explain why it’s important, and provide […]

What is Discounting? – Definition Discounting is an important concept to understand when it comes to pricing and marketing. It can be a great tool for businesses to increase sales and build customer loyalty, but it’s also important to consider the implications of using discounts. In this article, we’ll cover what discounting is and how […]

What is Cost Advantage? – Definition Cost advantage is one of the most important concepts in business. It refers to a situation where a company can produce goods or services at a lower cost than its competitors. This cost advantage not only gives the business an edge, but also helps them succeed financially and stay […]

What is Value Added? – Definition Value added is a term that is used to describe the difference between what an organization purchases and what it sells. In economics, value-added is defined as the net output of a production process, after deducting the cost of all inputs. It’s a measure of the economic contribution made […]

What are Taxonomies? – Definition If you’ve ever heard the term “taxonomy” and wondered what it meant, this blog post is for you. Taxonomies are a way of organizing data in a hierarchical structure and are used in almost every industry. From finance to healthcare, taxonomies can help make sense of otherwise overwhelming amounts of […]

What is Risk Management? – Definition Risk management is a process of assessing, analyzing, and managing risks that may affect an organization’s operations. It is an important part of any organization’s overall strategy, as it helps to identify potential threats and assess their impact on the business. Risk management also includes developing strategies to minimize […]

What is Inventory Management? – Definition Inventory management is the process of efficiently tracking and managing the inventory of goods a business holds. It involves monitoring the inventory levels, ordering new stock when necessary, and making sure that any excess stock is kept to a minimum. Inventory management is an essential component of any successful […]

What is Master Data Management? – Definition Master data management (MDM) is a system for organizing and managing the core pieces of information about an organization. This includes employee records, product information, customer data, supplier details, and any other essential data required to maintain efficient operations. Although organizations have long used MDM in some form […]

What is Just In Time Delivery? – Definition Just in time delivery is a process used to efficiently manage the supply chain of goods and services. It focuses on minimizing costs, reducing lead times, and improving customer service by delivering the right products at the right time. This article will explore what just in time […]

What is Open Loop Recycling? – Definition Recycling is an important practice to help reduce the amount of waste that ends up in landfills. However, not all recycling methods are created equal. There are two main types of recycling – closed loop and open loop. Understanding the difference between these two processes can help you […]

What is Reconcile Finance? – Definition Reconcile Finance is a relatively new concept in the financial services industry, but one that could revolutionize how businesses and individuals manage their finances. Reconcile Finance is a form of cloud-based accounting software that allows users to quickly and easily track their income, expenses, and investments in real time. […]

What is Vendor Managed Inventory? – Definition As businesses become sophisticated, inventory management has become more complex. To manage their inventory, many companies are turning to a system called Vendor Managed Inventory (VMI). But what exactly is VMI and how does it work? In this blog post we will explore the definition of VMI and […]

What is a Scm? – Definition Supply Chain Management (SCM) is an essential business process for companies of all sizes that are involved in the production and distribution of goods. It encompasses the planning, coordination, and control of all activities related to the procurement, transformation, and delivery of products or services. In this article, we […]

What is a Third Party Vendor? – Definition Third party vendors are a crucial element of any business’s operations. They provide access to goods and services that can help a company grow, reduce costs, and reach new markets. But what exactly is a third party vendor? In this blog post, we will explore the definition […]

What is Of Compliance? – Definition Compliance is the process of following rules or regulations, both in the workplace and in society. It’s a term that has become increasingly important as organizations strive to maintain high ethical standards and demonstrate good corporate citizenship. Compliance is closely related to risk management, since companies are constantly seeking […]

What is Robotic Process Automation? – Definition If you’ve heard about robotic process automation (RPA) but aren’t sure exactly what it is, don’t worry—you’re not alone. RPA is a rapidly growing technology that has caught the attention of businesses everywhere, but it can be difficult to understand without a little bit of explanation. In this […]

What are Direct Services? – Definition Direct services, also known as direct care services, are a form of professional support that focuses on providing personalized and individualized assistance to individuals with physical or mental disabilities. The goal of direct services is to allow people with disabilities or other special needs to live independently and remain […]

What is Cost Control? – Definition Cost control is an important part of any business or organization. It involves both the measurement and management of all costs associated with a business’s operations. Cost control helps to ensure that resources are being used in the most efficient manner, while also ensuring that all costs are within […]

What is a Diverse Supplier? – Definition A diverse supplier is one which is owned, managed, or operated by an individual from a minority group. Generally speaking, this includes businesses owned by women, people of color, persons with disabilities, LGBTQ+ individuals, veterans and more. The focus on promoting diversity in the workplace has led to […]

