Reading Time: < 1 minute The Gartner Group coined the acronym ERP to stand for manufacturing resource planning and material resource planning, which both refer to the integration of applications outside of manufacturing. An ERP system connects all departments—including HR, Finance, Manufacturing, Logistics, Sales and Marketing, IT, etc.—and makes it simple for data to flow between them. This enables departments […]
Reading Time: < 1 minute The Electronic Point of Sale (EPoS) is a system that is frequently used in supermarkets, shopping centers, and showrooms—specifically, retail stores—to enter sales data, manage stock inventories, handle customer loyalty programs, etc. It is also referred to as the “checkout point” or “checkout lane,” where customer transactions take place.
Reading Time: 2 minutes Electronic payment, or electronic fund transfer, is the process of moving money from a customer’s account to the merchant’s account when making an online purchase of a good or service. There are several examples of electronic fund transfers (EFTs) commonly used in the United States. Here are some of them: Direct Deposit: Many employers use […]
Reading Time: < 1 minute Electronic Data Interchange (EDI) is a process that enables businesses to send order information to one another electronically as opposed to by paper or email. It is the electronic exchange of business information using a standardized format. One notable example is in the retail sector. Retailers are leveraging EDI to streamline their supply chain operations […]
Reading Time: < 1 minute Electronic commerce (or eCommerce) is the term used to describe a business transaction that takes place online using electronic devices. It involves the purchase and sale of goods through electronic devices like computers, tablets, and mobile phones.
Reading Time: < 1 minute The economic order quantity (EOQ) is the amount of inventory that a company should order in to meet demand while reducing overall ordering, receiving, and holding costs. Demand, ordering, and holding costs should be constant over time for the EOQ formula to work optimally. The assumption that the demand for the company’s products will remain […]