Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
High-bay warehousing
A system of warehousing which looks to maximize utilisation of space using a system of pallets and shelves stacked vertically and the use of machinery such as forklift trucks to retrieve items
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Horizon scanning
A formal gathering of data and information from various sources (and often of unrelated subject matter) and combining it to predict approaching risks or opportunities in order to support decision making
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Human Resource Analytics
Used to make decisions based on the parameters such as recruitment cost per hire, new hire failure factor, employee turnaround rate, and bonus compensation rate. Larger enterprises are hiring data scientists to work in, and sometimes head, human resources.
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Hype Curve
Devised by Gartner, the advisory firm, a graphical representation that represents the maturity, adoption, and social application of specific technologies
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IFP
Invitation for Proposal (IFP), also known as Request for Quote (RFQ).
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INFORMAL SOLICITATION
A solicitation which does not require a sealed response.
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Hosted
IPA software physically resides at a third-party data centre where it is managed by a third party service provider.
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Hurricane intensity
The measurement of the strength and destructive capacity of a hurricane
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IDIQ Contract
IDIQ contract is a U.S. federal government contracting acronym meaning indefinite delivery/indefinite quantity. This type of contract provides for an indefinite quantity of supplies or services during a fixed period of time.
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INCO terms
International commercial terms of sale that assign costs and responsibilities between the buyer and seller when delivering products
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IPA Platform
A dashboard that gives a centralised view of all activities or processes that have been automated, or interact with any of the automation technologies. An IPA platform provides end to end view of business processes and usually comprises a number of IPA technologies.
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