What is Customer Data Management? – Definition As any customer-focused business knows, customer data is an invaluable resource. It’s the key to understanding your customers on a deeper level and provides insight into their buying behavior, preferences and behaviors. But customer data is not just valuable for analytics purposes – it also has to be […]

What is Third Party Logistics? – Definition Third-party logistics (3PL) is a term that has gained a lot of attention in recent years, as more businesses have become aware of the need for efficient and cost-effective supply chain management. But what exactly does 3PL mean and how can it benefit your business? In this blog […]

What Are Values? – Definition Values are the guiding principles that shape our lives and dictate how we treat others in our personal and professional circles. They help us determine the decisions we make, the actions we take, and the relationships we form. In this blog post, we will explore what values are and why […]

What is Business Quality? – Definition Quality is a key factor in the success of any business. Quality can be defined as “conformance to requirements” – and when it comes to running a successful business, quality sets the standard for the products and services you offer. But what is business quality? Business quality is the […]

What is Business Tender? – Definition In the world of business, there are many tools and processes that are used to help you succeed. One of these tools is known as “Business Tender”, or also known as “Tender Process”. This process can be used by both private sector companies and public sector organizations in order […]

What is Reconciliation In Accounting? – Definition Reconciliation in accounting is an essential process that helps you ensure accuracy and consistency in your books. It’s the process of comparing two sets of records to make sure that they agree with one another. This helps to confirm the accuracy of both sets of accounts and prevent […]

What is Demand Management? – Definition When it comes to running a successful business, one of the most important tools you can have is effective demand management. This approach to managing your finances and operations helps you maximize profits by ensuring that customer demands are met in the most efficient and cost-effective way possible. But […]

What is Indirect Procurement? – Definition Indirect procurement is a set of activities designed to identify, assess, and purchase goods and services that are not directly related to the production of a company’s core product. This includes indirect materials such as office supplies, transportation services, technology, and marketing campaigns. The goal of indirect procurement is […]

What is Reconciliation Bill? – Definition Are you familiar with the concept of a reconciliation bill? If not, don’t worry; you’re not alone. Reconciliation bills are often overlooked or misunderstood in the legislative process. To put it simply, a reconciliation bill is introduced to reconcile differences between two versions of a proposed bill. In this […]

What is Vendor Management? – Definition Vendor management is the process of managing relationships with vendors and suppliers to ensure that purchasing and other business processes are managed effectively. It encompasses areas such as supplier selection, performance measurement, risk management, contract negotiation, and dispute resolution. In today’s rapidly changing business environment, vendor management is essential […]

What is Demand Planning? – Definition Demand planning is a process used by businesses to better understand customer demand so they can properly plan and manage their inventory. It helps businesses accurately forecast their future sales and stock levels, while also allowing them to stay competitive in the market. But what exactly is demand planning? […]

What is Value Add? – Definition Value add is a term we hear more and more these days, but what does it really mean? At its core, value add simply means the act of adding value to something in order to make it more attractive or desirable. Whether you’re talking about products, services, or any […]

What is Procurement Management? – Definition Procurement management is the process of acquiring goods, services, and labor from external sources. It is a critical part of the supply chain management process, as it helps ensure that the organization’s needs are met in a cost-effective way. The procurement process involves identifying vendors who can provide the […]

What is Carrying Cost? – Definition Carrying cost is an important concept for anyone involved in the supply chain and logistics industry. It’s essential to understand how carrying costs can affect your business’s overall budget and bottom line. But what is carrying cost exactly? Well, it covers a wide range of expenses associated with keeping […]

What is Compliance Risk? – Definition Compliance risk is a term that too often goes overlooked and is rarely discussed in detail. What exactly is compliance risk? How does it affect businesses? And what can you do to mitigate the risks posed by a lack of compliance? In this blog post, we’ll cover the definition […]

What is Zero Based Budgeting? – Definition Zero-based budgeting (ZBB) is a system of allocating and managing financial resources. It requires allocating every dollar of income and expenditure so that each item has a purpose. This way, it’s possible to make sure you’re putting your money where it will have the most impact for your […]

What is Procure To Pay? – Definition Procure to pay, or P2P as it is sometimes called, is one of the most important processes in business. It is the process by which a company acquires the goods and services required to satisfy customer and operational needs. The procure to pay process involves a series of […]

What is Demand Forecasting? – Definition Demand forecasting is the practice of predicting consumer behavior to gauge future demand for products and services. It’s a complex process that involves a variety of data points, from sales figures to economic indicators and consumer trends. Companies use it to make informed decisions about pricing, production, inventory levels, […]

