Browse Definitions :

IT service management & procurement

Terms related to the activities and procedures necessary to acquire information technology (IT) products and services.

PRO - WHO

  • procure to pay (P2P) - Procure to pay is the process of requisitioning, purchasing, receiving, paying for and accounting for goods and services.
  • procurement card - A procurement card is a type of company charge card used in making smaller purchases for greater cost efficiency, control and convenience.
  • procurement software - Procurement software is a computer program or suite that allows an organization to automate the processes of purchasing materials and maintaining an inventory of goods.
  • Producer Price Index (PPI) - The Producer Price Index (PPI) is an economic measurement of the average change in prices that domestic producers of goods receive for their products in a given country or region.
  • PunchOut - PunchOut is an e-procurement software application from Ariba that makes it possible for a buyer to access a supplier's Web site from within the buyer's own procurement application.
  • purchase order - A purchase order is a buyer's request to a seller to order goods.
  • Request for Offer (RFO) - A Request for Offer (RFO) is an open and competitive purchasing process whereby an organization requests the submission of offers in response to specifications and/or a scope of services.
  • Request for Proposal (RFP) - A request for proposal (RFP) is a document that an organization, often a government agency or large enterprise, posts to elicit a response -- a formal bid -- from potential vendors for a desired IT solution.
  • request for quotation (RFQ) - A request for quotation (RFQ) is a document that an organization submits to one or more potential suppliers eliciting quotations for a product or service.
  • requisition - A requisition, in procurement, is a request for goods or services made by an employee to the person or department in a company that is responsible for purchasing.
  • RFI (request for information) - An RFI (request for information) is a formal process for gathering information from potential suppliers of a good or service.
  • RFx - RFx (request for x) encompasses the entire formal request process and can include any of the following: request for bid (RFB), request for information (RFI), request for proposal (RFP), request for quotation (RFQ) and request for tender (RFT).
  • SAP Business One - SAP Business One is an ERP software platform specifically intended for small and medium-sized businesses (SMBs).
  • SAP Planned Delivery Time - SAP Planned Delivery Time (PDT) is a tool within the SAP ERP software used to update manufacturing planning data, namely the scheduled delivery of procured goods and materials so that production plans reflect the most current data.
  • service level indicator - A service level indicator (SLI) is a carefully defined measure of performance within a provided service that is given to a customer by the vendor.
  • service-level agreement (SLA) - A service-level agreement (SLA) is a contract that specifies what the service provider is responsible for.
  • should costing (should-cost analysis) - The purpose of should-cost analysis is assessing an appropriate figure to guide negotiations or to compare with a figure provided by a supplier.
  • sidecar proxy - A sidecar proxy is an application design pattern which abstracts certain features, such as inter-service communications, monitoring and security, away from the main architecture to ease the tracking and maintenance of the application as a whole.
  • SIPOC diagram (suppliers, inputs, process, outputs, customers) - SIPOC (suppliers, inputs, process, outputs, customers) is a visual tool for documenting a business process from beginning to end.
  • software license - A software license is a document that provides legally binding guidelines on the use and distribution of software.
  • special purpose acquisition company (SPAC) - A special purpose acquisition company (SPAC) is a corporation formed by private individuals to facilitate investment through an initial public offering (IPO).
  • statement of work (SOW) - A statement of work (SOW), in project management, is a document in which a contracting officer or chief procurement officer (CPO) specifies the objectives and deliverables for a particular project or service contract.
  • strategic sourcing - Strategic sourcing is an approach to supply chain management that formalizes the way information is gathered and used so that an organization can leverage its consolidated purchasing power to find the best possible values in the marketplace.
  • subcontract - A subcontract is a contract between a prime contractor and a subcontractor to furnish supplies or services for the performance of a prime contract or subcontract.
  • Supplier performance management (SPM) - Supplier performance management (SPM) is a blanket term for any business practice that is designed to manage, measure and analyze the performance of a supplier or suppliers in a network.
  • supplier relationship management (SRM) - Supplier relationship management (SRM) is the systematic approach of assessing suppliers' contributions and influence on success, determining tactics to maximize suppliers' performance and developing the strategic approach for executing on these determinations.
  • supplier risk management - Supplier risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings that are caused by the organization's supply chain.
  • supply chain (SC) - A supply chain (SC) is the network of all the individuals, organizations, resources, activities and technology involved in the creation of a product from source materials and its eventual delivery to the end user.
  • supply chain execution (SCE) - Supply chain execution (SCE) is the flow of tasks involved in the supply chain, such as order fulfilment, procurement, warehousing and transporting.
  • supply chain management (SCM) - Supply chain management (SCM) is the broad range of activities required to plan, control and execute a product's flow, from acquiring raw materials and production through distribution to the final customer, in the most streamlined and cost-effective way possible.
  • supply chain risk management (SCRM) - Supply chain risks include cost volatility, material shortages, supplier financial issues and disasters.
  • sustainable procurement - Sustainable procurement is the meeting of business needs for materials, goods, utilities and services in an environmentally-friendly, responsible and ethical way.
  • TCO (total cost of ownership) - Total cost of ownership is a calculation to assess direct and indirect expenses and benefits related to the purchase of a product or infrastructure component.
  • tier 1 vendor - A tier 1 vendor is one of the largest and most well known in its field -- often enjoying national or international recognition and acceptance.
  • tier 2 vendor - A tier 2 vendor is a smaller and less well-known provider as compared to a tier 1 vendor and is often also limited in its geographic coverage as well.
  • total benefit of ownership (TBO) - Total benefit of ownership is the sum of measurable and intangible returns that a company receives from investing in assets and/or personnel.
  • turnkey - Turnkey is a product or service that is designed, supplied, built, or installed fully complete and ready to operate.
  • U.S. Navy purchasing abbreviations and acronyms - U.S.
  • upcharge - An upcharge is an additional fee that is added to a bill after a contract has already been negotiated.
  • US Department of Commerce purchasing abbreviations and acronyms - Abbreviations used by the United States Department of Commerce.
  • value chain - A value chain is "a string of companies working together to satisfy market demands.
  • value-added reseller (VAR) - A value-added reseller (VAR) is a company that resells software, hardware and networking products and provides value beyond order fulfillment.
  • value-based pricing - Value-based pricing is a method of arriving at an amount to charge for goods or services through assessing their perceived value to the purchaser.
  • vendor - A vendor is an individual or company that sells goods or services to somone else in the economic production chain.
  • vendor management system (VMS) - A vendor management system (VMS) is an enterprise software platform that allows companies to control the process of procuring and managing a flexible workforce, including temporary employees, statement-of-work (SOW) employees, and freelance or contract employees.
  • 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.
  • warranty - Warranties provide customers with legally-ensured service replacement or correction of issues insofar as the warranty stipulates in its conditions, for the duration of its term.
  • Waste Electrical and Electronic Equipment Regulation (WEEE) - Waste Electrical and Electronic Equipment Regulation (WEEE) is a directive in the European Union that designates safe and responsible collection, recycling and recovery procedures for all types of electronic waste.
  • wholesale price - Wholesale price is the price charged for a product as sold in bulk to large trade or distributor groups as opposed to what is charged to consumers.

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