Description

Glossary

• Supply Chain Management (SCM): SCM encompasses the planning, execution, and control of all supply chain activities to optimize efficiency and customer satisfaction.
• Strategic Sourcing: Strategic sourcing involves identifying and selecting suppliers to achieve cost savings, quality, and performance goals.
• Safety Stock: Safety stock is extra inventory held to buffer against unexpected demand fluctuations or supply disruptions.
• Sustainability Initiatives: Sustainability initiatives promote eco-friendly practices and reduce environmental impacts in operations and supply chains.
• Supplier Relationship Management (SRM): SRM focuses on managing and improving relationships with suppliers to enhance collaboration and performance.
• Six Sigma: Six Sigma is a methodology for improving processes and reducing defects by minimizing variation and improving quality.
• Sales and Operations Planning (S&OP): S&OP aligns sales and production plans to ensure demand and supply balance.
• Supply Chain Visibility: Supply chain visibility provides real-time insight into the status and movement of goods in the supply chain.
• Sustainable Procurement: Sustainable procurement considers environmental and social factors when selecting suppliers and products.
• Synchronous Manufacturing: Synchronous manufacturing optimizes production processes to reduce lead times and improve efficiency.
• Stock Keeping Unit (SKU): An SKU is a unique code assigned to each product variant to track inventory and sales.
• Supplier Auditing: Supplier auditing assesses supplier performance and compliance with quality and contract requirements.
• Service Level Agreement (SLA): An SLA defines the terms, responsibilities, and performance expectations in supplier contracts.
• Supply Chain Analytics: Supply chain analytics uses data analysis to improve supply chain decision-making and performance.
• Supplier Collaboration: Supplier collaboration involves working closely with suppliers to drive innovation and mutual benefit.
• Statistical Process Control (SPC): SPC uses statistical methods to monitor and control processes, ensuring they meet quality standards.
• Strategic Inventory Management: Strategic inventory management optimizes inventory levels to balance cost and service levels.
• Single Sourcing: Single sourcing relies on a single supplier for a specific product or component, reducing complexity and costs.
• Smart Manufacturing: Smart manufacturing integrates technology, data, and automation to enhance manufacturing processes and efficiency.
• Safety Culture: Safety culture prioritizes a safe working environment and encourages safe behaviors among employees.
• Supplier Performance Metrics: Supplier performance metrics measure supplier quality, delivery, and overall performance.
• Supply Chain Optimization: Supply chain optimization seeks to maximize efficiency and reduce costs across the entire supply chain network.
• Sequential Manufacturing: Sequential manufacturing organizes production processes in a linear, step-by-step fashion.
• Supplier Qualification: Supplier qualification assesses suppliers’ capabilities and compliance with quality and regulatory standards.
• Supply Chain Resilience: Supply chain resilience is the ability to withstand and recover from disruptions or crises.
• Stockout: A stockout occurs when a product is temporarily unavailable due to insufficient inventory.
• Strategic Capacity Planning: Strategic capacity planning ensures that facilities and resources align with long-term production needs.
• Supplier Diversity: Supplier diversity promotes sourcing from a variety of suppliers, including minority-owned and small businesses.
• Supply Chain Integration: Supply chain integration connects various supply chain partners and processes for seamless coordination.
• Supplier Risk Management: Supplier risk management identifies and mitigates risks associated with supplier relationships.
• Supply Chain Network Design: Supply chain network design optimizes the configuration of distribution centers and transportation routes.
• Storekeeper: A storekeeper is responsible for managing the storage, issuance, and inventory control of goods in a warehouse, ensuring operational efficiency and accurate record-keeping.