What is Efficient Frontier? – Definition Introduction Efficient Frontier is an investment technique used to maximize returns while minimizing risks. It was first introduced by Nobel Prize-winning economist Harry Markowitz in the 1950s and has since become a popular tool used by financial professionals. By analyzing the performance of various investments and assessing their risk/reward […]

What is Cost To Serve? – Definition Cost to serve is an important concept for businesses across many industries. It helps them identify and measure the costs of providing services to their customers. By understanding cost to serve, companies can better understand their customers’ needs, optimize their processes and ensure they remain competitive in their […]

What is Globalization Strategy? – Definition Globalization strategy is a business strategy that seeks to create competitive advantage by leveraging resources and capabilities across different markets. In its simplest form, globalization allows businesses to expand their reach around the world and profit from new markets. However, globalization is a complex process that requires careful planning […]

What is Compliance Management? – Definition Compliance management is a system of processes, procedures, and strategies that are designed to ensure that companies comply with industry regulations and other applicable laws. Compliance management helps businesses meet the standards set by governing bodies, which can help avoid costly fines or legal issues. In this article, we […]

What is Material Management? – Definition To stay competitive in the current market, businesses need to keep an eye on their material management. Material management is an essential part of any company’s operations, as it allows them to monitor, track and manage their resources. But what exactly is material management? In this article, we will […]

What is Process Automation? – Definition Process automation has become an increasingly popular term in recent years. But what does it really mean? In this blog post, we’ll explain exactly what process automation is and how it can be used to simplify and streamline the day-to-day operations of businesses. We’ll explain the different types of […]

What are Transaction Costs? – Definition Introduction In the modern economy, transaction costs play a significant role in how businesses operate. But what are transaction costs? Transaction costs are the expenses incurred when buying and selling goods or services. They go beyond just the price of the item itself, and include the cost of resources […]

What is Supply Chain Disruption? – Definition Supply chain disruption, by definition, is a situation in which normal business operations are affected due to some unexpected event or circumstance. It can refer to anything from a malfunctioning machine on the factory floor to an unexpected decline in demand for a product. No matter what sector […]

What is Management Strategy? – Definition Management strategy is a comprehensive approach to planning, organizing, and leading organizational resources to achieve an organization’s goals. It involves the use of tactics, techniques, and tools in order to create and sustain competitive advantages. Management strategy plays an important role in any organization, as it provides direction and […]

What is Supply Chain Orchestration? – Definition Supply chain orchestration is rapidly becoming a necessary component of the modern supply chain. This concept focuses on the coordination of resources and processes within a given supply chain in order to maximize efficiency and cost savings. The idea behind it is that by orchestrating all the components […]

What is Order Processing? – Definition Whether you’re a business owner or a consumer, order processing is an important part of the buying and selling process. It’s the step that occurs after the customer has placed their order and before they receive their product or service. Order processing is critical for businesses to ensure that […]

What is Data Taxonomy? – Definition Data taxonomy is a system of organizing data that is used to classify different types of information. By providing a structured way to identify, label, and store data, it can help organizations make sense of the vast amounts of data they collect. It also helps them find trends and […]

What is Consumer Packaged Goods? – Definition Consumer packaged goods (CPG) are products that are purchased by consumers for everyday use. This can include food and beverages, beauty products, health and hygiene products, cleaning supplies, apparel, and more. CPGs are big business – in 2018 the industry was estimated to be worth $7 trillion worldwide. […]

What is Supply Chain Integration? – Definition Supply chain integration is the process of seamlessly linking the different stages of production within a supply chain. This could include integrating suppliers, customers, and all other stakeholders involved in the manufacture and delivery of goods and services. Supply chain integration also involves using technology to increase efficiency, […]

What is Payable Accounting? – Definition Payable accounting is a term used to describe the processes, procedures, and systems used to keep track of money or goods that an individual or business owes. It is important for any organization to have reliable payable accounting as it allows them to stay on top of their finances, […]

What is Logistics And Supply Chain Management? – Definition Logistics and supply chain management are complex concepts that refer to the organization, operation, and planning of goods and services throughout an entire supply chain. It’s a business strategy used by companies to remain competitive in the market by streamlining their operations, increasing efficiency, reducing costs, […]

What is Sales And Operations Planning? – Definition Sales and Operations Planning (S&OP) is an important process that helps organizations effectively align processes, resources and goals in order to optimize performance. It’s the art of blending operations and sales to ensure that both departments are working together towards the same objectives. Though its been around […]

