IDSC Quiz 2 Vocab

Analytics

the systematic computational analysis of data or statistics. It is used for the discovery, interpretation, and communication of meaningful patterns in data. It also entails applying data patterns towards effective decision-making.

Applicant Tracking System

An HR software module used to collect, sort, scan, and manage job applications and candidate pipelines.

Customer Lifetime Value (CLV)

The total projected revenue a business can reasonably expect from a single customer account throughout their relationship.

Customer Relationship Management (CRM)

is a strategy used to learn more about customers' behaviors in order to develop stronger relationships; CRM is a process to better understand customers’ need, using technology.

Data Analysis

a process of inspecting, cleansing, transforming, and modelling data with the goal of discovering useful information, informing conclusions, and supporting decision-making.

Enterprise Application

Large and complex systems that serve multiple mission-critical business needs.

Data Trail

Consumer's personal information that is generated through our digital behavior and transactions used by a variety of different digital services, systems, and tools.

Human Resource Management Systems (HRMS)

Combine human resources functions into one packaged software, including: Benefits administration, Payroll, Recruiting, Training, Performance analysis, and Review [Also called: Human Capital Management (HCM), Human Resource Information Systems (HRIS)]

Internet of Things (IoT)

Describes physical objects that are embedded with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet.             

Legacy System

an old method, technology, computer system, or application program, "of, relating to, or being a previous or outdated computer system," yet still in use. Often referencing a system as "_____" means that it paved the way for the standards that would follow it.

Onboarding/Offboarding

Automated administrative processes used to integrate new hires into an organization or manage employee departures.

Touchpoint

Any point of interaction between a customer and a organization across the buying or support journey (e.g., email, phone call, chat ticket).

Workforce Analytics

The practice of measuring employee metrics (e.g., turnover, absenteeism, training completion) to optimize human capital strategy.

Big Data

refers to large and complex datasets. They are massive and varied data sets that traditional data processing tools cannot effectively manage or analyze them.

Blockchain

a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Virtually anything of value can be tracked and traded on this network, reducing risk and cutting costs.

Cloud Infrastructure

 is the delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence over the Internet.

Centralize Database

A single, shared database where all functional modules deposit and retrieve data in real time.

Change Management

The structured approach to preparing, supporting, and helping individuals and teams adopt ERP software and process changes.

Configuration

Setting parameters and switches within the standard software to fit business needs without touching the underlying source code.

Enterprise Resource Planning (ERP)

is tightly integrated software used to automate back office functions in a single management information system;  this software processes and stores data so that all: departments, functions, regions, business units can share information. 

Integration

The mechanism of connecting ERP modules with one another or connecting an ERP system with third-party software applications via APIs or middleware.

Module

A specific functional component of an ERP system dedicated to a single department or business area (e.g., Finance, Human Resources, Supply Chain).

Scalability

the measure of a system's ability to increase or decrease in performance and cost in response to changes in application and system processing demands.

Supply Chain Management (SCM)

is the management of the flow of goods and services. It includes the movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption.