ERP Glossary - Q: Quality Assurance to Quotes

Quality Assurance

The process of making certain that a finished product or service is in compliance with all written standards of performance or dimension, and/or that it conforms within reason to any esthetic expectations.

Quality Control

Quality control is the process or department responsible for ensuring that products and services meet stated written performance standards. Quality control can refer to both quantitative measures arrived at through lab tests and production floor monitoring, or qualitative measures like appearance, color, texture, or uniformity.

Quote to Cash

The length of time (or more generically, the process flow) beginning with creating a quote, and ending with receiving cash payment for an invoiced material or service. In between are steps like receiving a purchase order, entering a customer order, manufacturing, shipping, etc. Understanding the quote to cash cycle is important for financial forecasting.

Quotes

A binding agreement, for a specific length of time, to provide a material or service for a certain price. A customer who is shopping competitively might ask for quotes from several vendors. At the end of the day, quotes may be the deciding factor when selecting an ERP vendor

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Phil Marshall

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Phil Marshall