What is Supplier Diversity? – Definition Supplier diversity is a business practice that encourages organizations and companies to utilize suppliers that are representative of the communities in which they do business. This includes minority-, women-, LGBTQ+, veteran-, and disabled-owned businesses, among others. The primary aim of this practice is to ensure that all diverse populations […]

What are Green Products? – Definition Green products are those that do not harm the environment and are made from sustainable materials. They may be products or services produced by a company in order to reduce its impact on the environment. Consumers have become increasingly aware of the importance of sustainability, which is leading companies […]

What is a Transportation Management System? – Definition A transportation management system, or TMS, is an integral part of the supply chain industry. It’s a complex network that involves multiple parties, such as carriers and shippers, to streamline the process of planning and executing shipments. In other words, it’s a crucial tool for businesses that […]

What is Forecasting Management? – Definition Forecasting management is a key element of any successful business operation. It involves anticipating future trends and events, and using that knowledge to inform choices and decisions about the direction of the organization. More than ever, accurate forecasting management is essential for staying ahead of the competition in today’s […]

What is an Order Management System? – Definition Have you ever wondered what an order management system is? What it does and why it’s important in the modern business world? An order management system is a software solution that enables businesses to manage orders, automate processes, and streamline workflows. It improves efficiency, accuracy, and customer […]

What is Competitively? – Definition Have you ever heard the term ‘competitively’ but were not sure what it meant? Well, you’re in luck. In this article, we’ll be discussing the definition of competitively and how it can help your business succeed. Competitively is a term used in business to describe the pursuit of success through […]

What is Supply Chain Risk Management? – Definition Supply Chain Risk Management (SCRM) is the process of identifying, assessing, monitoring and managing risks that can have a negative impact on supply chain operations. This includes risks associated with sourcing, purchasing, production, logistics and distribution. The ultimate goal of SCRM is to ensure the availability of […]

What is Supply Chain Planning? – Definition Supply chain planning is an important component of any business’s success. In this highly competitive market, businesses must have a comprehensive plan for their supply chain in order to remain competitive and to ensure that customer needs are met. But what is supply chain planning? How does it […]

What is a Cloud Service? – Definition Cloud services are becoming increasingly popular in the business world, as they offer a cost-effective and efficient way to store large volumes of data. But what exactly is a cloud service, and why should businesses consider using one? In this article, we’ll explore the definition of a cloud […]

What is Cost Modeling? – Definition Cost modeling is a powerful tool used by businesses of all sizes to make informed decisions, plan projects, and manage budgets. It can be used to create precise cost models that give an accurate, reliable estimate of the total costs associated with a given project or activity. By combining […]

What is Of Procuring? – Definition Are you looking to learn more about what is of procuring? If so, you’ve come to the right place. In this blog post, we are going to define what exactly of procuring is and why it is important for businesses. Of procuring is a concept that has been around […]

What is a Purchasing Process? – Definition Introduction If you’re a business owner or manager, you might have heard of the term “purchasing process” and wondered what it means. Purchasing processes are important parts of managing a business as they help ensure that your purchases are made in an efficient and cost-effective manner. In this […]

What is Lean Supply Chain? – Definition The supply chain is the backbone of any business, and the way that companies manage their supply chain operations can have a major impact on their success. As businesses strive to stay efficient and competitive in an ever-changing market, they are turning to Lean Supply Chain methods as […]

What is Indirect Purchasing? – Definition Indirect purchasing refers to the process of procuring goods and services for a business that are not related to its core operations. Indirect purchases are non-essential items, such as office supplies and cleaning services, that support day-to-day operations but do not contribute directly to profits or revenue. Indirect purchasing […]

What is a Buying Group? – Definition If you have ever heard the term “buying group” used but remain unsure of what it means, you’re not alone! A buying group is a type of business organization that allows individual organizations to purchase goods and services at discounted prices. By joining forces with other businesses, buying […]

What is Supply Chain Transparency? – Definition It’s no secret that transparency is one of the most important qualities a business should possess. In today’s fast-paced and ever-changing world, businesses need to be able to provide customers with trustworthy, reliable information about their products and services. But what exactly is “supply chain transparency”? Supply chain […]

What is Invoice Reconciliation? – Definition Reconciliation is a process in accounting that compares two sets of records to make sure they match, and invoice reconciliation is no different. In this blog post, we’ll discuss what invoice reconciliation is, why it’s important, and how it can be done effectively. We will also provide tips on […]

