Enterprise Resource Planning Enterprise resource planning (ERP) is the integrated management of main business processes, often in real time and mediated by software and technology. ERP is usually referred to as a category of business management software—typically a suite of integrated applications—that an organization can use to collect, store,…
Business Intelligence Business intelligence (BI) consists of strategies, methodologies, and technologies used by enterprises for data analysis and management of business information.[1] Common functions of BI technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics. BI tools can handle large…
Human Resource Management Human resource management (HRM) is the strategic and coherent approach to the effective and efficient management of people in a company or organization such that they help their business gain a competitive advantage. It is designed to maximize employee performance in…
Customer Relationship Management Customer relationship management (CRM) is a process in which a business or another organization administers its interactions with customers, typically using data analysis to study large amounts of information.[1] CRM systems compile data from a range of different communication channels, including a company’s website, telephone…
Supplier Relationship Management Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers‘ strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers,…
Product Lifecycle Management In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products.[1][2] PLM integrates people, data, processes, and business systems and provides a…
Business Process Management Business process management (BPM) is the discipline in which people use various methods to discover, model, analyze, measure, improve, optimize, and automate business processes.[1][2] Any combination of methods used to manage a company’s business processes is BPM.[3] Processes can be structured and repeatable or unstructured…
Supply Chain Management In commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management, logistics and marketing channels, through which raw materials can be developed into finished products and delivered to their end customers.[2][3] A more narrow definition of supply chain management is the “design, planning, execution,…
Quality Management System A quality management system (QMS) is a collection of business processes focused on consistently meeting customer requirements and enhancing their satisfaction. It is aligned with an organization’s purpose and strategic direction (ISO 9001:2015).[1] It is expressed as the organizational goals and aspirations,…