Industry Terms

Reading Time: < 1 minute Business transformation refers to any significant change that affects an organization’s core business practices. A business executive may choose to start a business transformation as a result of shifting market trends or new objectives.

Reading Time: < 1 minute The supply chain bullwhip effect refers to a phenomenon when there is a huge difference between the actual demand for the product and its production, thereby leading to fluctuations in inventory management.  The bullwhip effect is detrimental because even small changes at any point in the supply chain can result in significant disparities. For instance, […]

Reading Time: < 1 minute General cargo or products that don’t fit in or can’t be transported in standard shipping containers or cargo bins are referred to as break bulk cargo. Contrary to bulk shipping, breakbulk cargo is moved individually, frequently on a skid, pallet, or crate.

Reading Time: < 1 minute Business-to-consumer (B2C) refers to transactions where the end user purchases products and services from a company.

Reading Time: < 1 minute The term “bill of materials (BOM)” refers to a comprehensive list of the raw materials and components needed to produce or repair a good or service. The finished product is positioned at the top of a bill of materials, while the other individual parts and materials are positioned at the bottom.

Reading Time: < 1 minute Business-to-business software as a service, or B2B SaaS, is a term that refers to cloud-based applications used by companies for a variety of tasks, including accounting, office productivity, customer relationship management (CRM), and other work-related activities. Businesses frequently subscribe to B2B SaaS solutions and make recurring payments, typically monthly or yearly.

Reading Time: < 1 minute B2B refers to business-to-business exchanges in which one company purchases products and services from another company.

Reading Time: < 1 minute There are a number of different ways in which warehouse workers pick up customers’ orders. Collecting just one order at a time is the easiest method, but when there are many small orders for picking, it is better to pick by article (pick-and-sort). The pickers in the warehouse can also pick several orders together in […]

Reading Time: < 1 minute Backflush is an accounting strategy that is applied in a just-in-time (JIT) setting and involves delaying costing until after the completion of the goods. After the production process is complete, costs are “flushed” back and assigned to the goods. By using this method, all work-in-process accounts and manual costing of products at various stages of […]

Reading Time: < 1 minute When you guarantee to fulfill an order even though you do not have the requested item in stock, you have a backorder. The promise specifies a delivery date that your customer agrees to hold off on.