What is Inventory Reconciliation? – Definition Inventory reconciliation is a process used to compare the physical inventory held in a business with its corresponding financial records. It is an often-overlooked aspect of accounting, but it’s essential for ensuring accuracy in the company’s books and staying compliant with taxation regulations. In this article, we will explore […]

What is Supply Chain Resilience? – Definition Supply chain resilience is a term that has been gaining more and more attention in today’s business world. But what does it actually mean? And how can organizations ensure that their supply chains are resilient? In this blog post, we will explore the definition of supply chain resilience, […]

What are General And Administrative Expenses? – Definition If you’re running a business, you need to know about general and administrative expenses. These are costs associated with running your business that aren’t related to manufacturing, selling or delivering your products or services. General and administrative expenses can include rent, utilities, insurance, advertising and marketing costs, […]

What is Of Purchasing In Business? – Definition When it comes to running a successful business, one of the most important parts is purchasing. Purchasing is defined as the act of buying goods or services from an outside source. It is an essential part of any business and can make or break a company’s success. […]

What is Forecasting And Demand Management? – Definition Forecasting and demand management are important concepts in business that have become increasingly complex in the 21st century. With the rise of technology, it has become increasingly difficult to accurately predict consumer demand or plan for unforeseen events. As a result, forecasting and demand management have become […]

What is Procurement Strategy? – Definition Organizations, both large and small, need to make efficient and effective decisions on purchases that will keep their costs low and yield the best return on investment. This is where procurement strategy comes into play. Procurement strategy is a method of planning, analyzing, and managing organizational resources to meet […]

What is Reconciliation Of Payments? – Definition Reconciliation of payments is a process that businesses use to ensure that all customer payments are correctly accounted for. It involves comparing the bank and accounting records to verify how much money the company has received, how it was paid, and whether or not it has been recorded […]

What is Holding Cost? – Definition If you’re involved in the manufacturing industry, chances are you’ve heard of holding cost. But what exactly is it and why is it so important? Holding cost is a term used to describe the costs associated with storing and managing inventory. This includes costs like storage fees, insurance, taxes, […]

What is Mrp Supply Chain? – Definition As the world of business evolves and becomes more complex, the demand for better ways to manage a supply chain increases. One of the most popular methods is MRP (Material Requirements Planning) Supply Chain Management. The idea behind this system is to streamline the procurement and manufacturing processes, […]

What is Downstream Marketing? – Definition Downstream marketing is a term that is becoming increasingly popular in digital marketing circles. In this blog post, we will explore what downstream marketing is and its importance to your digital marketing strategy. We’ll also look at the different types of downstream marketing channels, and how you can use […]

What is Product Data Management? – Definition Have you ever wondered what product data management is and how it works? If you’re already in the business world, then it’s likely that you understand its importance. Product data management (PDM) is a process that helps organizations create, manage, and use product information more efficiently. This includes […]

What is a Product Taxonomy? – Definition You may have heard of product taxonomies, but what exactly is a product taxonomy? It’s an organizational structure that helps businesses classify their products and services in order to make them easier to find and categorize. Product taxonomies are used by companies to define their offerings, showcase them […]

What is Inventory Optimization? – Definition In today’s business landscape, inventory optimization has become an essential part of every company’s operations. To stay competitive and maximize profits, businesses must have a well-rounded approach to managing their inventory. But what is inventory optimization? In this blog post, we will define what inventory optimization is and how […]

What is Contract Logistics? – Definition Contract logistics is a form of outsourcing that enables companies to outsource their supply chain operations to third-party logistics (3PL) providers. Such providers offer comprehensive services that not only include storage and transportation but also the management of the entire supply chain process, from the initial sourcing of materials […]

What is Supply Chain Visibility? – Definition Supply chain visibility is an essential component of modern businesses. Achieving supply chain visibility requires tracking goods, services, and money as they move through a company’s entire supply chain—from purchase to production to distribution. The concept of supply chain visibility has been around for some time, but technological […]

What is Opportunity Analysis? – Definition Opportunity analysis is a process used to identify and assess potential opportunities in business. This includes analyzing the need for a new product or service, evaluating the potential of an existing product, and researching the best strategies for achieving success in a given market. When done right, it can […]

What is Social Compliance? – Definition Social compliance is an increasingly important topic in the business world. Many companies are taking steps to ensure that their workers and suppliers comply with certain social standards in order to produce quality products for consumers and minimize harm. But what does it really mean? In this blog post, […]

What is Competitive Bidding? – Definition In today’s business climate, competition is key. Companies must find ways to outbid their competitors and gain market share. One of the most common ways to do this is through competitive bidding. But what is competitive bidding? In short, it’s a process in which companies submit bids for goods […]