What is Inventory?
Inventory is the accounting of raw materials, items and component parts that a company uses to sell or produce goods. Inventory is an asset for most companies. However, too much inventory can become a practical liability. Thus, inventory management is used to strike the right balance between supply and demand in order to avoid dead […]
What is Supply Chain Management (SCM)?
Supply chain management (or SCM) encompasses all of the processes involved in acquiring and converting raw materials into finished goods as well as fulfillment and support. Effective supply chain management can prevent disruptions along the supply chain and help businesses meet demand in the most efficient way, ultimately delivering a positive customer experience. What is […]
What is Financial Management?
Financial management is the process of creating a budget that supports the long-term plans for a business and informs decisions on where and how to invest funds around things like hiring, paying suppliers, research and development and other important initiatives. Effective financial management helps a business operate more smoothly by boosting profitability, maintaining cash runway, […]
What is Customer Relationship Management (CRM)?
Customer relationship management, or CRM, technology helps create, store, automate and optimize customer and prospect data. A CRM system is a shared platform that enables sales, marketing and customer service teams to conduct business more effectively, providing visibility into the same information across each touchpoint of the customer journey. Ultimately, a CRM solution helps businesses […]
What is Material Requirements Planning?
Material requirements planning (MRP) is a standard supply planning system to help businesses understand inventory requirements while balancing supply and demand. Businesses use an MRP system to more efficiently track inventory, schedule production and ultimately deliver the right product, on time and at optimal cost. What is Material Requirements Planning? – YouTube
What is Planning and Forecasting?
Planning and forecasting is the process of analyzing historical and current data trends to help businesses make more informed decisions about future plans. In comparing past and present information, forecasting helps businesses make predictions around business performance and expenses. Those predictions are then used to set operational and strategic plans. What is Planning and Forecasting? […]
What is Cloud ERP?
Cloud enterprise resource planning, or cloud ERP, takes the critical business functions of ERP software—such as accounting, inventory and order management, human resources and customer relationship management—and allows users to access them over the internet. A cloud ERP system is a shared database that enables different groups within an organization to access the same data […]
What Is a Human Resources Management System (HRMS)?
A human resources management system (or HRMS) is a set of software applications that support and automate HR processes throughout the employee lifecycle, including: payroll, timecards, taxes, employee development, performance reviews, benefits, compliance and more. An HRMS allows companies to manage many people-related activities in one place, increasing efficiency and enabling business leaders to better […]
What is Human Capital Management (HCM)?
Human Capital Management, or HCM, is a set of practices and processes a business uses to acquire, develop and optimize its workforce. It plays an essential role in helping HR managers and executives make crucial decisions around workforce costs and future workforce needs as well as promotions, training and HR operations. HCM improves the business […]
What Is NetSuite’s Quality Management Solution?
NetSuite’s quality management solution(QMS) automates processes around things like inspection plans, tracking test results and evaluating vendors. The solution enables quality engineers to perform inspections, review standards, and record and submit data for analysis directly from the inspection area, providing real-time feedback and instant access to test results. It also triggers workflows around specification failures […]
