Supply Chain & Inventory Glossary
The concepts and metrics of supply chain and inventory management — safety stock, reorder points, EOQ, inventory turnover, OTIF and the bullwhip effect.
A
Automated Guided Vehicle (AGV)Automated Guided Vehicle
A driverless vehicle that follows fixed guide paths to move goods around warehouses, ports and factories.
Automated Storage & Retrieval System (AS/RS)Automated Storage and Retrieval System
Computer-controlled machinery that automatically stores and retrieves goods in high-density warehouse racking.
Autonomous Mobile Robot (AMR)Autonomous Mobile Robot
A self-navigating robot that moves flexibly around a warehouse without fixed guide paths, aiding picking and transport.
B
Barcode
A machine-readable pattern of bars or squares that encodes an identifier such as a GS1 GTIN or SSCC, scanned to identify and track goods.
Beneficial Cargo Owner (BCO)Beneficial Cargo Owner
The importer or exporter who ultimately owns the cargo and controls it, rather than an intermediary.
Bullwhip Effect
The amplification of demand variability as it moves up the supply chain from customer to supplier.
C
Category Management
Organising procurement by groups of related spend, each managed with a tailored strategy by a category specialist.
Click and Collect
A model where customers order online and collect from a store or pickup point, blending e-commerce and physical retail.
Contract Management
Managing contracts through their life cycle — from creation and execution to performance, renewal and closure.
Cool Chain (Cold Chain)
An unbroken temperature-controlled supply chain that keeps perishable and pharma cargo within a required range end to end.
Cross-Docking
Moving goods directly from inbound to outbound transport with little or no storage in between.
D
Dark Store
A retail-style facility used only for fulfilling online orders and rapid delivery, closed to the public.
Dropshipping
A retail model where the seller passes orders to a supplier who ships directly to the customer, holding no stock.
E
e-ProcurementElectronic Procurement
Conducting procurement processes electronically through software and online platforms.
EOQEconomic Order Quantity
The order quantity that minimises the combined cost of ordering and holding inventory.
EPCISElectronic Product Code Information Services
A GS1 standard for capturing and sharing supply-chain event data — the what, where, when and why of each movement — for end-to-end visibility and traceability.
F
FIFO & LIFO (Inventory)First In First Out / Last In First Out
Inventory rotation and costing methods governing which stock is used or sold first.
First Mile
The first leg of a shipment's journey — from the seller or origin into the main transport network.
Force Majeure
A contract clause excusing a party from its obligations when extraordinary events beyond its control prevent performance.
Fourth-Party Logistics (4PL)Fourth-Party Logistics
A provider that manages a client's entire supply chain, coordinating multiple 3PLs and carriers as a single point of control.
Framework Agreement
A pre-established agreement setting terms with one or more suppliers, from which orders can be placed as needed.
G
GDSNGlobal Data Synchronisation Network
A GS1 network of interoperable data pools that lets trading partners share and keep in sync standardised product master data automatically.
GLNGlobal Location Number
The GS1 number that uniquely identifies a party or a physical, functional or digital location — a company, a warehouse, a dock door — in supply-chain messages.
Goods-to-Person (GTP)Goods-to-Person
An automated picking method where the system brings items to a stationary picker, instead of pickers walking to goods.
GS1-128
A barcode standard that encodes GS1 identifiers and extra data (batch, dates, quantities, SSCC) on shipping and logistics labels using application identifiers.
GTINGlobal Trade Item Number
The GS1 global number that uniquely identifies a trade item (product) at each packaging level; the number encoded in a retail barcode.
H
Haulage
The road transport of cargo or containers over the inland leg, arranged by either the carrier or the merchant.
I
Intermodal Transport
Moving cargo in the same container across two or more modes — sea, rail and road — without unpacking it.
Inventory Turnover
How many times inventory is sold and replaced over a period — a core measure of inventory efficiency.
J
Just-in-Time (JIT)Just-in-Time
An inventory strategy where materials arrive exactly when needed, minimising stock held.
