Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Guardrails
Agreement boundaries or structured parameters that can block the parties from developing a formalized agreement to frame their Vested business relationship. Guardrails provide the team that is drafting the agreement with the authority to develop a deal within the clearly stated boundaries. If the parties establish an agreement within the guardrails, no last minute surprises will occur because, by design, the agreement is within boundaries already established.
Source:
HRO
Human Resources Outsourcing is a form of outsourcing that involves the contracting of the operations and responsibilities for human resources functions or processes to a third-party service provider. The most common forms of HRO are outsourcing transactional functions such as Payroll or Employee Services / Benefits Administration.
Source:
Hackathon
A design event, held over a short period of time, in which developers build, create and deliver an automated solution collaboratively. The result is a working automation built from scratch.
Source:
Hard skills
Specific skills that have to be taught, such as learning to use a new computer system, or gaining a professional qualification
Source:
Heatmap
An analysis technique to get a view across a number of different processes, in which colour coding identifies high impact (or automatable) areas.
Source:
Hierarchy
A system where members of an organisation are ranked according to their status or power
Source:
HAZARDOUS WASTE
Any waste (solid, liquid, or gas) which because of its quantity, concentration, or chemical, physical, or infectious characteristics pose a substantial present or potential hazard to human health or the environment when improperly treated, stored, transported, or disposed of.
Source:
Habitat
An ecological or environmental area that is inhabited by a particular species of animal, plant or other type of organism
Source:
Hard Savings
Implementable savings that will result in a budget reduction.
Source:
High-bay racking
Pallet racking that extends to ceiling level. This will require specially extended masts on forklift trucks
Source: