business software management systems jargons cost

techsuch May 9, 2021 0 Comments

Top Business Jargon you Must know in Tech – IT Industry## Outsourcing Terms(Outsourcing Definition: Outsourcing is the delegation of non-core operationsor jobs from internal production to an external entity (such as asubcontractor) that specializes in that operation. Outsourcing is a businessdecision that is often made to focus on core competencies.)### • OffshoringOffshoring is relocating business processes to a lower cost location overseas.### • Onshoring or Home shoringOnshoring or home shoring is relocating business processes to a lower-costlocation with-in the country, usually in smaller cities where workers can workat a lower cost than in larger urban areas.### • NearshoringNearshoring is a form of outsourcing in which business processes are relocatedto geographically close locations.### • Co-sourcingCo-sourcing relies on a long-term, strategic, and symbiotic relationshipbetween a client and a vendor.### Basic Mathematics – Why Outsourcing?The Average cost of Software Developer (SD) in USA = 100-150 $/hour.1 SD work 160 hours in a months. (8hours/day * 5 days/week * 4 week)Let’s say Client want 4 Software developers for 1 year for one project.The cost of ownership of SD is = 100$ * 160 hours * 4 SD * 12 $= 768000%%EDITORCONTENT%%nbsp;The Average cost to outsourcing to Outsource project in India is –Avg. Software Developer cost for client in India = 30-50 $/hourThe Avg. cost of similar project when outsource to India is 30 * 160 * 4 * 12$= 230,400 $ The cost saved = 768k $-230k $ = 538k $ <- That’s a big amount.## Business Jargon for Different type of IT Companies –###### Business Jargons for ISV (Independent Software Vendor)ISVs are companies that develop and market software products for which theyusually own the Intellectual Property.The products could be pure technology products (development tools, etc.), orbased on business function need they address (CRM, Imaging, ERP), or focusedon a particular industry vertical (Healthcare, Banking, Insurance, etc)Delivered as one time license and recurring maintenance and support fees.Software application is deployed in-house by the users and requires dedicatedinfrastructure/environments.Example: Microsoft, SAP, Oracle, etc.### Business Jargons for SaaS (Software-as-a-Service)SaaS (Software as a Service) is an application that is hosted, supported, anddelivered by a provider as a service and can be accessed by users via theInternet, without deploying and maintaining additional on-premise ITinfrastructure.It uses a pay-for-use model or a subscription model based on usage metrics.Examples include : Salesforce, NetSuite, Exact Target### Business Jargons for### SI (System Integrators)A systems integrator is a person or company specializing in bringing togethercomponent subsystems into a whole and ensuring that those subsystems functiontogether, a practice known as System Integration.For example, a system integrator may build an IT solution integrating anOracle-based inventory tracking system, a document management system, aMicrosoft CRM system, a group of Panasonic scanners, and a Reimage storagesystem to produce an overall solution for the customer.Example: Infosys, IBM, TCS, LogicaCMG etc.### Business Jargons for### Internet Companies & SDO Of Global 1000Internet CompaniesCompanies whose business model is based on internet.Facebook, Google, AmazonSDO Of Global 1000Software Development Organization of Global 1000 companies.All the large companies have software development teams which are dedicated tobuilding Intellectual Property or engaged in proprietary software development.Example: Nokia, LG, Samsung, ABBSoftware which comes with LG and Nokia phones### Business Jargons for### VARs (Value Added Resellers)A value-added reseller is a company that adds features to an existingproducts, then resells it (usually to end-users) as an integrated product orcomplete “turn-key” solution for example, a software application might beadded to existing hardware The value can come in the form functionalexpertise, add-on modules specific to industry, etc.The VAR can also partner with multiple vendors, to resell their products.Example: Columbus IT, Tectura### Business Jargons for### CRM (Customer Relationship Management)CRM is an information industry term for methodologies, software, and usually,Internet capabilities that help an enterprise manage customer relationships inan organized way.For example, an enterprise might build a database about its customers thatdescribed relationships in sufficient detail so that management, salespeople,people providing service directly could access information, match customerneeds with product plans and offerings, remind customers of servicerequirements, know what other products a customer had purchased, and so forth.