Knowledge Center

Business transactions that happne over the internet

The company’s reputation and profitability are always at stake if it has too much or too less inventory on hand. 43% of business owners have considered “overbuying inventory” as a challenge, whereas 36% said the same for “underbuying inventory”. To provide a solution to this, in 1913, Ford W. Harris designed a model of “Economic […]

The method of transferring money from customer’ account to the merchant’ account

The Electronic Point of Sale (EPoS) is a very commonly used system in supermarkets, malls, and showrooms (retail stores to be precise) to enter the sales information, handle customer loyalty programs, manage stock inventory, etc. It’s basically also known as the ‘checkout point’ or ‘checkout lane’ where the customer transactions are done.   Another definition […]

Definition The acronym ERP first came into existence when the Gartner Group to signify material resource planning and manufacturing resource planning, denoting application integration beyond manufacturing. There are numerous core departments and functions within an organization such as HR, Finance, manufacturing, logistics, and supply chain, inventory management, sales and marketing, IT, etc. Enterprise Resource Planning […]

EOQ or economic order quantity is the amount of inventory that amounts to the least order cost and inventory carrying costs

Software programs to manage inventory and the entire SCM process