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Supply Chain Management
The oversight and management of a product's lifecycle from production to consumption, encompassing procurement, logistics, and distribution.
Lead Time
The time taken from the initiation of a process until its completion, crucial for planning and inventory management.
Order Fulfillment
The complete process from the point of sales inquiry to the delivery of the product to the customer.
Safety Stock
Extra inventory held to prevent stockouts caused by fluctuations in demand or supply.
Just-in-Case (JIC)
Inventory strategy that involves holding extra stock as a buffer against unexpected demand or supply chain disruptions.
Cycle Counting
An inventory management technique that involves counting a subset of inventory on a regular basis to ensure accuracy.
Stock Keeping Unit (SKU)
A unique identifier for each distinct product and service that can be purchased.
Supplier Relationship Management (SRM)
The process of managing how an organization interacts with its suppliers to maximize the value of those interactions.
Collaborative Planning, Forecasting and Replenishment (CPFR)
A business practice that combines the intelligence of multiple trading partners in the planning and fulfillment of customer demand.
Total Cost of Ownership (TCO)
An approach that calculates the total costs of purchasing, maintaining, and disposing of a product throughout its lifecycle.
Forecast Accuracy
A measure of how closely a forecast matches the actual demand, used to enhance forecasting processes.
Supply Chain Visibility
The ability to track and monitor all components within the supply chain, providing better control and communication.
Lean Inventory
An inventory strategy focused on reducing waste and minimizing holding costs while meeting customer needs.
Batch Production
A manufacturing technique where products are produced in groups or batches rather than in a continuous stream.
Channel Strategy
A plan that outlines how a company will deliver its products and services through various sales channels.
Inventory Turnover
A ratio that shows how many times inventory is sold and replaced over a period, indicating efficiency in inventory management.
Lead Time Reduction
Strategies aimed at shortening the time from order placement to delivery, improving responsiveness to customer demand.
Supply Chain Risk Management
The process of identifying, assessing, and mitigating risks that may disrupt the supply chain operations.
Cross-Docking
A logistics practice where products are directly transferred from incoming to outgoing transport, minimizing storage time.
Omni-Channel Retailing
A sales approach that provides customers with an integrated shopping experience across various channels, including online and offline.
Distribution Center
A warehouse or storage facility that holds goods for short periods before distributing them to retailers or customers.
Total Quality Management (TQM)
A management approach aimed at embedding awareness of quality in all organizational processes to ensure customer satisfaction.
Kanban System
A scheduling system that helps determine what to produce, when to produce it, and how much to produce.
Sourcing Strategy
A plan for identifying and procuring goods and services from suppliers to achieve business objectives.
Cycle Stock
The portion of inventory that is managed as part of regular sales or production cycles, distinct from safety stock.
Returns Management
The process that handles the return of goods from customers, including processing returns and restocking items.
Inventory Aging
The practice of monitoring inventory based on how long it has been in stock, helping to manage stock levels effectively.
Sales and Operations Planning (S&OP)
A process to align supply and demand planning strategies with financial goals.
Collaborative Logistics
Working together with partners to optimize logistics services and reduce costs throughout the supply chain.
Demand Forecasting
The process of estimating future customer demand using historical data and market analysis.
E-procurement
The use of electronic methods in the procurement process to improve efficiency and reduce costs.
Cold Chain Management
The management of temperature-controlled supply chains to preserve product quality during transportation.
