Inventory Management Concepts
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'''Inventory management applications''' has become a valuable tool for organizations looking to more efficiently manage stock. While the capabilities of applications vary, most inventory management applications ''give organizations a structured method of accounting for all incoming and outgoing inventory within their facilities''. Organizations save a significant amount in costs associated with manual inventory counts, administrative errors and reductions in inventory stock-outs. | '''Inventory management applications''' has become a valuable tool for organizations looking to more efficiently manage stock. While the capabilities of applications vary, most inventory management applications ''give organizations a structured method of accounting for all incoming and outgoing inventory within their facilities''. Organizations save a significant amount in costs associated with manual inventory counts, administrative errors and reductions in inventory stock-outs. | ||
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| + | === SKU === | ||
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| + | '''Stock Keeping Unit (SKU)''' is a unique combination of all the components that are assembled into the purchasable item. Therefore any change in the packaging or product is a new SKU. This level of detailed specification assists in managing inventory. | ||
=== VMI === | === VMI === | ||
Revision as of 23:06, 26 May 2010
Contents |
Glossary
Inventory
Inventory is a list for goods and materials, or those goods and materials themselves, held available in stock by a business.
Inventory Management Application
Inventory management applications has become a valuable tool for organizations looking to more efficiently manage stock. While the capabilities of applications vary, most inventory management applications give organizations a structured method of accounting for all incoming and outgoing inventory within their facilities. Organizations save a significant amount in costs associated with manual inventory counts, administrative errors and reductions in inventory stock-outs.
SKU
Stock Keeping Unit (SKU) is a unique combination of all the components that are assembled into the purchasable item. Therefore any change in the packaging or product is a new SKU. This level of detailed specification assists in managing inventory.
VMI
VMI - Vendor-managed inventory. See also http://en.wikipedia.org/wiki/Vendor-managed_inventory.
Related wiki articles
- http://en.wikipedia.org/wiki/Stock_management
- http://en.wikipedia.org/wiki/Inventory
- http://en.wikipedia.org/wiki/Vendor-managed_inventory
Related books
- Supply Chain Management: Text and Cases By Janat Shah (http://books.google.com)
