Author name: Ganeswar Swain

Calculate Direct Cost refers to the process of determining the expenses that are directly attributable to the production of goods or services. This includes costs such as raw materials, direct labor, and any other expenditures that are directly linked to the manufacturing process or service delivery. The calculation of direct cost plays a crucial role […]

Business Spend Management (BSM) is a strategic approach that encompasses all processes involved in planning, executing, and analyzing an organization’s expenditure. It integrates procurement, accounts payable, and expense management to ensure optimal and efficient handling of business expenses. BSM aims to drive cost savings, improve financial visibility, and enhance compliance through streamlined processes and data-driven

Capital Expenditure is the funds used by an organization to acquire, upgrade, and maintain physical assets such as property, industrial buildings, or equipment. It is often used to undertake new projects or investments, providing benefits over a period extending beyond a single accounting period.

Cash Pooling is a financial management strategy used by organizations to optimize interest income and reduce borrowing costs. It involves consolidating the cash balances of different accounts within a corporate group to manage liquidity more efficiently. This approach allows organizations to offset positive and negative cash balances, thereby minimizing the need for external financing and

BOM Lifecycle Manager is a specialized tool or software designed to manage the entire lifecycle of a Bill of Materials (BOM). It facilitates the creation, modification, and management of BOMs, ensuring accuracy and efficiency in manufacturing and production processes. The tool typically supports collaboration among teams, track changes, and integrates with other enterprise systems to

A Cash Management Platform is a digital tool used by organizations to efficiently handle, monitor, and control their cash flow, including cash transactions, liquidity management, and forecasting. It centralizes cash transaction data to provide real-time visibility into cash positions, helping businesses optimize their cash handling processes and improve financial decision-making. The platform often integrates with

Bid rigging is a fraudulent practice where competing parties conspire to manipulate the outcome of a bidding process, ensuring a predetermined participant wins. This is often achieved through tactics such as bid suppression, complementary bidding, or bid rotation, and undermines the integrity of competitive bidding processes.

BAFO stands for “Best and Final Offer.” It is a term used in procurement and negotiation processes to describe the final proposal submitted by a bidder, after which no further revisions or negotiations are expected. This stage usually follows earlier rounds of bidding and negotiation, and it serves to allow the buyer or procurement team

Backflush in manufacturing is a process where inventory and materials are automatically deducted from stock records upon the completion of production, rather than at each individual step. This method streamlines inventory management by postponing the tracking of each component used in production until the final product is completed, thereby reducing repetitive data entry and minimizing

Backflushing is an inventory management technique where the production process automatically deducts the quantity of raw materials used, based on the output of finished goods, post-production. Instead of recording materials at each stage of the production process, backflushing updates inventory only after final production, streamlining operations by reducing manual data entry and time delays.