Industry Terms

Reading Time: < 1 minute The process of lowering your overall cloud expenditure through the identification of wasteful resources, waste elimination, capacity reserving for higher discounts, and right-sizing computing services.

Reading Time: < 1 minute Cloud security is a set of practices and tools created to address both internal and external security threats to businesses. Cloud security is essential for businesses as they implement their digital transformation strategy and integrate cloud-based tools and services into their infrastructure.

Reading Time: < 1 minute The process of partially or completely transferring a company’s digital assets, services, databases, IT resources, and applications to the cloud is known as cloud migration. It’s also possible to switch from one cloud to another through cloud migration.

Reading Time: < 1 minute The interval of time between the start of an operation and its conclusion is referred to as lead time. Cumulative lead time refers to the total amount of time needed to complete the task at hand.

Reading Time: < 1 minute The minimum return a business must achieve before creating value is known as the cost of capital. A company must at the very least make enough money to cover the cost of the capital it uses to fund its operations before it can start to make a profit. This includes the costs of both the […]

Reading Time: < 1 minute In a supply chain model known as consignment inventory, a product is sold by a retailer, but ownership is held by the supplier until the product is sold. Unsold goods may be returned because the retailer does not actually purchase the inventory until it has been sold. The retailer is typically responsible for handling the […]

Reading Time: < 1 minute Assembling and configuring products to meet customer specifications is known as “configure-to-order” manufacturing. Customers are demanding products that are tailored to their own specific needs in today’s market.

Reading Time: < 1 minute A composite forecast combines forecasting techniques from various forecast streams for a specific brand, product category, or product, such as time series, casual, and/or judgmental forecasting methods. The composite forecasting technique uses a different approach while still basing its forecast on the same historical data. One forecasting technique is not always reliable because of the […]

Reading Time: < 1 minute The total cost of holding inventory, including maintenance, storage, warehouse, and scrap costs, is known as the carrying cost of inventory. Carrying costs are the expenses related to holding and storing inventory over time. This also includes insurance, opportunity costs, and loss from theft and/or damage.  The formula to calculate carrying costs is as follows: […]

Reading Time: < 1 minute Capacity planning is the process by which a company determines how much it needs to produce and assesses its potential to achieve those production goals. Capacity planning, also known as capacity requirement planning (CRP), is the process of outlining the estimation for each process in accordance with the order of manufacturing, making adjustments, and then […]

Reading Time: < 1 minute Maximum throughput or capacity of a procedure, device, or area.

Reading Time: < 1 minute The direct cost of producing the goods or products that a business sells is known as the cost of goods sold (COGS). Additionally, the material costs that are incurred for the delivery and packaging of the goods are included in this sum.  

Reading Time: < 1 minute A website’s conversion rate optimization (CRO) strategy aims to increase the number of visitors who take the desired action. The desired actions may be making a purchase, selecting “add to cart,” signing up for a service, completing a form, or clicking a link.