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Parts Inventory System
Inventory control or stock control is the process of managing stock held within a warehouse, store or other storage location, including auditing actions concerned with "checking a shop's stock". These processes ensure that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction. Other facets of inventory control include forecasting future demand, supply chain management, production control, financial flexibility, purchasing data, loss prevention and turnover, and customer satisfaction. An extension of inventory control is the inventory control system. This may come in the form of a technological system and its programmed software used for managing various aspects of inventory problems, or it may refer to a methodo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Supply Chain Management
In commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management, logistics and marketing channels, through which raw materials can be developed into finished products and delivered to their end customers. A more narrow definition of supply chain management is the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronising supply with demand and measuring performance globally". This can include the movement and storage of raw materials, work-in-process inventory, finished goods, and end to end order fulfilment from the point of origin to the point of consumption. Interconnected, interrelated or interlinked networks, channels and node businesses combine in the provision of products and services required by end customers in a supply chain. SCM is the br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Fixed Asset
Fixed assets (also known as long-lived assets or property, plant and equipment; PP&E) is a term used in accounting for assets and property that may not easily be converted into cash. They are contrasted with current assets, such as cash, bank accounts, and short-term debts receivable. In most cases, only tangible assets are referred to as fixed. While IAS 16 (International Accounting Standard) does not define the term ''fixed asset'', it is often colloquially considered a synonym for property, plant and equipment. According to IAS 16.6, property, plant and equipment are tangible items that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and (b) are expected to be used during more than one period. Fixed assets are of two types: * those which are purchased with legal right of ownership (in the case of property, known as ''freehold assets''), and * those for which the owner has temporary ownership ri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Freight Transport
Freight transport, also referred to as freight forwarding, is the physical process of transporting commodities and merchandise goods and cargo. The term shipping originally referred to transport by sea but in American English, it has been extended to refer to transport by land or air (International English: "carriage") as well. "Logistics", a term borrowed from the military environment, is also used in the same sense. History Prehistoric Era Initial human civilization relied heavily on domesticated animals, such as horses, camels, and donkeys, to transport their goods. The invention of the wheel in Mesopotamia in 5000BC improved this efficiency by allowing for carts and carriages to be created, which animals could pull. Classical Era Romans The Romans built a vast network of roads, which facilitated trade across the numerous cities in its empire. Silk Road Transport along the silk road, a land-based route, was generally done through caravans, equipped with ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Inventory Optimization
Inventory optimization refers to the techniques used by businesses to improve their oversight, control and management of inventory size and location across their extended supply network.Scheuffele, G. and Kulshreshtha, A.Inventory Optimization: A Necessity Turning to Urgency ''SETLabs Briefings'', Volume 5, No. 3, July–September 2007, accessed 3 December 2023 It has been observed within operations research that "every company has the challenge of matching its supply volume to customer demand. How well the company manages this challenge has a major impact on its profitability." Inventory management challenges In contrast to the traditional "binge and purge" inventory cycle in which companies over-purchase product to prepare for possible demand spikes and then discard extra product, inventory optimization seeks to more efficiently match supply to expected customer demand. American Productivity and Quality Center (APQC) Open Standards data shows that the median company carries an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Customer Managed Inventory
In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product, or an idea, obtained from a seller, vendor, or supplier via a financial transaction or an exchange for money or some other valuable consideration. Etymology and terminology Early societies relied on a gift economy based on favours. Later, as commerce developed, less permanent human relations were formed, depending more on transitory needs rather than enduring social desires. Customers are generally said to be the purchasers of goods and services, while clients are those who receive personalized advice and solutions. Although such distinctions have no contemporary semantic weight, agencies such as law firms, film studios, and health care providers tend to prefer ''client'', while grocery stores, banks, and restaurants tend to prefer ''customer'' instead. Client The term client is derived from Latin ''clients'' or ''care'' meaning "to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Vendor Managed Inventory
