Are you an Australian business, SMB or SME, and you’re looking for an ERP to help with ROI and KPI, but your BI is not up to scratch? If you have no idea what we’re talking about, read on and we’ll try to help you with some of the more common terms used in Australian business. Who knows, maybe you’re in need of an MRP or SCM and need an SLA before you can even look into it!
Common acronyms used within Australian business:
SMB – Small to Medium Business. Closely related to SME, this is simply a way to describe smaller businesses.
SME – Small to Medium Enterprise. Essentially the same as above it’s just shorthand for Enterprise.
ERP – Enterprise Resource Planning. A software program that allows for a business to consolidate multiple software products into a single solution, saving time and money while increasing business efficiency.
ROI – Return On Investment. Usually expressed as a percentage and used to measure the efficiency or result of buying a business product or service, and the value or profit it gives the business over and above what you would have without it. ROI is something that can be used to forecast a business purchase within a budget to see if it is something worth following through with.
KPI – Key Performance Indicators. When a business wants to attain a goal or goals, there needs to be way to measure the success or failure of meeting them. KPI’s are the measurement tools which will determine the results.
SLA – Service Level Agreement. A formal document that outlines the expectations of the customer against the deliverables of the service and product the supplier is providing. It will usually include a number of KPIs (see, they get used!), so the customer can calculate the ROI (and again!), to ensure that both parties are able to monitor the progress of the transaction.
SCM – Supply Chain Management. Many Australian business manufacturers and producers will supply their goods to multiple wholesale or retail outlets, with specific requirements placed on them. This can be in regards to dates, transport, time frames, as well as the legalities of the Australian Government requiring some businesses to meet certain standards depending on their industry or product. An SCM allows for businesses to track their product from purchase of raw or wholesale materials through to shipping, delivery and return of goods if necessary.
MRP – Manufacturing Resource Planning. MRP is actually MRP II as it’s the successor to Material Resource Planning, but is now just commonly referred to as MRP. Used for the manufacturing industry, it encompasses a wide range of functionality including job costing, forecasting, project management and financial management. Sometimes used without an ERP, it is included as a module with Accentis Enterprise to give any Australian business a complete enterprise solution.
HR – Human Resources. Despite what many of us think, HR is not always associated with ERP, however it needs to be included as part of the accounting section as it relates to payroll and the general ledger.
CRM – Customer Relationship Management. A facility for managing all contact with customers throughout the sales process, usually from the collection of leads and turning them into quotes, purchase orders, sales and then after-sales support. It allows for a complete record of the customer and their purchases and gives you better marketing value. Can be referred to also as CMS or Customer Management System, however this is infrequently used.
GL – General Ledger. The general ledger is the most common accounting system throughout the world, not just for Australian business. It features Accounts Payable and Accounts Receivable, and within Accentis Enterprise, is very powerful due to our all open periods design which means no monthly rollover. Includes the very latest in Single Touch Payroll requirements for all businesses within Australia, as well as capable of being used in New Zealand and other locations as required.
PP&E – Plant, Property and Equipment. More commonly known as Fixed Asset Management (FAM) or Enterprise Asset Management (EAM). This facility records the value of your working machinery and tools, the physical assets, that a business owns to be able to do the work required. Accentis includes full depreciation control and allows for assets to be easily managed throughout their lifetime.
BI – Business Intelligence. Many companies will utilise business intelligence (more commonly known as Reports), to analyse their business and track performance. Accentis Enterprise for example, contains over 600 reports as standard for advanced BI, however, we also write custom reports specific for our clients business, so they can get the data they need in the format they require.
WBS – Work Breakdown Structure, also known as Work Orders or Project Management. This function relates a lot of the time to manufacturing but it utilised in many Australian business industries. It breaks down the processes and procedures into manageable sections, and allows for estimations, budgets and forecasting of both financial and material requirements. It allows for processes to be followed and consistency of product by ensuring checks at various stages, and can be combined with multiple WBS processes to form a single product.
If you’re looking to find out what HACCP, ISO, AS and NATA mean, you should check out Accreditations and Certifications post. If you would like more details on our ERP system, Accentis Enterprise, get in contact so we can start helping you today! We offer exceptional features that are designed for Australian business due to our location, but we cater to nearly every country throughout the world. Ask us about our payment plan over 12 months for SMB’s to alleviate the stress of implementing an ERP system.