You’re thrown into the world of business management software and data management systems and you are hit with acronyms upon acronyms. So what do they all mean? Here is a small cheat sheet to help you get through some of the highly referenced acronyms.
Enterprise Resource Planning systems are what you can call the brain or central nervous system of sorts within a business. It is a shared database that allows different parts of a company to communicate with each other based off of the same information allowing synergy and efficiency for employees to rely on the same data across different divisions.
Material Requirements Planning, these systems are used to plan, schedule, and control inventory, most commonly used for managing manufacturing processes
Customer Relationship Management, a compilation of strategies, practices, and technology that is used to manage customer information and interaction data, allowing companies to consolidate customer data to drive relationships, sales, marketing, social media and so forth.
Supply Chain Management is used when dealing with inventory, from procurement to distribution to sales, involving information and finances during the process of moving inventory from manufacturer to consumer.
Business Intelligence, utilizes services, software, and tools to collect data that can be analyzed and transformed into the basis of making better more intelligent business decisions.
Now that you have a better idea of what these acronyms mean, you know what to look for as you do your research for the right software systems for your company and have in depth conversations with solutions partners about your business needs as you see them. The best part is, NetSuite is a cloud-based business management solution that proves all of these and more! If you’re missing a piece of the puzzle or don’t know where your data is, you might be missing one of these key elements in your software solution. Check out NetSuite to see how you can utilize a full software system to accelerate growth in your company. Download the NetSuite brochure below.