Business Glossary

A comprehensive information system for managing company resources — finance, inventory, production, people and sales in one integrated platform.

Material requirements planning — calculating what to order or manufacture, when and in what quantity to cover planned orders.

A structured list of all materials, parts and sub-assemblies required to manufacture one finished product — the foundation for MRP and cost calculations.

A system for real-time management and monitoring of production at shop floor level — who, what, on which machine and with what result is happening right now.

A monthly planning process that aligns sales forecasts with the manufacturing, procurement and financial capacity of the company.

A visual system for managing work flow based on cards and columns — a task moves from left to right according to its current status.

A bar chart tool for visualising a project schedule — tasks on the Y axis, time on the X axis, dependencies between tasks.

A hierarchical decomposition of a project into progressively smaller work packages — from the project goal down to specific tasks that can be estimated and assigned.

A system for managing customer relationships — a unified record of contacts, communication, business cases and sales history.

Visualisation of current business opportunities divided into stages of the sales cycle — from first contact to contract signature.

A potential customer who has shown interest in a product or service but has not yet been qualified as a real business opportunity.

A specific business opportunity with a defined customer, subject, value and expected close date — the core unit of the sales pipeline.

The percentage of customers who stopped using a service during a given period — a key metric for SaaS and subscription models.

The total net revenue a company expects from an average customer over the entire period of their relationship with the company.

An alternative term for CLV — the lifetime value of a customer, often used in SaaS and digital businesses.

An indirect consumption tax added to the selling price of goods and services — in Slovakia the rates are 23%, 19% and 5% (2025).

Slovakia's online cash register system under Act No. 289/2008 — every receipt is sent in real time to the Slovak Financial Administration.

A structured electronic invoice in XML/UBL format that can be processed automatically without manual re-keying.

End-to-end process from raising a purchase requisition, through the purchase order, delivery and invoice receipt, to payment to the supplier.

The process from receiving a customer order, through invoicing and delivery, to the payment being credited to the company's bank account.

An internationally standardised bank account number — in Slovakia 24 characters, beginning with the country code SK.

The unified euro payments zone — a zone of 36 countries in which cashless EUR transfers take place under identical conditions.

A QR code on an invoice that contains all the details needed for payment — the customer scans it in their banking app and the payment is filled in automatically.

The physical components of a computer system — computers, servers, network devices, peripherals. Everything you can touch.

Programmes, applications, and operating systems running on hardware. The intangible logic of computer systems.

A numerical identifier for a device on a network — works like a postal address for digital communication.

An encrypted tunnel between a remote device and the corporate network — enabling secure remote access to internal resources.

Software for managing recruitment — from posting a job opening through collecting CVs and communicating with candidates to making an offer.

A system for managing employee training — courses, tests, certifications, progress tracking and mandatory training compliance.

The process of inducting and adapting a new employee — from signing the contract through training and tool provision to independent performance.

The fundamental Slovak law governing employment relationships — employment contracts, working time, leave, remuneration, and termination of employment.

Slovak law on occupational health and safety which, in combination with the Labour Code, requires accurate recording of working time.

A cryptographic protocol for encrypting and authenticating internet communications. The foundation of HTTPS.

A security mechanism requiring two independent factors to verify identity — typically a password plus a one-time code or passkey.

A system for managing warehouse operations — goods receipt, put-away, picking, dispatch, stock counts and movement tracking at location and batch level.

A unique internal code for a warehouse item — identifies a specific product variant combination (size, colour, packaging) for stock management purposes.

A global 13-digit barcode on a product — uniquely identifies a product at the worldwide level, part of the GS1 standard.

Physical verification of warehouse stock and comparison with accounting records — required by law at least once a year under the Accounting Act.

Software for planning preventive and reactive maintenance of machines, equipment and buildings — service tickets, schedules, spare parts, fault history.

An indicator of total equipment effectiveness — the product of availability, performance and quality. The Industry 4.0 standard for measuring manufacturing productivity.

A software system built on an LLM that autonomously resolves tasks — planning steps, using tools and calling APIs to achieve a given goal.

A technique that extends an LLM with dynamic search across company documents — the answer is generated by combining retrieved context with a generative model.

An open protocol from Anthropic for standardised connection of AI assistants to external tools, data and services.

Technology for recognising text from images or scanned documents — converts pixel data into text that can be further processed.

Automated reading of invoices, orders, delivery notes and other documents using OCR and AI — extracting data without manual re-keying.

Technology that chains individual tasks and applications into automated processes — without human intervention for routine steps.

The EU regulation on personal data protection in force since 25 May 2018 — defines the rights of data subjects and the obligations of controllers.

The first comprehensive EU regulation governing the development, deployment and use of artificial intelligence — a risk-based approach with four levels.

The international standard for an Information Security Management System (ISMS) — certification that demonstrates an organisation's maturity in IT security.

An authentication mechanism that allows a user to log in once and gain access to multiple applications without repeatedly entering a password.

An authorisation model in which permissions are assigned through roles rather than to individual users — simpler management and auditability.

An authorisation model based on relationships between objects — access is derived from which teams and projects a user belongs to.

An interface through which different software systems communicate — in B2B SaaS typically a REST API or GraphQL over HTTPS.

The reverse direction of communication compared to a classic API — the system itself sends an HTTP POST to a target URL when an event occurs.

A software delivery model where the customer does not buy a licence or server but pays a periodic fee for access to a cloud service.

An approach to building applications where most of the logic is configured visually (drag-and-drop) instead of writing code — faster development without a large developer team.