Visit our glossary or industry terms. Simple explanations of all the three-letter-acronyms (TLAs) in our market space.

Application A program that helps a user deal with a specific task, e.g. purchasing, employee development or accounting.

Architecture Describes the manner in which the hardware, system software, and applications software integrate to achieve a desired result.

Business applications A set of applications that covers all internal as well as external business processes a company is involved in.

Component-based architecture Refers to the design of any system composed of separate components that can be connected together. The benefit of component-based architecture is that you can replace or add any one component without affecting the rest of the system. The opposite of a component-based architecture is an integrated architecture, in which no clear divisions exist between components.

Enterprise Asset Management (EAM) A concept in the software industry to describe one or several applications designed to improve/optimize how a company utilizes its business processes and facilities. The designation is common in the asset-intensive industry.

Enterprise Resource Planning (ERP) A method of planning that originally comprised all internal business processes, such as financials, manufacturing and distribution, but which has been extended to cover a range of other functions from contact with suppliers to maintenance of delivered products.

Maintenance, Repair and Overhaul (MRO) A concept used in the software industry to describe software used in the maintenance of a company’s equipment and facilities so as to maximize availability and efficiency.

Outsourcing The procuring of services or products from an outside supplier or manufacturer.

Platform Component-based products or services require a platform that defines valid interfaces and common services to ensure maximum flexibility and configurability for the product/service without sacrificing economies of scale or recycling capabilities. This is necessary for managing internal dependencies and complexity in the product development of component-based products/services.

Utility An organization of company that provides some form of infrastructure in a society, such as heating, electricity, or water.

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