Supply chain management Definitions

  • D

    dual sourcing

    Dual sourcing is the supply chain management practice of using two suppliers for a given component, raw material, product or service. Companies use this approach to lower the risk of relying on a single supplier, a practice called single sourcing. Sole sourcing, in contrast, means only one source is available.

  • E

    Epicor Software Corp.

    Epicor Software Corp. is a global business software vendor that sells ERP and other software to small and medium-sized businesses (SMBs) and large enterprises.

  • ERP (enterprise resource planning)

    ERP, or enterprise resource planning, is a modular software system designed to integrate the main functional areas of an organization's business processes into a unified system.

  • G

    GDSN (Global Data Synchronization Network)

    GDSN (Global Data Synchronization Network) is an internet-based network that enables trading partners to exchange product-identification data in a standardized way in real time.

  • GS1

    GS1 is a global, not-for-profit association that maintains standards for barcodes and RFID tags and for supply chain messaging such as Electronic Data Interchange (EDI).

  • I

    Industry 4.0

    Industry 4.0, which refers to the fourth industrial revolution, is the cyber-physical transformation of manufacturing.

  • inventory management

    Inventory management is the supervision of non-capitalized assets (inventory) and stock items. A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.

  • inventory optimization

    Inventory optimization (IO) is a strategy for balancing the amount of working capital that's tied up in inventory with service-level goals across multiple stock-keeping units (SKUs).

  • J

    JDA Software

    JDA Software is a software and consultancy company that specializes in selling supply chain management products and services to businesses.

  • K

    Kaizen (continuous improvement)

    Kaizen is an approach to creating continuous improvement based on the idea that small, ongoing positive changes can reap major improvements.

  • L

    lean manufacturing (lean production)

    Lean manufacturing is a methodology that focuses on minimizing waste within manufacturing systems while simultaneously maximizing productivity.

  • liquid logistics

    Liquid logistics is a specialized material-handling and transportation discipline that is used when moving liquid products through a supply chain.

  • logistics

    Logistics is the process of planning and executing the efficient transportation and storage of goods from the point of origin to the point of consumption.

  • logistics management

    Logistics management is the governance of supply chain management functions that helps organizations plan, manage and implement processes to move and store goods.

  • M

    material requirements planning (MRP)

    Material requirements planning (MRP) is a system for calculating the materials and components needed to manufacture a product. It consists of three primary steps: taking inventory of the materials and components on hand, identifying which additional ones are needed and then scheduling their production or purchase.

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