• Conversational Commerce: E-commerce via various means of conversation.

 

• Additive Manufacturing: Transformative approach to industrial production that enables the creation of lighter, stronger parts and systems.

 

• Legacy ERP systems: Rich, industry specific business functionality; older enterprise software; outdated and no longer being enhanced.

 

• SIOP/S&OP (Sales, Inventory and Operations Planning): Integrated business management processes through which the executive/ leadership team continually achieves focus, alignment and synchronization among all functions of the organization. Examples include, sales plan, production plan, inventory plan, customer lead time (backlog) plan etc.

 

• Upside Production: How fast we can adapt to a sudden change in our supply chain operations; number of days it takes to achieve a sustainable increase in production.

 

• 80/20 Rule: 80% of the outcomes are determined by 20% of the inputs

 

• Marketing Myopia: A theory by Theodore Levitt- viewing marketing strictly from the standpoint of selling a specific product rather than from the standpoint of fulfilling customer needs.

 

• C- suites: A term used for Top-level management; “C= Chief”, for example: CEO, CFO, etc.

 

• Phantom Inventory: unavailable items are shown as available leading to lost sales

 

• IoT: Internet of Things involves extending internet connectivity beyond standard devices, such as desktops, laptops, smartphones and tablets, to any range of traditionally dumbor non-internet-enabled physical devices and everyday objects

 

• Intelligent Maintenance Systems (IMS): A system that utilizes the collected data from the machinery in order to predict and prevent the potential failures in them.

 

• Sales Funnel: Process that companies lead customers through while buying products. Also known as revenue funnel, sales process

 

• Net Promoter Score (NPS): First used by Adidas; indication of customer loyalty. Measures willingness of customers to recommend a company’s product.

 

• Business process engineering: re-engineering a procedure that involves fundamental rethinking and radical redesign of business processes to achieve dramatic organizational improvements.

 

• Operational Management: designing and controlling production, as well as redesigning business operations in production of goods/ services.

 

• Value stream mapping: concentrates on identifying waste, i.e, non value adding activities.

 

• Production part approval process: used in automotive supply chains for establishing confidence in suppliers and production processes.

 

• AIAG: Automotive Industry Action Group created common PPAP tests as a part of the APQO (Advanced Product Quality Planning)