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Logistics glossary

Here you find current terms and concepts in Supply Chain.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | X | Y | Z

 

Idle time

The period of time when a work station is available forproduction but is not utilized due to shortage of tooling,material, operators etc.

 


Inbound Logistics

The movement of materials from suppliers and vendors into production processes or storage facilities.

 


Incoterms

A set of international rules, issued by the ICC (International Chamber of Commerce) for the interpretationof the chief terms of delivery used in foreign tradecontracts. The incoterms define the rights andobligations of the seller and the buyer, for instance transfer of the risk (at which point and time the risk passes from the seller to the buyer).

 

 

Indirect/Distributor channel

Your company sells and ships to the distributor. The distributor sells and ships to the end user. This may occur in multiple stages. Ultimately your products may pass through the Indirect/Distributor Channel and arrive at a retail outlet.

 

 

Insourcing

The opposite of outsourcing, that is, a serve performed in-house.
  

 

Integrated Logistics

 

A comprehensive, system-wide view of the entire supply chain as a single process, from raw materials supply through finished goods distribution. All functions that make up the supply chain are managed as a single entity, rather than managing individual functions separately.
  

 

Intermodal transportation

Transporting freight by using two or more transportation modes.

 

 

lnternational Air Transport Association (IATA)

An international organization of airlines, founded in1945, with the aim of promoting the commercial airtraffic. This should be achieved by cooperation betweenparties concerned and by performance of certain rules,procedures and tariffs, regarding both cargo and passengers, by those parties.

 

 

International Standards Organization (ISO)

An organization within the United Nations to which all national and other standard setting bodies (should) defer. Develops and monitors international standards.
  

 

In transit

The status of goods or persons between the outwardscustoms clearance and inwards customs clearance.

 

 

Inventory

Raw materials, work in process, finished goods and supplies required for creation of a company’s goods and services; the number of units and/or value of the stock of goods held by a company.

 


Inventory carrying cost

One of the elements comprising a company’s total supply-chain managements costs. This cost consists of the following:
  1. Opportunity Cost: The opportunity cost of holding inventory. This should be based on your company’s own cost of capital standards using the following formula. Calculation: Cost of Capital x Average Net Value of Inventory.
  2. Shrinkage: The cost associated with breakage, pilferage, and deterioration of inventories. Usually pertains to the loss of material through handling damage, theft, or neglect.
  3. Insurance and Taxes: The cost of insuring inventories and taxes associated with the holding of inventory.
  4. Total Obsolescence for Raw Material, WIP, and Finished Goods Inventory: Inventory reserves taken due to obsolescence and scrap and includes products exceeding the shelf life, i.e. spoils and is no good for use in its original purpose (do not include reserves taken for Field Service Parts).

 

 
Inventory management

The process of ensuring the availability of products through inventory administration.

 


Inventory turns

The cost of goods sold divided by the average level of inventory on hand. This ratio measures how many times a company’s inventory has been sold during a period of time. Operationally, inventory turns are measured as a total throughput divided by average level of inventory for a given period; How many times a year the average inventory for a firm changes over, or is sold.

 


 

A series of quality assurance standards compiled by International Standardization Organization. In the United States, ISO is represented by the American National Standards Institute based in Washington.

ISO 9000

 

 

 

 

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