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なるほど naruhodo
Ah — so that's how it works.
What does naruhodo mean?
The classic "I see". Warm and curious, though used flatly on your boss it can sound like you're grading their explanation. なるほどですね does not fix that; 勉強になります is the safer road.
Example
なるほど、そういう仕組みだったのか。
Ah, so that's how the system works.
Vibe
Who you can say this to, and how it lands.
Safe to use Fine in ordinary conversation.
The story behind naruhodo
Written out, なるほど is 成る程 — roughly, the degree to which a thing becomes so. In older Japanese it meant as far as possible, and only later slid into its modern job of signalling that an explanation has landed. You can still hear the measuring in it: the speaker is confirming that yes, it goes that far.
Its one hazard is direction. Aimed at a superior it can sound like you have assessed their explanation and found it satisfactory, which is not the impression a junior wants to leave. The workaround people invented, なるほどですね, spread through sales and phone work and irritates a great many listeners. 勉強になります is the safer road.