Common interests among companies have led to a stronger definition of relationships, shared information, and integrated systems. Several new buzzwords help us describe those strategic corporate connections. This week’s Jargon Watch takes a look at some of the latest terms.
We rounded up IT terms from previous Jargon Watch columns and compiled an easy-to-use glossary. Download this free resource for a handy reference!
Collaborative commerce (c-commerce) trading community
Collaborative commerce (c-commerce) refers to a trading community of customers, suppliers, and trading partners who have shared interests and do business with each other. The collaboration allows for aggregated orders and improved systems, with the ultimate goal of cost savings. Members of this supply chain trading community can pool their resources, jointly bid on projects, or request bids from other providers, and so on.
Keiretsu is a Japanese word that refers to businesses that share each other’s resources. Much like c-commerce, keiretsu is a formal but non-exclusive relationship among vendors, partners, and customers who do business with each other. A keiretsu is often a loose partnership, but sometimes these companies own small percentages of each other, have members sit on each other’s boards of directors, provide services and capital to one another, and participate in each other’s strategic planning.
Partner relationship management (PRM)
Partner relationship management (PRM) extends the use of CRM (customer relationship management) software to a company’s relationship with its distributors, resellers, and partners. CRM software integrates many front-office functions, such as customer service, sales, and marketing. PRM uses shared resources to develop stronger win-win partnerships, reduce costs, and create greater efficiencies.
Supply chain management (SCM)
Supply chain management is a way of integrating every step on the supply chain in order to optimize resources, reduce costs, and manage inventory. Using SCM software, buyers and sellers can coordinate manufacturing and production efforts, such as the ordering of parts and materials, delivery, and distribution schedules.
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