ALLOCATED/ALLOCATION
The specific number of inventory items used to fulfill current orders. Allocated stock is removed from the current inventory available to fulfill additional incoming customer orders.
API (APPLICATION PROGRAMMING INTERFACE)
An interface or communication protocol between a client and a server intended to simplify the building of client-side software.
ASN (ADVANCED SHIPPING NOTIFICATION)
A document that provides details about a pending customer delivery. Its purpose is to notify.
AVAILABLE
Refers to the status of inventory as it relates to its ability to be sold or consumed.
BACK ORDER
Represents items on a sales order that have not been picked or items on a purchase order that have not been received.
BARCODE
Print medium used for scanning data into our system.
BARCODE SCANNER
This is a hardware component (mobile device or unit that connects to a PC) that is used for scanning barcodes.
BATCH PICKING
Order picking method where orders are grouped into small groups or “batches”. All orders within the batch can be picked in one pass.
BILLING
Billing is used in outgoing orders to invoice the customer for the parts provided plus any additional charges such as tax or freight costs.
BIN LOCATION
A specific location identifier of a slot in a warehouse.
BOM (BILL OF MATERIAL)
A list of the raw materials, sub-assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product. A BOM may be used for communication between manufacturing partners or confined to a single manufacturing plant.
BROWSER-BASED APPLICATIONS
Software designed to run within a web browser (i.e. Internet Explorer). This allows a user to access the application from any location that has internet access and a web browser (no additional software is needed on the computer accessing the application).
BULLWHIP EFFECT
When there are large inventory variances seen as you move up the supply chain from the end customer to the initial provider. Miscommunication and each organization acting in self interest are the most common causes of these variances.
BULK
The classic use of the term bulk (bulk materials, bulk inventory, bulk storage) in inventory management and distribution
CARRYING COSTS
Refers to the total cost of holding inventory. This includes warehousing costs such as rent, utilities, salaries, financial costs such as opportunity cost, and inventory costs related to perishability, shrinkage, and insurance.
CONSIGNMENT INVENTORY
Inventory that is in the possession of the customer, but owned by the supplier.
COST
The financial impact associated with purchasing new stock, maintaining old stock, or disposing of stock past its shelf life.
COST OF GOODS SOLD
The total cost of production of products sold during a specific period of time.
CUSTOMER MANAGED INVENTORY
Think Aisle allows the customer to manage specific inventory and request re-supply from their supplier based upon predetermined re-supply parameters. The customer manages the suppliers’ parts and provides visibility to the supplier, so the supplier can issue the required inventory to the required stock location(s) at the right time.
CRON JOB
Cron is a Linux utility which schedules a command or script on your server to run automatically at a specified time and date. Specifically, a cron job is the scheduled task.
CYCLE COUNT
An inventory auditing procedure where a small subset of inventory is counted on a specified day. Cycle counts provide an ongoing measure of inventory accuracy and can be tailored to focus on items with higher value, higher movement volume, or items that are critical to business processes.
DISPLAY CRITERIA
Set of functions used for displaying data in the required manner.
DROP SHIP
Sales transaction involving 3 parties (typically the buyer, seller, and supplier). The buyer purchases inventory from the seller, and the supplier ships the product directly to the buyer.
EDI (ELECTRONIC DATA INTERCHANGE)
The concept of businesses electronically communicating information that was traditionally communicated on paper, such as purchase orders and invoices. Technical standards for EDI exist to facilitate parties transacting such instruments without having to make special arrangements.
EXPIRATION DATE
An expiration date or expiry date is a pre-determined date, after which an item is no longer viable and should no longer be used. This is based on either the anticipated shelf life for perishable goods or by operation of law.
EXPORT
The process of taking data and information out of the inventory system for use by an external system.
FIFO (FIRST-IN FIRST-OUT)
First-In First-Out is an inventory costing method used to track the cost of inventory that is sold by assuming that the first product purchased is the first product sold. Hence, any inventory that is stocked first will be the first used to fulfill an order.
FIXED LOCATION
A specific place in the warehouse where a part will be stored. This location can be used for putaway, picking, and replenishment. In Think Aisle, this field value is for descriptive purposes only.
FORECAST
A number that indicates an estimate of the number of items that will be consumed each month. This value is for documentation purposes only.
HANDHELD
Represents a portable device used to perform warehouse operations like picking, shipping, receiving, etc.
HAZMAT
Hazmat or “hazardous materials” is defined as substances that may pose a reasonable risk to health, property, or the environment.
INBOUND
Direction of product flowing into the warehouse.
INBOUND LEAD TIME
The amount of time in days that it takes to have this particular part delivered from the supplier.
INSPECTION
Used either on an incoming purchase order or a production order. It gives the user the ability to report the results of inspection of the parts received by inputting the number or parts accepted and the number of parts rejected.
INVENTORY
Represents the items in stock. It can also be used to imply the physical counting process.
IP ADDRESS
Network address for a given handheld or a workstation PC’s internet connection.
ISSUE
Used in production orders to supply the order with the required material to produce the end product.
ITEM
An individual article or unit in the system represented by a product or part number.
JUST-IN-TIME
An inventory strategy to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.
KANBAN
Replenishment system where a replenishment is triggered by emptying a container, and the empty container is sent up the line to the previous operation or supplier to be refilled.
KITTING
Process in which individually separated but related items are grouped, packaged, and supplied together as one uni
