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Purchase Departement (Procurement Department)

What means

Purchase Departement (Procurement Department)

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The purchase department supports the entire company, as central main buyer of goods and services.

The purchase department supports the entire company, as central main buyer of goods and services. The ambition of the purchase is to obtain the largest increase in value of a product/service in relation to the related costs. Tough negotiations at the end of a sales process belong therefore to the strengths of a good purchase department.

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AB Testing (or Split Testing)

AB Testing (or Split Testing) is an experiment to test different variants against each other.

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ABC (Always Be Closing)

"Always Be Clothing" is a motivational phrase/ sales strategy.

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AI Guided Selling

AI Guided Selling describes a sales process optimized through the use of artificial intelligence (AI) and machine learning (ML).

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Account

In CRM Systems, an account typically refers to a company.

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Account Intelligence

Account Intelligence is the technology-supported analysis of a potential customer on the market and the subsequent provision of the collected data.

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Account Intelligence Tools

With account intelligence tools, sales organizations can search for potential customers and specific information about them (e.g. company data, contact details or buying signals) in a targeted and efficient manner.

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Account development representative (ADR)

ADR's are sales specialists focusing on generating new Leads/ Prospects.

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Account executive (AE)

An Account Executive (AE) is a sales specialist who is responsible for existing customers.

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Account-Based Marketing (ABM)

Account-based marketing is a Go-to-Market Strategy that focuses on a specific customer segment.

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Account-Based Selling (ABS)

Account-based Selling is a primarily B2B Sales Strategy that focuses on a specific customer segment.

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Actionable Insights

Actionable Insights are meaningful findings that result from analyzing data. They make it clear which actions need to be taken or how one should approach finding a solution to an issue.

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Actionable Metrics

Actionable metrics refer to sales metrics which are easy to identify and act on, giving you the ability to influence and make clear decisions around them.

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Activity Metrics

Activity Metrics refer to data points that represent the performance and behavior of your sales team.

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Adoption (Product Adoption)

Product Adoption is the process whereby users become aware of a product, understand its value, and begin to use it.

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Annual Recurring Revenue (ARR)

Annual Recurring Revenue (ARR) is the amount of contracted monthly revenue calculated on the basis of a calendar year.

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Application Program Interface (API)

Application Program Interface (API) is a technical interface for the exchange of data.

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Artificial Intelligence (AI)

Artificial Intelligence (AI) uses data from computers, machines and software to simulate the processes of human intelligence.

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B2B

B2B is short for "Business-to-Business"

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B2C

B2C is short for "Business-to-Consumer"

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B2C2B

B2C2B is short for "Business-to-Consumer-to-Business"

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BANT

"BANT" is short for Budget, Authority, Need, Timeline.

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BASHO Email

BASHO is a highly personalized sales email, mostly targeted at c-level executives.

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Best Case

Best Case is a forecast category.

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Booking

Booking is the total amount of a signed contract for the initial contract duration.

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Business Development Representative (BDR) or Sales Development Representative (SDR)

BDR's or SDR's are sales specialists focusing on generating new Leads/ Prospects.

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Buyer

A Buyer purchases and/or subscribes to a product/ service.

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Buying Center

The buying center consists of people who are involved in a specific purchasing decision.

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Buying Signal

A Buying Signal is a verbal or nonverbal indication of a prospect to make a purchase.

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C-Level or C-Suite Executives

The C-Level is the top management of a company.

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CRM (Customer Relationship Management)

Customer Relationship Management (CRM) is the management of interactions with potential and existing clients.

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Call for Proposal (Request for Proposal, RFP)

Call for Proposal is the process by which a company asks a vendor to offer them something.

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Churn (Churn Rate)

The churn rate is the percentage of customers who leave or terminate a license agreement.

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Client/ Customer

A Client is a person/company that has chosen a product or service.

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Closed Lost

A Closed Lost opportunity is when a deal is closed without converting the lead/prospect into a customer.

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Closed Opportunity/ Closed Opp

"Closed Opportunity" is a general term that describes both won and lost opportunities.

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Closed Won

A Closed Won opportunity means a deal that has been successfully closed with the lead/prospect who is now considered as a customer.

