When it comes to investing in the right software for your business, it’s useful to have an understanding of some of the different commonly used acronyms. Below are a few examples of acronyms used to describe software and what they mean. 

API

Application Programming Interface. APIs are tools used by software to communicate with other software applications. This allows different types of software to be integrated together (such as being able to automatically link employee time tracking software to payroll software to automatically calculate employees’ pay). 

CMS

Content Management System. A CMS is a type of software used to create, edit and publish digital content. Many website builders like Shopify, WordPress and Wix can be classed as CMS applications. There are also CMS platforms that allow you to create, edit and publish social media posts on multiple platforms from one application. 

CRM

Customer Relationship Management. CRM software is used to manage communications with different customers across different platforms. They allow phone calls, texts, emails, social media posts and reviews to all be responded to, tracked and analysed all in one place. They are very useful for marketing. 

ERP

Enterprise Resource Planning. A company may use ERP software to help manage all their resources from one place including finances, supplies, human resources, projects and clients. It’s pretty much an all-in-one software solution for businesses. 

HRIS

Human Resources Information System. This is a form of database software for managing employees. Various types of employee data can be stored, organized and tracked here including individual employee performance, attendance, hours, pay, benefits and personal details. HRIS software may also be possible to use for managing the recruitment process – keeping track of applicants, resumes and interviews.

LMS

Learning Management System. An LMS is a type of software used to create training documents and resources for new recruits. Employees can read digital guides, watch training videos and complete tests using this software. LMS software could also be used to provide employees with a digital handbook. 

POS

Point of Sale. POS software is a type of software used to process and record sales. Such software is commonly used by staff on touchscreen computers in stores, restaurants and repair centres. It is often linked up to hardware such as cash registers, barcode scanners, card machines and receipt printers. There are different POS software options for different industries.

SCM

Supply Chain Management. This is software used to manage a supply chain – helping to keep track of different suppliers and orders. Manufacturing, construction and shipping companies are likely to need this software.

SaaS

Software as a Service. This is a term used to describe software that is paid for via subscription as opposed to software that is paid for once upon installation. SaaS applications are more popular nowadays because they don’t have to be installed on an individual computer and can run off the cloud. They are also cheaper upfront for customers and the ongoing subscription fee helps pay for them to be maintained and improved. 

WMS

Warehouse Management System. If you run a warehouse, then you’ll likely need a WMS. These applications are used to store data on individual inventory items within a warehouse – including the location, quantity, arrival date and expiry date. WMS software is sometimes linked up with barcode scanners or RFID tags to help track information on each item. 

Published by Stephanie M.