Point Of Sale (POS)

Point Of Sale (POS)

Definition The Point Of Sale (POS) is the physical location at which goods are sold to customers, more typically indicating the piece of technology which is used to finalize the transaction.   POS systems EasywebPOS   Origin   Other Languages … Continued
Revenue Management System (RMS)

Revenue Management System (RMS)

Definition Revenue Management System (RMS) is a software used to predict customer demand, to optimize inventory and price availability, and¬†maximize revenue growth. By using the right information, revenue managers can divide the market and adjust products sales through distribution to … Continued
Predictive Analytics

Predictive Analytics

Definition Predictive Analytics uses large groups of data from the past, not only to determine past trends, but to predict the future as well. Good data analytics leads to more reliable results, thus offering valuable insights for a hotel’s management … Continued
Central Reservation System (CRS)

Central Reservation System (CRS)

Definition Central Reservation System is a computerized system that stores and distributes information on a hotel, resort, or other lodging facility. This type of system enables chains of hotels to monitor availabilities and rates, as well as indications of required … Continued
Prescriptive Analytics

Prescriptive Analytics

Definition Prescriptive Analytics is the most complex and most recent type of analytics. It combines structured and unstructured data with advanced processes like “machine learning”. This newly developed technology involves advanced algorithmic processes that predict the future based on past … Continued
Customer Relationship Management (CRM)

Customer Relationship Management (CRM)

Definition Customer Relationship Management refers to practices, strategies and technologies that companies use to carefully manage and analyze detailed information about individual customers and all customer “touch points”. The aim of this analysis is to improve and maintain loyal business … Continued
Unstructured Data

Unstructured Data

Definition Unstructured data refers to any data that has no identifiable structure (e.g. images, videos, email, documents, text). Although each individual document may contain its own specific structure or format based on the software used to create the data, unstructured … Continued
Distribution Management System (DMS)

Distribution Management System (DMS)

Definition A Distribution Management System (DMS) is a utility IT system designed to collect, organize, display and analyze real-time distribution information. It is designed to monitor and control the efficiency and reliability of the distributors, and should measure channel and … Continued
Standard Operating Procedure (SOP)

Standard Operating Procedure (SOP)

Definition The Standard Operating Procedures (SOPs) are the documented processes that a company has in place to ensure the consistent delivery of services and/or products every time. Every business require key SOPs including (1) Operations – steps to handle the … Continued
Enterprise Resource Planning (ERP)

Enterprise Resource Planning (ERP)

Definition Enterprise Resource Planning is a business process management software on which a company manages and integrates the important parts of its business including technology, services and human resources. Data can be collected and stored in this software, and that … Continued