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Cold Call

A cold call is an attempt to address a potential customer by calling him personally, without letting him know the sales person or having had any previous contact with him.

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Cold Email

A Cold Mail is an attempt to address a potential customer by e-mail without having had any previous contact with the prospect before.

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Commission

Commission is a performance-related, variable component of a sales representative's salary.

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Committed

Committed is a forecast category where the probability of a Deal is at least 95%.

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Contact

A Contact is a CRM record that contains information about a specific contact person.

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Content

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Content Management System (CMS)

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Conversion

Conversion is the process of converting a Prospect into a paying customer.

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Cross-selling

Cross-selling is when a customer purchases a further product/service from the same supplier in addition to the product/service initially purchased.

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Customer Acquisition Cost (CAC)

Customer Acquisition Cost (CAC) is the amount a company has to spend to acquire a new paying customer for a product or service.

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Customer Relationship Management (CRM)

Customer Relationship Management (CRM) is the management of interactions with potential and existing clients.

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Customer Success

Customer Success is a department/strategy that is often used in B2B sales to optimize customer relationships.

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Customer/ Client

A Customer is a person/company that has chosen a product or service.

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Dark (Ghosting)

This is a description for the situation a prospect has become unresponsive to calls, mails, invitations and so on.

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Days to Term Sheet (Sales Cycle)

Days to Term Sheet is the time from the first contact to a signed contract.

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Deal (Won Opportunity/ Signing)

A Deal means a closed won opportunity that has been successfully signed with the lead/prospect who is now considered as a customer.

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Deal Closing (or Closing a Deal)

Deal closing is the final process of completing a sale.

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Deal at Risk

A deal at risk determined by the AI Guided Selling software is characterized by such a high-risk level that its probability of closing is greatly reduced.

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Dealcode

Dealcode is the leading training and guidance software to boost productivity and drive efficiency in B2B sales.

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Deals to watch

Deals to watch are the most important deals in the sales pipeline that salespeople should focus on.

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Decision Maker

A decision maker is someone who has the authority to finalize purchasing decisions on their own.

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Diagnostic Analytics

Diagnostic Analytics is the process of using data to explain why a particular event happens. It is the logical next step in data analysis following using descriptive analytics to identify trends.

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Digital First

Digital First as an approach or methodology offers a framework for how modern organizations need to adapt their operations with flexible, innovative technology in response to profound transformations across the digital landscape.

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Digital Self-Service

Digital Self-Service or self-service is broad term covering a variety of customer service tactics aimed at enabling users to independently resolves issues or answer questions through digital channels.

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Digital Selling

Digital selling is the ongoing process of leveraging digital channels to find, engage and connect with prospective buyers.

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Effective Deals

Effective deals are deals that are won faster than average deals.

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Ghosting (Dark)

Ghosting is the situation where a prospect has become unresponsive to calls, mails, invitations and so on.

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Hubspot

HubSpot is a cloud-based CRM (Customer Relationship Management System). The goal of using HubSpot CRM in sales is to simplify the management of the sales pipeline and sell more efficiently.

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Ineffective Deals

Ineffective deals refer to deals that take an above-average amount of time to close.

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Key Performance Indicators (KPI)

Key-Performance Indicators (KPIs) are critical (key) measure of progress towards an intended outcome or result.

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Machine Learning

Machine learning (ML) is a sub-field of artificial intelligence. It includes IT systems that use algorithms to analyse data and learn from it. The goal is to imitate human behaviour.

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Natural Language Processing

Natural Language Processing (NLP) refers to a branch of artificial intelligence (or AI) geared towards giving computers the ability to understand text and spoken words in much the same way as humans can.

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Pipedrive

Pipedrive is a cloud-based CRM (Customer Relationship Management System) from the SaaS company "Pipedrive". Pipedrive supports the entire sales process.

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Pipeline Health

Pipeline health describes the aggregate status of all individual sales prospects in the sales pipeline determined through analysis of four key metrics.

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Predictive Analysis / Predictive Analytics

Predictive analytics (also predictive analysis) describes a method of analysis that uses new and historical machine learning data to predict future events and their probability of occurrence.

