Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Brand name or equal specification
A specification that uses one or more manufacturers' brand names or catalog numbers to describe the standards of quality, performance and other characteristics needed to meet the requirements of a solicitation and provide for the submission of equivalent products.
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Breach of Warranty
This occurs when the material or product fails to meet the quality or other specification warranted by the supplier.
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Broker
A business that carries no inventory and that has no written ongoing agreement with any manufacturer or manufacturer's authorized distributor to sell the products of the manufacturer.
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Buffer stock
Amount of stock held in stores at any time in addition to actual requirements
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Business Analyst
Individual responsible for assessment of process and identifying opportunities. Should have experience of process modelling, and knowledge of process automation tools and capabilities.
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Business Case
Structured proposal for business improvement that functions as a decision package for decision-making. A justification for a proposed project or undertaking on the basis of its expected benefits. Captures the reasoning for initiating an automation project. Based on the Initial Process Assessment.
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Breach of Contract
A failure to perform as required by the terms of the contract.
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Break even
The point at which a business recovers what it has spent and starts to make a profit
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Budget
A budget serves as a vehicle for delegating activities and responsibilities to lower management levels in the organization. Financial plan for a set period of time on how much can be spent.
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Business
A contractor, subcontractor, supplier, consultant, or provider of technical, administrative, or physical services organized as a sole proprietorship, partnership, association, corporation, or other entity formed for the purpose of doing business for profit. See also Supplier.
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Business Analytics
Refers to the skills, technologies and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. The use of analytical methods, either manually or automatically, is to derive relationships from data to optimize business performance and decision making.
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Business Case Development
Gathering detailed information, conducting rigorous analysis of the data, benchmarking, and estimating measurable results for a strategic sourcing effort. Strategy recommendations are made based on the business case findings prior to actual implementation taking place.
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