Approval Workflow
A defined chain of approvals a document must pass through, such as PO approval by a manager.
ERP
ERP Glossary: Enterprise Resource Planning
Core terms across procurement, inventory, sales, manufacturing and compliance in an ERP system.
25 terms · Updated 12 November 2026
A1 term
B2 terms
Batch Tracking
Tracking products by production lot, useful for expiry dates, quality checks and recalls.
Bill of Materials (BOM)
A list of all raw materials, parts and quantities required to make one finished product.
C2 terms
Cloud ERP
ERP software hosted online and accessed through a browser, with no on-premise servers to maintain.
Compliance
Following laws, tax rules and industry standards. ERP helps automate tax calculation, filings and audit records.
D1 term
Dashboard
A single screen with charts and key figures that gives a quick view of business health.
E1 term
ERP
Enterprise Resource Planning. Software that connects finance, sales, procurement, inventory and other functions in one system with shared data.
G1 term
GRN (Goods Receipt Note)
A record created when ordered goods arrive, confirming what was actually received versus what was ordered.
I2 terms
Integration (API)
A way for the ERP to exchange data with other software, such as e-commerce, banking or payroll tools.
Inventory
The stock of raw materials, work-in-progress and finished goods a business holds, tracked by quantity, location and value.
K1 term
KPI
Key Performance Indicator. A measurable value showing how well the business is meeting an objective.
M2 terms
Master Data
Core reference information such as customers, vendors, items and chart of accounts that other records depend on.
MRP
Material Requirements Planning. Calculates what materials are needed, how much and when, based on demand.
P3 terms
Procurement
The process of finding, selecting and buying goods or services your business needs, from raising a request to paying the supplier.
Purchase Order (PO)
A formal document sent to a vendor confirming what you want to buy, with quantity, price and delivery terms.
Purchase Requisition
An internal request asking the purchasing team to buy something, usually sent for approval first.
R3 terms
Real-time Data
Information updated the moment a transaction happens, so everyone sees the same current numbers.
Reorder Level
The minimum stock quantity at which the system prompts you to place a new purchase order.
Role-Based Access
Giving users access only to the data and functions their job role requires.
S3 terms
Sales
The activities that turn leads into paying customers, including quotations, orders, delivery and invoicing.
Sales Order
A confirmed customer order that triggers stock reservation, delivery and invoicing.
SKU
Stock Keeping Unit. A unique code assigned to each product variant so it can be tracked precisely.
V1 term
Vendor
A supplier or company that provides goods or services to your business.
W2 terms
Warehouse Management
Managing storage locations, stock movement, picking and dispatch within one or more warehouses.
Work Order
An instruction authorizing production of a specific quantity of a product.
No matching terms found.
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