Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Operating environment
Everything external to the business that has an impact on how it operates. This will include regulations, social expectations, the economy, its relative position in the market, the competitiveness of the market, etc.
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Operational Impact Document
Describes what needs to happen within operations to run, monitor and assess the live automated process.
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Operational Readiness
The activity of preparing effectively for deploying, operating, and maintaining the automated process(es) in the production environment.
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Opportunity cost
A benefit that could have accrued if a person had taken a different action
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Option to Extend/Renew
A provision (or exercise of a provision) which allows a continuance of the contract for an additional time according to permissible contractual conditions.
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Operational Acceptance Criteria
Describes the conditions for the process to be deployed into production.
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Operational Landscape
Information on the organisation, business unit or function in scope is collected.
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Operational Measurements
The set of performance measures (metrics) used to monitor activity in the operational area of the business. These include those related to employee and machine productivity.
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Opportunity Assessment
The phase during which processes that have a propensity for automation and meet the criteria for business benefits are identified, analysed, and approved to progress into development.
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Optical Character Recognition (OCR)
Software that singles out letters and symbols in PDFs files, images, and paper documents that enables users to edit the content of the documents digitally.
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Orchestration
Process management tool that manages work as it moves around the Intelligent Process Automation platform, including interaction with human workers.
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