B2B Software Acronyms You Need to Know

Not only is this article essential to your understanding of today’s B2B software and technology solutions, but it will also appeal to your inner nerd (we all have one!). Don’t be ashamed to make flash cards, rehearse them out loud until you’ve got them memorized, or even tattoo a few on your forearm if you must. Email your colleagues a link and get ready to have more fun than Sheldon did in ‘Fun with Flags’ (FWF)!

Here we go:

API (Application Programming Interface)

API is a software “messenger” that lets applications talk to one another and opens up data and functionality to third-party developers and business partners. The API also includes rules for how applications can communicate.

B2B (Business to Business)

This business model describes how a business sells products and/or services to other businesses and organizations, rather than to consumers (B2C).

BI (Business Intelligence)

For organizations to make better data-driven decisions, BI technology combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices. Use of BI results in actionable insights for better business decisions.

BOPIS (Buy Online Pick-up In Store)

This eCommerce term refers to the option for website customers to buy items online and pick them up in the company’s local store. Pickup may be at a designated pickup area, lockers, a checkout counter, or through curbside pickup.

CRM (Customer Relationship Management)

Using this software or applications helps companies manage relationships and interactions with customers and potential customers in order to grow their businesses.

EDI (Electronic Data Interchange)

A computer-to-computer exchange of business information and documents is possible using this standardized format. The EDI process allows companies to exchange information electronically instead of on paper. An entity that conducts business electronically is called a trading partner.

ERP (Enterprise Resource Planning)

These comprehensive software solutions that enable businesses to manage all core business processes in one system. The unified system of software modules coordinates the flow and sharing of data across the organization, and automates or streamlines operations.

KPI (Key Performance Indicator)

KPIs are metrics that quantify and measure specific aspects of an organization’s performance. They are used to gauge financial and operational performance in order to track progress against goals and the performance of competitors.

MRP (Manufacturing Resource Planning or Materials Requirements Planning)

An integrated information system used by manufacturing businesses, MRP evolved from materials requirement planning (MRP) systems by integrating additional data, such as employee and financial data. An MRP system enables effective scheduling, design engineering, inventory management, and cost control by centralizing, integrating, and processing information.

MPS (Managed Print Systems)

Through these software systems, external providers of printers, paper, and related hardware and software optimize or manage a company's document output. Among the major components are needs assessment as well as selective or general replacement of hardware, as well as service, parts, and supplies needed to operate the new and/or existing hardware.

POS (Point of Sale)

Also referred to as a point of purchase (POP), this designated area within a retail establishment or eCommerce website is where sales transactions take place. A POS system is the hardware and software that manages these transactions.

PSN (Private Supply Network)

Within this collection of Internet-based services, you can privately exchange data and conduct electronic transactions with suppliers and other trading partners.

ROI (Return on Investment)

For every investment option, there is an opportunity cost. ROI measures the profitability or relative efficiency of an investment in order to compare the amount of return against other options that could have been chosen. It is calculated by dividing the return on investment by the cost and is expressed as a percentage or ratio.

SaaS (Software as a Service)

This form of cloud computing utilizes an internet browser to deliver software applications, as well as the underlying IT infrastructure, to end users, through a subscription service model, rather than a one-time sale.

SEO (Search Engine Optimization)

This process optimizes a website for visibility by search engines like Google and Bing when people search for terms relevant to the business, topics, and products or services. Its components – technical SEO, on-page SEO, off-page SEO, and relevant content – each factor into the search engine results page (SERP) results.

SERP (Search Engine Results Page)

When a search engine user types in a word or phrase, the search engine’s output is the results page, which ranks website pages in order of relevance to the query. A SERP typically includes paid search and pay-per-click (PPC) ads. The higher a web page ranks on the SERP, the more likely a user is to click on the link.

SMB (Small to Mid-Sized Business)

This abbreviation refers to businesses in the range of small-to-midsize. A small business generally has 100 or fewer employees and a midsize business generally has 100 to 999 employees.

VPN (Virtual Private Network)

To prevent cyber criminals from seeing online activities and accessing valuable data, a VPN is the technology that protects network connections when internet users access the web via public networks. VPNs encrypt online activity and disguise online identities.

WMS (Warehouse Management System)

This type of software enables businesses to manage the inventory in their warehouses, as well as supply chain fulfillment operations from distribution centers to retail stores and eCommerce sites where sales take place.

Feeling the urge to learn more acronyms (ULMA)? Contribute one of your own on Facebook if you think we’ve missed any, and check back to see if our list has expanded!