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Author Vadim
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Important Abbs in business management. What is what and what is it for? (updated)

Have you ever heard an acronym or abbreviation but you didn't know what it meant?
Some specific acronyms can have multiple meanings, and sometimes Wikipedia can't provide you with a clear definition.
That's why we want to point out the most common marketing acronyms you'll hear in the business sphere. Some phrases may be confusing, so let me lay it all out for you.

 

MDM – Master Data Management

So how can we clearly understand MDM?
To put it simply, MDM is a focused approach to consolidating and unifying master data. Implementing MDM means making sure that key data about your customers, products and vendors are maintained in a central place.
Tactically, it gives you an opportunity to get a single view of significant data about customers, products, and any other master data, what results in successful business and customer relationships, reducing efforts and minimizing costs.
You can meet another acronym RDM what means Reference Data Management.

BPM - Business Process Management

A class of software products that help to manage the business processes of the organization. Through the use of BPM systems, it is possible to identify processes in the company, present their graphics schemes, perform management, analysis, and improvement of business processes. This class was created so that you can quickly identify weaknesses in
processes and business units, which reduce the overall efficiency. Unlike other corporate information systems that use a process approach,
BPM system is easier to learn and faster to benefit from the implementation.

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CRM – Customer Relationship Management

Customer Relationship Management is a software which stores and processes all aspects of customer relations. In other words, it is a modern, automated organizer which allows to implement all the operations of interaction with the client in time, at all stages to the close of deals.
The goal of any CRM solution is to provide a complete set of customer data that can be used to increase sales, improve customer retention and the efficiency of relationships with customers, namely:

  • Common standardized database of contacts for the company (clients, contractors).
  • –°ontrolling work quality of sales department at any time.
  • Statistics and Analytics of the effectiveness of leads (incoming calls, queries).
  • Improving the quality of work and development of strategies for business.

ERP – Enterprise Resource Planning

The system is an integrated information system of enterprise management. It provides automation of planning, accounting, control and analysis of all business processes. On the basis of the ERP system is managing a single database that contains all relevant corporate information: financial, productional, personnel, information on stocks etc.
ERP system consists of a set of different software modules that support the automation of subject areas. Each module of the ERP system is oriented on a specific group of tasks: production planning, purchasing management, inventory control, personnel management, marketing, sales management, etc. 
Modern ERP solutions can be implemented in almost every company, in every field of activity and of every extent.

EDM - Electronic Document Management or DMS - Document Management System (EDMS)

Those systems represent an interrelated system of organizational, technical, and software for managing various types of documents and information. These systems allow you to manage documents throughout their lifecycle from creation to their destruction.
Management of documentation, information, various data and entries is one of the most complicated processes in the organization. Electronic document systems give the ability to automate this process. Automation process of documents helps organizations significantly improve the speed of work, reduce the loss connected with the information exchange, and improve the quality of management system in general.

 

PIM – Product Information Management

Product Information Management - is an automated control system of product content, allowing you to easily manage products, create product cards, add photos etc. For example, it simplifies the process of filling the product range in e-shops.
PIM systems already contain appropriate modules (publishing components) or they can be connected bi-directionally with other systems (ERP, MAM, DAM) via the open interface.
PCM and PDM stand for Product Content Management and for Product Data Management. It's just other names for the PIM system, the use of which can be found mainly in the United States.

PLM – Product Lifecycle Management

This system provides management of all the information about the product and related processes throughout its life cycle, from the beginning of design to removing from production.
PLM software also enhances other enterprise systems (ERP, CRM) by enabling the sharing of product information throughout the organization.

WMS - Warehouse Management System

Warehouse Management System (WMS) is a software designed to effectively manage all warehouse processes and warehouse complex in General. The use of the capabilities of a WMS can significantly improve the quality of customer service by automating all warehouse business processes and support complex strategies of product distribution in automatic mode.
Implementation WMS software allows you:

  • to organize effective distribution and storage of products.
  • more effectively manage receiving and shipment of goods, to accelerate the formation of shipments, error-free preparation of shipments.
  • to simplify all functions, to eliminate inefficient paper routine.
  • to improve the quality and controllability of the warehouse staff work.
  • to accelerate and simplify the obtaining of information on the number and location of the goods.
  • to minimize the work on the inventory of the warehouse.
  • to use warehouse area more efficient.

Improving the efficiency of execution of warehouse tasks is one of the ways to reduce the costs of the company, which gives it certain competitive advantages in today's competitive business environment.

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