Unit 3 - Іnventory management and procurement

Palabra

Ejemplo

inventory

The inventory was checked before the audit

procurement

The company has a strict procurement process

supply chain

Managing the supply chain is essential for efficiency

logistics

Good logistics are key to reducing costs in procurement

stock levels

Stock levels must be regularly monitored

warehouse

The warehouse is fully stocked with necessary items

supplier

We have a new supplier for office equipment

order

The order was placed last week

delivery

The delivery is scheduled for tomorrow

lead time

The lead time for this product is about two weeks

purchase order

The purchase order has been approved

requisition

A requisition form must be filled out for new purchases

stocktaking

Stocktaking is done at the end of each fiscal year

backorder

There is a backorder for some items due to supply issues

inventory turnover

The inventory turnover ratio indicates how fast goods are sold

just-in-time (JIT)

We use a Just-in-time system to minimize inventory costs

replenishment

The replenishment process ensures we never run out of stock

warehouse management system (WMS)

The WMS helps track stock and manage orders effectively

bulk order

We placed a bulk order to get a better discount

stock-out

A stock-out situation led to delayed deliveries

demand forecasting

Demand forecasting helps manage stock more effectively

order fulfillment

The order fulfillment process has been streamlined

supplier relationship management

Effective supplier relationship management ensures timely deliveries

minimum order quantity (MOQ)

The supplier has a minimum order quantity of 100 units

supply chain management

Effective supply chain management reduces costs and delays

distribution

The distribution process involves delivering goods to multiple locations

stock control

Stock control is crucial to avoid overstocking or stockouts

vendor

The vendor provides us with high-quality materials

freight

We need to find a more cost-effective freight option

inventory tracking

Inventory tracking allows us to see stock levels in real time

restocking

Restocking is needed every two weeks to maintain inventory levels

cash flow

The company is managing cash flow by reducing inventory costs

purchase requisition

A purchase requisition is necessary for all new orders

shipping

Shipping costs vary depending on the destination

asset management

Asset management includes tracking inventory and equipment

customs clearance

The goods are held up due to customs clearance issues

quality control

Quality control ensures that all products meet standards

packaging

The packaging of goods is designed to prevent damage during shipping

inventory audit

An inventory audit will be conducted next month

vendor management

Vendor management is important for timely deliveries

reorder point

The reorder point is triggered when stock reaches a certain level

stockout risk

We need to minimize stockout risk by forecasting demand accurately

order processing

Order processing time can be reduced with automation

goods receipt

The goods receipt process involves checking incoming items

inventory management system

The inventory management system helps track stock levels in real-time

sourcing

Sourcing of raw materials is done from reliable suppliers

stock keeping unit (SKU)

Each product is assigned a unique SKU for easy tracking

purchase agreement

We signed a purchase agreement with the supplier

demand planning

Demand planning ensures we have enough stock for upcoming sales

shipping terms

The shipping terms specify when the goods will arrive

purchase price

We negotiated a lower purchase price with the supplier

transportation costs

Transportation costs must be factored into the overall budget

supplier evaluation

Supplier evaluation is done based on quality, price, and delivery time

stock rotation

Stock rotation ensures older items are sold first

inventory optimization

Inventory optimization helps reduce holding costs

outsourcing

We are considering outsourcing our logistics to reduce costs

supply risk

Supply risk can be mitigated by having multiple suppliers

economic order quantity (EOQ)

Economic order quantity helps minimize total inventory costs

cost of goods sold (COGS)

COGS represents the direct costs associated with producing goods

inventory turnover ratio

A higher inventory turnover ratio is favorable for cash flow

just-in-case (JIC)

We use a Just-in-case system to maintain extra stock for emergencies