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Software Automation Glossary

Welcome to our Software Automation and PSA Glossary, a quick guide to common terms and concepts related to Software Automation, Professional Services Automation (PSA) and other relevant terminology. This glossary is designed to help you navigate the world of PSA by providing concise and clear definitions of key terms, so you can better understand and communicate about this critical business software. Whether you're new to PSA or just need a refresher, this glossary is an essential resource for anyone looking to deepen their knowledge and master the language of PSA.



Account Management: In CRM, the practice of managing customer relationships to maximize their value and satisfaction by understanding their needs, providing personalized support, and identifying opportunities for growth.


Accounts Payable (AP) : The module or system that manages a company's financial obligations to its vendors or suppliers for goods and services received on credit.


Accounts Receivable (AR): A component of the financial management system that tracks and manages the money owed to a company by its customers or clients.


Actual Cost: The total amount of money spent or incurred to produce or acquire a product or service, including all direct and indirect expenses.


Billings and Collections: A software system that generates invoices, tracks payments, sends payment reminders, and manages the collection process to help businesses efficiently manage their accounts receivable and cash flow.


Business Intelligence (BI): The use of technology, tools, and processes to collect, analyze, and present data and information to support better business decision-making and improve overall performance.


Cloud Computing: The delivery of computing services over the internet, including software, storage, and processing power, that allows users to access data and applications from anywhere with an internet connection without having to manage their own infrastructure and data centers.


Configure, Price, Quote (CPQ): Software that enables sales teams to quickly and accurately create quotes for complex products and services by configuring product options, pricing, and discounts based on the customer's requirements.


Connectivity: The ability of different systems or devices to communicate and share data with each other. It involves the physical and/or logical connections between systems, such as network connections, wired or wireless communication protocols, and data transfer protocols.


Contract Life-Cycle Management (CLM): The process of managing a contract from its creation or initiation, through negotiation and signing, to its ongoing management and eventual expiration or renewal.


Contact Management: In CRM, A system that stores names and contact information of clients, partners and leads.


Custom Code: Programming or software development that is specifically written or customized for a particular project or application, as opposed to using pre-existing, off-the-shelf software or code.


Customer Relationship Management (CRM): A type of business management software that is designed to help organizations manage and improve their interactions with customers, clients, and other stakeholders.


E-Commerce: Short for electronic commerce, refers to the buying and selling of goods or services over the internet.


Electronic Fund Transfer (EFT): The electronic transfer of money from one bank account to another, either within the same financial institution or across different institutions.


Enterprise Resource Planning (ERP): A type of business management software that integrates and manages a company's core business processes and operations in a centralized and automated system.


Human Capital Management (HCM): A set of practices and processes that are used to manage and optimize a company's human resources, including talent acquisition, performance management, training and development, compensation and benefits, and other HR functions.


Infrastructure as a Service (IaaS): A cloud computing model that provides customers with virtualized computing resources, such as servers, storage, and networking, over the internet so that customers do not need to own and maintain their own physical hardware.


Implementation: In the software automation world, the process of configuring the software to meet the needs of the organization, integrating it with other systems, and testing it to ensure it functions as intended.


Invoice: A document that outlines the details of a transaction between a buyer and a seller.


Key Performance Indicator (KPI): A measurable value that helps organizations understand how effectively they are achieving their business objectives, they are used to monitor progress towards specific goals and objectives, and to track performance over time.


Lead Time: The time it takes for a product or service to be delivered to the customer, from the moment an order is placed until it is received by the customer.


Middleware: A software layer that sits between different software applications and systems, and facilitates communication and data exchange between them.


Monetization Operations: The process of managing the financial and operational aspects of a business model that generates revenue from digital products or services, such as software, apps, or online content, to maximize profitability and growth.


Opportunity Management: In CRM, the process of tracking and managing sales opportunities, from the initial lead stage to closing the sale, as well as analyzing data and providing insights into the sales pipeline, identifying trends and patterns in customer behavior, and forecasting sales performance.


Order Management: In CRM, the process of managing and fulfilling customer orders efficiently and accurately, typically involving capturing orders, processing payments, managing inventory levels, and coordinating the fulfillment and delivery of goods or services.


Platform as a Service (PaaS): A cloud computing model in which a provider offers a platform for building, deploying, and managing software applications, including tools and services to support the entire application lifecycle, without the need for users to manage underlying infrastructure.


Payment Processing: The steps involved in accepting and processing credit and debit card payment transactions from customers for goods or services.


Product Management: The process of developing and managing products or services that meet customer needs and align with the organization's overall strategy.


Professional Services Automation (PSA): Software solutions designed to streamline and automate business processes for professional services firms.


Proposal: A formal document that outlines the scope, cost, and timeline of a project or service offering.


Revenue Recognition: Involves determining when revenue is earned and when it should be recognized on financial statements, based on the generally accepted accounting principle that states revenue should be recognized when it is earned and realized or realizable, and when it can be reliably measured.


Software as a Service (SaaS): A cloud computing model in which a provider hosts software applications and makes them available to customers over the internet on a subscription basis. In the SaaS model, customers do not need to install or maintain software on their own computers or servers.


Sales Performance Management (SPM): The strategies, processes, and tools used to manage, motivate, and optimize sales team performance, with the ultimate goal of driving revenue growth and improving sales operations.


Service Delivery: The end-to-end process of providing services to customers or clients, from initial contact with the customer or client through to the delivery and fulfillment of the service.


Statement of Work (SoW): A document that defines the scope, objectives, deliverables, and timeline of a project or engagement between a service provider and a client.


Systems Integration: The process of combining or connecting different information systems, applications, and components to create a cohesive and integrated solution that meets specific business needs.


Usage Processing: The collection, processing, and analysis of data related to the usage of a particular product or service.


Work Order: A document used to authorize and track work that needs to be completed.


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