Acronyms
LIA
What is Line Item Attainment?
A four-letter acronym for a method of inventory management where stock is issued based on the age of the inventory.
What is FIFO?
This term refers to goods that have started processing but are not quite finished yet, and includes raw materials + associated labor costs.
What is work-in-progress (WIP)?
A software used at each stage of the process from planning, producing, and moving goods to keeping track of finances.
What is Enterprise Resource Planning (ERP) system?
What is Supply Chain?
This document provides key shipment information such as proof from the carrier that your cargo has been received.
What is Bill of Lading?
A code used to identify a specific quantity of goods produced at one time.
What is a batch number?
A German company started in 1972 that's especially well-known for it's enterprise resource planning (ERP) software & cloud-based products.
What is SAP?
Materials that have not been processed yet; or, uncooked meet.
What is Raw?
GSP
What is Global Supply Planning?
An abbreviation for the method of outsourcing a part of the supply chain, for example, using a third-party distribution center.
What is 3PL?
An alphanumeric identifier that helps manage inventory & tracking of product.
What is Stock Keeping Unit (SKU)?
This ERP structure lists the materials and quantities required to make a product, as well as all the possible outputs.
What is a bill of materials (BOM)?
This inventory control method is abbreviated as "LIFO".
What is Last in, first out?
This logistic company's orange and purple logo was created in 1994 and has a hidden arrow between the last two letters.
What is FedEx?
The term for a buyer agreeing to buy a certain amount of goods over time, without specifying the exact shipment dates at the time of purchase.
What is a blanket order?
This AbbVie process is used to update standard material master fields through an automated approval workflow.
What is DSP?
The process by which a company compares it's supply chain performance against other leading companies in order to improve performance.
What is benchmarking?
GDP
What is Good Distribution Practices?
A form of Pareto analysis applied to a group of materials in order to apply selective inventory management controls. Or as the Jackson 5 put it, "It's as easy as..."
What is ABC?
This doesn't refer to parts of a machine; it's actually an acronym describing all of the money spent to make a product.
What is COGS (Cost of Goods Sold)?
This material master field dictates how materials are quantified in the ERP system, such as "each", "case", or "pack".
What is Unit of Measure (UOM)
This sports-inspired term refers to a tool for measuring KPIs using easy-to-understand targets grouped by color, such as red, yellow, and green.
What is a scorecard?