ERP Glossary - V: Vaporware to Version
Slang used to describe a very compelling sales presentation for software which is only conceptual, and doesn't actually yet exist.
VAR (Value-Added Reseller)
A value added reseller is the middleman who sells software along with other bundled products such as hardware, or implementation services. Value added resellers play an important role by servicing smaller clients who do not necessarily warrant a large sales or implementation investment by a bigger software firm.
Vendor Managed Inventory (VMI)
Vendor managed inventory is a inventory control strategy requiring a vendor to control his supply of raw materials at a rate such that his customer's raw material inventory is neither excessively high nor dangerously low, and for taking responsibility for making adjustments if the inventory approaches either condition. VMI is generally seen as an added service by a vendor, who reduces his customer's inventory risk.
Vendor scorecards are an attempt to establish objective numerical evaluations of a vendor's performance, particularly if the material or service being purchased is an undifferentiated commodity. Vendor scorecards typically have criteria such as: % on time, %complete shipments, %invoicing errors, etc. Vendor relationships are vulnerable to unethical behavior, and vendor scorecards are seen as a methodology to mitigate that risk.
Vendors are companies or individuals that are willing to supply a given material or service at an agreed upon quality level in exchange for an agreed upon amount of cash. ERPfocus has an extensive ERP vendor database.
Version refers to the generation of a technology application. Versions are most often numbers, with or without decimal points, and are most common in software programs, although anything with a brand name is liable to use a version number to indicate its manufacturinggeneration.
Featured white papers
Five questions to ask potential oil and gas ERP vendors
The right oil and gas ERP can make a big difference to your company. Here’s some questions to ask...
4 things you should know about ERP vendors before selecting their system?
With ERP investment levels soaring, it has never been more important to conduct thorough research...
5 ERP Pricing Definitions You Need to Understand
Have you mastered the ERP pricing lexicon yet? Getting to grips with these five definitions is a ...