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Business & Professional Acronyms Everyone Should Know

Hey ABSA family! In this summer blog post, we will be talking about acronym lingo! There are hundreds of business and corporate/professional acronyms, and we wanted to touch on some of the most common ones you may encounter inside and outside the classroom – in class, at work/internship, for case competitions, and more! Knowing these acronyms can be helpful to efficiently communicate with others and understand what people are referring to.


Business

·       B2B (business to business): transaction between businesses

·       B2C (business to consumer): transaction between a business and customer

·       ROI (return on investment): ratio between net income and investment that evaluates the efficiency of an investment – the higher ROI the better

·       KPI (key performance indicators): a variety of measurements evaluating the performance of a company’s activities

·       R&D (research and development): actions taken to improve a company or develop new products/services

·       SWOT (strengths, weaknesses, opportunities, threats): A strategic planning analysis tool that can be used to evaluate the operations of a company and how to improve for the future

·       FIFO (first-in-first-out): asset management and inventory method where assets/items that are acquired first are sold, used, or disposed first too

·       TAT (turnaround time): time frame of completing a task –-> more efficient means faster TAT

·       NDA (non-disclosure agreement): legal contract between parties with confidential information and parties that have access to the information

·       CRM (customer relationship management): technological/software programs that manage a company’s existing and potential customers

·        COGS (cost of goods sold): expenses directly associated with producing a specific good (ex: raw materials, direct labor, transportation, manufacturing overhead costs)

 

Professional/Corporate

·       OOO (out of office): individual is offline and cannot be reached

·       YTD (year to date): time period from beginning of the year to now

·       WTD (week to date): time period from beginning of current week to the current date (usually the week starts on Sunday)

·       PTO (paid time off): time period where employees can take off from work while still being paid by the company

·       VPN (virtual private network): encrypted network between a device and the internet that increases data security and protects a company’s private information

·       COB (close of business): the end of a traditional business day (usually 5pm – depends on time zone)

·       RCA (root cause analysis): detailed analysis of why an issue occurred in order to identify solutions

·       SOW (statement of work): a document that contains what an employee works on (activities, operating rhythm, deliverables, timelines, etc.)

·       1-on-1: meeting with an employee and manager/anyone else in the organization to check-in about work or any other discussion

·       SOP (standard operating procedure): outlines the actions necessary to complete tasks in compliance with industry regulations, business internal regulations, government laws, etc.

·       SME (subject matter experts): individuals that are highly knowledgeable and experienced about a specific job/task


We hope you enjoyed reading and learned something new! Have an amazing rest of the summer and we can’t wait to meet you all this coming fall quarter!! Follow us on Instagram @uwabsa for updates :))

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