Vendor-managed inventory (VMI) is an inventory management practice in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor. Under VMI, the retailer shares their inventory data with a vendor (sometimes called supplier) such that the vendor is the decision-maker who determines the order size, whereas in traditional inventory management, the retailer (sometimes called distributor or buyer) makes his or her own decisions regarding the order size. Thus, the vendor is responsible for the retailer's ordering cost, while the retailer usually acquires ownership of the stock and has to pay for their own holding cost. One supply chain management glossary identifies VMI as although a 2008 article notes that there is no standard definition of VMI and the term's usage varies "significantly" among companies supporting VMI processes.Chhabra, N.Collaborative Fulfillment ''APICS e-News'', published 24 September 2008, accessed 13 Marc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Just-in-time Manufacturing
Lean manufacturing is a method of manufacturing goods aimed primarily at reducing times within the production system as well as response times from suppliers and customers. It is closely related to another concept called just-in-time manufacturing (JIT manufacturing in short). Just-in-time manufacturing tries to match production to demand by only supplying goods that have been ordered and focus on efficiency, productivity (with a commitment to continuous improvement), and reduction of "wastes" for the producer and supplier of goods. Lean manufacturing adopts the just-in-time approach and additionally focuses on reducing cycle, flow, and throughput times by further eliminating activities that do not add any value for the customer. Lean manufacturing also involves people who work outside of the manufacturing process, such as in marketing and customer service. Lean manufacturing (also known as agile manufacturing) is particularly related to the operational model impleme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
FIFO And LIFO Accounting
FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feedstocks. They are used to manage assumptions of costs related to inventory, stock repurchases (if purchased at different prices), and various other accounting purposes. The following equation is useful when determining inventory costing methods: \text + \text = \text + \text. FIFO "FIFO" stands for ''first-in, first-out'', meaning that the oldest inventory items are recorded as sold first (but this does not necessarily mean that the exact oldest physical object has been tracked and sold). In other words, the cost associated with the inventory that was purchased first is the cost expensed first. A company might use the LIFO method for accounting purposes, even if it uses FIFO for inventory management purposes (i.e., for the actual storage, shelving, and sal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Smart-phone
A smartphone is a mobile phone with advanced computing capabilities. It typically has a touchscreen interface, allowing users to access a wide range of applications and services, such as web browsing, email, and social media, as well as multimedia playback and streaming. Smartphones have built-in cameras, GPS navigation, and support for various communication methods, including voice calls, text messaging, and internet-based messaging apps. Smartphones are distinguished from older-design feature phones by their more advanced hardware capabilities and extensive mobile operating systems, access to the internet, business applications, mobile payments, and multimedia functionality, including music, video, gaming, radio, and television. Smartphones typically feature metal–oxide–semiconductor (MOS) integrated circuit (IC) chips, various sensors, and support for multiple wireless communication protocols. Examples of smartphone sensors include accelerometers, barometers, gyroscopes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Capital Equipment
Fixed assets (also known as long-lived assets or property, plant and equipment; PP&E) is a term used in accounting for assets and property that may not easily be converted into cash. They are contrasted with current assets, such as cash, bank accounts, and short-term debts receivable. In most cases, only tangible assets are referred to as fixed. While IAS 16 (International Accounting Standard) does not define the term ''fixed asset'', it is often colloquially considered a synonym for property, plant and equipment. According to IAS 16.6, property, plant and equipment are tangible items that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and (b) are expected to be used during more than one period. Fixed assets are of two types: * those which are purchased with legal right of ownership (in the case of property, known as ''freehold assets''), and * those for which the owner has temporary ownership ri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Consumable
Consumables (also known as consumable goods, non-durable goods, or soft goods) are goods that are intended to be wikt:consume, consumed. People have, for example, always consumed food and water. Consumables are in contrast to durable goods. Disposable products are a particular, extreme case of consumables, because their end-of-life is reached after a single use. Consumables are products that consumers use ''recurrently'', i.e., items which "get used up" or discarded. For example, consumable office supplies are such products as paper, pens, file folders, Post-it notes, and toner (printing), toner or ink cartridges. This is in contrast to capital goods or durable goods in the office, such as computers, fax machines, and other business machines or office furniture. Sometimes a company sells a durable good at an attractively low price in the hopes that the consumer will then buy the consumables that go with it at a price providing a higher profit margin, margin. Printers and ink cartri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
