Glossary
There are a number of traditional industry terms that supply chain professionals are familiar with, but modern methodologies and technologies have led to an influx in newer terms and acronyms.
We have compiled this glossary of terms for you to refer back to at your convenience (pro tip: bookmark this page).
MRO (Maintenance and repair operation )
Often referred to as the glue that holds a business together, MRO provides dedicated maintenance equipment and processes. It is a crucial part of the procurement process where we can help ensure the safety and seamless functioning of an organization.
VMI (Vendor managed inventory)
We provide a supply chain structure wherein replenishment decisions are in the hands of the vendor, rather than the seller or retailer.
Reverse Logistics
A self-evident term which encompasses a range of process, anything from handling returned products through the recycling and disposal of previously sold parts and goods.
Inventory financing / consignment
A valuable service for reducing purchase risk for our customers, we leverage our purchasing power and maintain ownership of your inventory all the way through consumption.
Inventory Management Outsourcing
Outsourcing your inventory allows a company to experience a reduction in waste, while freeing up financial and managerial obligations to a crucial part of your supply chain.
Sourcing (Global sourcing)
Identifying and targeting new procurement sources from the international market leads to overall organizational savings, a key component of how we can help your business.
Procurement/Purchasing
At the center of inventory management is procurement, where we pride ourselves in providing cost savings for our customers by tapping quality supply sources with our unique purchasing capabilities.
Super supplier
We streamline the purchasing process and supply chain of our customers by concentrating all suppliers, large or small, into one entirely serviced and managed funnel.
Supply chain Integrator
By integrating and linking the many supply chain components into one controlled methodological process, we optimize both the financial and operational aspects of your supply needs and logistics.
Inventory optimization
Using our deep understanding and expertise in managing inventory, we determine optimal inventory levels and parts availability. This allows us to ensure these critical components of inventory management are running at peak performance.
Planning as a service
Proper planning of the exact required inventory levels of any one item is perhaps the most complex aspect of inventory management. As part of an overall service package or as a stand-alone service, we leverage our hard-earned knowledge and accumulated experience to provide the best planning possible.
Inventory total cost of ownership
Our unique approach to inventory reduces costs and improves the bottom line of our customers. By taking ownership of multiple supply channel elements, both direct and indirect, we’re able to impact total expenditures – including those not typically associated with inventory.
Speak with an inventory expert today.
