Inventory management Definitions

  • A

    ABC classification

    ABC classification is a ranking system for identifying and grouping items in terms of how useful they are for achieving business goals.

  • Automatic Identification and Data Capture (AIDC)

    Automatic Identification and Data Capture (AIDC) is a broad set of technologies used to collect information from an object, image or sound without manual data entry. The actual technologies involved, the information obtained and the purpose of collection vary widely. AIDC systems are used to manage inventory, delivery, assets, security and documents.

  • I

    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).

  • L

    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.

  • P

    pick to light

    Pick to light is order-fulfillment technology that employs alphanumeric displays and buttons at storage locations to guide the manual "picking" and recording of items for shipment.

  • S

    supply chain management (SCM)

    Supply chain management (SCM) is the broad range of activities required to plan, control and execute a product's flow, from acquiring raw materials and production through distribution to the final customer, in the most streamlined and cost-effective way possible.

  • V

    vendor-managed inventory (VMI)

    Vendor-managed inventory (VMI) is an inventory management technique in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor.

  • W

    Warehouse control system (WCS)

    Warehouse control system (WCS) is a software application for orchestrating activity flow within a warehouses and distribution center.

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