Terms for S

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S

Saved Cart
A Shopping Cart saved during the requisition creation process. A saved cart is considered an in-progress requisition.

Shopping Cart
An electronic "basket" used for holding items until the Requisition Creator instructs the system to enter (save) them into a requisition. A Penn Marketplace Shopping Cart holds items requested from the Penn Marketplace during one session. Items from the Penn Marketplace are moved to the BEN Buys Shopping Cart when the [Return to BEN Buys Shopping Cart] button is activated. The BEN Buys Shopping Cart holds items and services from both the Penn Marketplace and non-catalog requests.

SKU
Stock Keeping Unit. A code by which all products are defined within a company.

Spot Buys
A spot buy takes place when a buyer purchases a required item, or items, from a non-contracted, non-strategic supplier. Spot buys usually take place in emergency situations or when a buyer's strategic suppliers are unable to provide the required product at that time.

SRM
Supplier relationship management.

Strategic Sourcing
The process of determining long-term supply requirements, finding sources to fulfill those needs, selecting suppliers to provide the services, negotiating the purchase agreements and managing the suppliers' performance.

Statement
The statement detail page allows authorized users to view the current and past statements as well as view credit limit (spending limit) and available credit at that point in time.

Statement of account
A monthly transaction report available via PaymentNet. Cardholders are responsible for submitting a signed statement of account to the transaction approver at the end of each billing cycle. The transaction approver then reviews the statement to ensure all transactions are within the purchasing card’s policy, best practice and audit guidelines.

Supplier
A company or an individual that provides a product or service to the University in exchange for money.

Supplier Item Number
The number the supplier uses to identify an item.

Supply Chain Management (SCM)
SCM refers to the analysis of and effort to improve a company's processes for product and service design, purchasing, invoicing, inventory management, distribution, customer satisfaction and other elements of the supply chain. SCM usually refers to an effort to redesign supply chain processes in order to achieve streamlining.