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Predictive Analytics / Predictive Analysis

Predictive analytics (also predictive analysis) describes a method of analysis that uses new and historical machine learning data to predict future events and their probability of occurrence.

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Prescriptive Analytics

Prescriptive Analytics assist businesses in identifying the best course of action required to achieve organizational goals (e.g. cost reduction, profitability, increase in sales).

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Procurement Department (Purchase Department)

The procurement department supports the entire company, as central main buyer of goods and services.

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Product Adoption

Product Adoption is the process whereby users become aware of a product, understand its value, and begin to use it.

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Purchase Departement (Procurement Department)

The purchase department supports the entire company, as central main buyer of goods and services.

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Remote Selling

Remote selling, otherwise known as virutal selling, is the collection of processes and technologies by which salespeople engage with customer remotely with both synchronous and asynchronous communications.

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Request for Proposal (RFP) / Call for Proposal

Request for Proposal is the process by which a company asks a vendor to offer them something.

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Results Metrics

Results Metrics refer to sales metrics or KPIs that focus on the output of your sales activities.

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Revenue

Revenue is the money generated from the sales of goods or services in normal business operations for a particular period, calculated as the average sales prices times the number of units sold.

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Risk Level

The risk level of a deal is a key figure calculated by the AI Guided Selling software that indicates the degree to which the closing of a deal is at risk.

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Sales

Sales is the process of selling a product/service for something in return, for instance money.

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Sales 4.0

Sales 4.0 refers to digitalised, automated and accelerated sales processes through intelligent technologies such as AI.

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Sales Activity Tracking

Sales activity tracking refers to the process of monitoring and analyzing the different stages within your sales process with the aim of measuring the success of your current selling efforts as well as identifying areas in need of improvement.

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Sales Cycle (Days to Term Sheet)

The Sales Cycle is the time from the first contact to a signed contract.

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Sales Development Representative (SDR) or Business Development Representative (BDR)

SDR's or BDR's are sales specialists focusing on generating new Leads/ Prospects.

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Sales Funnel

A Sales Funnel, also called a “Purchase Funnel”, is used to describe the visual representation of the customer journey, depicting the sales process from awareness to action. It is a sales tool used to convert potential customers throughout various stages within the sales process. The funnel illustrates the idea that a sales process begins with a large number of potential customers and ends with a much smaller number of people who actually purchase the product.

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Sales Funnel Leakage

Sales Funnel Leakage refers to leads which “leak” or prospect drop out from your sales/marketing funnel or sales pipeline. In order to fix these “leaks” or reduce drop-off rates, business must take action to identify the root causes of Sales Funnel Leakage through Funnel Analysis.

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Sales Intelligence

Technology that finds, analyzes and evaluates data on potential customers.

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Sales Pipeline

The Sales Pipeline is a methodical approach to visualize revenues in the sales process.

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Sales Process

A Sales Process is a step-by-step plan that details how salespeople convert leads into customers. It outlines each action sales reps should take and the order in which steps should follow.

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Sales Representative (Sales Rep)

A Sales Rep is someone whose job is to sell products/ services.

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Smart Process Automation (SPA)

Smart Process Automation (SPA) is the logical next step in evolution of RPA (Robotic Process Automation) and employs cognitive bots which use AI and ML to perform increasingly complex cognitive tasks. SPA is particularly well suited for processing unstructured data.

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Social Selling

Social selling is the deliberate use of social networks as potential sales channels.

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UI

UI is short for user interface and describes the user interface of a product or service. The user interface includes all functions, operating elements and their appearance that are visible to the user.

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UX

UX is short for user experience and describes the user experience that results from interacting with a product, application or service.

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Upselling

Upselling is a selling technique where a seller tries to place an upgrade (e.g. new user) of an existing product/service to increase the average order value of a specific client.

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Upskilling

Upskilling describes the process of individuals learning new skills.

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Virtual Selling

Virtual selling, otherwise known as remote selling, is the collection of processes and technologies by which salespeople engage with customer remotely with both synchronous and asynchronous communications.

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Warm Call

A Warm Call is a call to a potential customer who already has initial information about the product and/or the service offered through previous contacts

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