### Business Jargons for### CRM (Customer Relationship Management)Benefits of CRM:Helping an enterprise enable its marketing departments to identify and targettheir best customers, manage marketing campaigns, and generate quality leadsfor the sales team.Assisting the organization to improve telesales, account, and sales managementby optimizing information shared by multiple employees and streamliningexisting processes (for example, taking orders using mobile devices).### Business Jargons for### Intellectual Property (proprietary software)The most helpful way of categorizing computer software (vis à vis ownership,use patterns and possibilities, and their intellectual property implications)is to divide it into two categories:Proprietary softwareProprietary software is owned as private property by a company (oroccasionally by an individual software developer). Various intellectualproperty laws and regimes protect their private properties’.FLOSS (Free / Libre / Open Source Software)Free/Libre/Open Source Software share one key characteristic: all users musthave open access to the source code, considered a shareable and non-proprietary resource.### Business Jargon for ERP (Enterprise Resource Planning)ERP stands for Enterprise Resource Planning. ERP is a way to integrate thedata and processes of an organization into one single system. Usually, ERPsystems will have many components, including hardware and software; to achieveintegration, most ERP systems use a unified database to store data for variousfunctions found throughout the organization.### Business Jargon for SCM (Supply Chain Management ) CompanySupply Chain Management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from the point of origin to the pointof consumption (supply chain).### Business Jargons for### DAM (Digital Asset Management )DAM refers to a technology that helps us manage the mass of data we work withwithin our personal and professional lives. Digital assets include documents,emails, pictures, MP3’s, online movies, and any other content we store on acomputer.Digital Asset Management applications helps in typical file management tasks:•Searching for a digital asset•Organizing digital assets•Backing up digital assets•Securing digital assets•Verifying the integrity of digital assets•Discovering duplicate copies of digital assets### DMS (Document Management System)DMS is an integrated network of compatible programs or computer systems thatreliably handle information for accurate records and usability. Documentmanagement systems can vary in size and complexity from large systems used bygovernment agencies and Fortune 500 companies to individuals’ relatively smallapplications.Document management systems are also commonly called content managementsystems (CMS), though CMS is typically associated solely with World Wide Webpublishing applications. There are web-based content management systemsolutions available that vary a great deal on their strength, availablefunctions, and application.### BI (Business Intelligence ) – Business JargonBusiness Intelligence is a broad field of study. The major thrust of businessintelligence theory looks at certain factors to make high-quality decisions.These factors include customers, competitors, business partners, economicenvironment, and internal operations.Business intelligence (BI) is a broad category of applications andtechnologies for gathering, storing, analyzing, and providing access to datato help enterprise users make better business decisions. BI applicationsinclude decision support systems, query and reporting, online analyticalprocessing (OLAP), statistical analysis, forecasting, and data mining.### HRMS (Human Resource Management System)A Human Resource Management System (HRMS, EHRMS), Human Resource InformationSystem (HRIS), HR Technology or also called HR modules is an informationmanagement system accessible to staff at all levels, designed to ensure thatthe organization’s most important resources — its people — are recruited,selected, developed, employed, deployed, and supported most effectively.Human resources information systems commonly focus on developing andimplementing systems that gather, store, and report human resources data in atimely fashion, in forms that are useful to human resources personnel, linemanagement, and other users.### POS ( Point of Sale)POS stands for Point of Sale; POS technology is used mainly at retaillocations such as stores, supermarkets, restaurants, etc. When a customerwould like to purchase an item or pay a bill, a POS system is extremely usefulto register the purchase, keep track of inventory, purchase details such astime, date, and store location, and input all this data into a database whichthen can be used for data mining purposes.## Thank You!Credit- Gauri Goel

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