inventory management
Tracking stored goods
Inventory management is the practice of overseeing and controlling a business's stock of goods—tracking what's on hand, what's been ordered, and what's been sold.
Effective inventory management balances having enough product to meet demand against the costs of storing excess: Their inventory management system flags items when stock runs low.
The term spans everything from a corner store counting cans to sophisticated software predicting seasonal fluctuations.
Retail product identifier
- barcodeEncoded product stripes
- RFIDWireless identification via electromagnetic fields
- stocktakingCounting stored merchandise
- serializationEncoding objects for transmission
Exactly when required
- leanLacking fat; incline
- turnoverSales volume or attrition
- optimizationMaximizing efficiency or performance
- automationSelf-operating system design
throughput · cycle time · streamlining · workflow · productivity · replenishment · scalability · KPIs
Storing goods commercially
- bulk storageStoring items in quantity
- pickingAct of selecting
- restockingReplacing sold merchandise
- shelvingHorizontal storage surfaces
pallet · bin · cold storage · staging area · receiving · slotting · stacking · climate control
Merchandise that cannot sell
- turnover rateEmployee departure frequency
- liquidationSelling assets for cash
- obsolescenceState of becoming disused
- waste reductionDecreasing material for disposal
spoilage · pilferage · write-off · opportunity cost · insurance · depreciation · markdown · overstock
Interval before completion
- backorderDeferred fulfillment request
- stockoutInventory exhaustion event
- procurementObtaining goods externally
- purchase orderBuyer's formal acquisition document
SKU
Retail product identifier
- barcodeEncoded product stripes
- RFIDWireless identification via electromagnetic fields
- stocktakingCounting stored merchandise
just-in-time
Exactly when required
- leanLacking fat; incline
- turnoverSales volume or attrition
- optimizationMaximizing efficiency or performance
automation · throughput · cycle time · streamlining · workflow · productivity · replenishment · scalability · KPIs · metrics
warehousing
Storing goods commercially
- bulk storageStoring items in quantity
- pickingAct of selecting
- restockingReplacing sold merchandise
shelving · pallet · bin · cold storage · staging area · receiving · slotting · stacking · climate control · fulfillment center
dead stock
Merchandise that cannot sell
- turnover rateEmployee departure frequency
- liquidationSelling assets for cash
- obsolescenceState of becoming disused
waste reduction · spoilage · pilferage · write-off · opportunity cost · insurance · depreciation · markdown · overstock
lead time
Interval before completion
- backorderDeferred fulfillment request
- stockoutInventory exhaustion event
- procurementObtaining goods externally
- warehousingwarehouse, warehouses, fulfillment centers, fulfillment center, distribution centers
- gamingvideo games, buff, games, PlayStation 4, gameplay
- e-commercecheckout, shopping cart, online shopping, cart, online retail
- fashion industryfashion, fashion design, fashion designers, fashion shows, fashion week
- logisticsshipping, delivery, warehouses, warehousing, shipment
- operationsoperation, operations, military operation, joint operation, workflow
inventory managementsales
Revenue from goods moved
procurement · distribution · order processing · sourcing · marketing