Inventory Management Concepts

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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. See http://en.wikipedia.org/wiki/Stock_Keeping_Unit

VMI

VMI - Vendor-managed inventory. See also http://en.wikipedia.org/wiki/Vendor-managed_inventory.

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