Here at Billtrust, we don’t use buzzwords because they often don’t mean anything. We pride ourselves on offering real value and being authentic, and throwing around meaningless words, such as “synergy” and “core competency” and “forward-thinking” obscure the real message we are trying to get across.
Acronyms, on the other hand, convey valuable messages quickly. There are sophisticated technical solutions and ideologies which can be described with just three or four letters. Using those acronyms in conversation levels the playing field. Here are the five acronyms that are used the most often:
Enterprise Resource Planning (ERPs) tools are the backbone of an organization, storing data and providing cross-functionality. But they aren’t what every C-level executive or IT professional decided would be the best way to spend capital. The complexity of their businesses and the limitations of ERPs drove teams to handle individual tasks using paper, spreadsheets, and manual recordkeeping. This purchase became necessary to stay on top of all of the moving pieces of their organizations. ERPs are core to your business and do a lot of heavy lifting. Yet there are areas where specialization within the enterprise is still required.
Customer Relationship Management (CRMs) tools are probably the most prevalent. Sales and marketing teams require more granular, actionable insight into their prospective buyer’s journeys. ERPs weren’t designed with this in mind nor could they accommodate these department’s needs. Many organizations use specialist CRM solutions to handle the sophisticated requirements today.
Human Capital Management (HCM) systems, also referred to as HRIS or HRMS tools, were designed to offset the limited functionality of ERPs with regard to personnel. Again, ERPs do a lot but simply cannot be expected to perform every function of every department.
Human Resource departments need to track payroll, benefits, PTO, and other functions, and that is why the HCM solution proves to be so valuable.
Applicant Tracking Systems (ATS) weren’t designed because people knew they needed them. They were a response to the poor candidate experience during the hiring process. It’s worth mentioning that even after the advent of the Human Capital Management (HCM) tool integrated with an ERP, a separate ATS was still needed to do the job accurately.
Payment Cycle Management solutions address the final leg of the supply chain; actually getting paid for your product or services. ERPs house the Master Data File for each customer’s account, the Open Receivables file, and other valuable pieces of the puzzle. However, without PCM specialization, organizations are still cobbling together piece-meal solutions with a lot of manual intervention. This doesn’t provide insight into your customer’s payment behavior, nor can you get real-time information on the health of your business.
Not only does using acronyms save time, it helps a customer to understand complex ideas and how they will impact their business.