Business Analytics
This is the study of man-made computational devices that can act in an "intelligent" way.
What is Artificial Intelligence (AI)?
This key component of a Master Services Agreement (MSA) is a detailed description of the services to be performed.
What is the Statement of Work (SOW)?
Payment terms like Net 30 or EOM are typically declared in these documents.
What are Invoices or Contracts?
This formal invitation is sent to get proposals and compare creativity/skills for a solution to a specific problem.
What is a Request for Proposal (RFP)?
In sourcing, these individuals can be anyone impacted by or who has influence on the sourcing initiative outcomes.
What are stakeholders?
This analysis tool is defined as a scan of the internal and external environment of a business or problem.
What is SWOT Analysis?
This type of termination occurs when a party breaches the agreement, giving the other party the right to end the contract.
What is Termination for Cause?
The current focus of sourcing is on reducing this by analyzing all associated processes and costs.
What is the total cost of ownership?
This philosophy for sourcing focuses on reducing the total cost of ownership rather than just price.
What is Strategic Sourcing?
This is a systematic approach that deals with change from the perspective of both the organization and the individual.
What is Change Management?
This technology is essentially software that drives software and is good for high-volume work.
What is Robotic Process Automation (RPA)?
This is the general term for intangible property developed through an intellectual and creative process.
What is Intellectual Property?
This type of saving results from an intentional action or negotiation that avoids a cost that would otherwise have been incurred.
What is Cost Avoidance?
In the early days, this was the main focus, encouraging supplier competition.
What is price?
This common reason for resistance occurs when managers inform employees too late, or inform them of a broad plan with not much detail.
What is Poor communication?
This is a tool to help identify what, how, and when an event occurred so steps can be taken to prevent future occurrences.
What is Root Cause Analysis (RCA)?
This is a business secret for a product, such as a formula, pattern, design, or customer list.
What is a Trade Secret?
This expense is incurred to create future benefit, like buying new equipment, with a useful life beyond the tax year.
What is Capital Expenditures (CapEx)?
The goal of this phase of the Vendor Performance Management cycle is to negotiate contract terms and conditions that are explicitly tied to the performance metrics.
What is Contract or SOW Creation?
This is the transfer of responsibility for a specific enterprise workflow or process, such as customer support or payroll, to an external service provider.
What is Business Process Outsourcing (BPO)?
This internal organization model pools a variety of functional services across an organization to drive economics of scale.
What is the Shared Services Model?
This body establishes requirements and guidelines for business interactions, services, and governs all categories of business law in the U.S.
What is the Uniform Commercial Code (UCC)?
This is the formula for calculating Return on Net Assets (RONA).
What is Net Profit / (Fixed Assets + Net Working Capital)?
This strategy protects the business upon any cessation of service or any termination or expiration of the agreement.
What is an Exit Strategy?
This highly collaborative model uses a "What's in it for We" (WIIFWe) mindset and aims to create highly collaborative, win-win relationships.
What is the Vested Business Model?