K
Kanban
A visual signalling method that triggers replenishment when stock is used, pulling supply to match demand.
Key Performance Indicator (KPI)Key Performance Indicator
A quantifiable measure used to track performance against key objectives in logistics, procurement and operations.
Kraljic Matrix
A model that classifies purchases by profit impact and supply risk to guide the right procurement strategy for each.
L
Landed Cost
The total cost of a product delivered to the buyer — goods, freight, insurance, duties, taxes and handling.
Lead Time
The total elapsed time between placing an order and receiving it — a key driver of inventory levels.
M
Maverick Spend
Purchasing made outside approved processes, contracts or suppliers — a major source of lost procurement savings.
Micro-Fulfillment
Small, automated fulfilment centres placed close to customers to enable fast, low-cost e-commerce delivery.
MRO (Maintenance, Repair & Operations)Maintenance, Repair and Operations
The supplies and spares used to keep operations and equipment running, rather than going into the final product.
O
Order Fulfillment
The end-to-end process of receiving, picking, packing and shipping customer orders and handling returns.
OTIFOn-Time In-Full
The percentage of orders delivered both on time and complete — a key customer-service metric.
P
Pallet
A flat platform on which goods are stacked and secured for efficient handling, storage and transport as a unit.
Pick and Pack
The warehouse process of selecting ordered items from stock and packing them for shipment.
Pick-to-Light
A paperless picking system that uses lights at storage locations to guide operators quickly and accurately.
Procure-to-Pay (P2P)Procure-to-Pay
The end-to-end process from requisitioning goods to paying the supplier, integrating procurement and finance.
Project Logistics
The specialised planning and movement of large, heavy or complex cargo for major industrial projects.
Purchase Order (PO)Purchase Order
A buyer's formal document committing to purchase specified goods or services at agreed prices and terms.
Purchase Requisition
An internal request to authorise a purchase, which becomes a purchase order once approved.
Putaway
The process of moving received goods to their correct storage locations in a warehouse.
R
Reorder Point (ROP)
The inventory level at which a replenishment order should be placed.
Request for Proposal (RFP)Request for Proposal
A procurement document inviting suppliers to propose solutions and prices for a complex or open requirement.
Request for Quotation (RFQ)Request for Quotation
A procurement document inviting suppliers to submit price quotes for clearly specified goods or services.
Reverse Auction
An online auction where suppliers bid prices downward to win a buyer's contract, driving competitive pricing.
Reverse Logistics
The flow of goods back up the supply chain — returns, repairs, recycling and disposal.
Route Optimization
Using algorithms to plan the most efficient delivery routes, cutting distance, time, cost and emissions.
S
Safety Stock
Buffer inventory held to absorb variability in demand and lead time and prevent stock-outs.
Scope 3 Emissions
Indirect value-chain emissions — including transport and logistics — that dominate most companies' carbon footprint.
Service Level Agreement (SLA)Service Level Agreement
A defined, measurable commitment on the level of service a supplier will deliver, with metrics and consequences.
Slotting
Optimising where products are placed in a warehouse to speed picking and use space efficiently.
Sortation System
Automated equipment that identifies and diverts items to their correct destination in a warehouse or hub.
Source-to-Pay (S2P)
The full procurement cycle from finding and contracting a supplier through to paying their invoice.
Source-to-Settle (S2S)
The end-to-end procurement cycle from sourcing a supplier through to settling and reconciling their invoice.
Spend Analysis
Collecting and analysing an organisation's purchasing data to find savings and inform sourcing decisions.
SSCCSerial Shipping Container Code
The GS1 18-digit number that uniquely identifies an individual logistics unit — a specific pallet, carton or shipment — for tracking through the supply chain.
Stock Keeping Unit (SKU)Stock Keeping Unit
A unique identifier for a distinct sellable item, used to track inventory at the most granular level.
Strategic Sourcing
A structured, analytical approach to procurement that optimises total value across the supply base, not just unit price.
Supplier Relationship Management (SRM)Supplier Relationship Management
A structured approach to managing and developing supplier relationships to maximise value and reduce risk.
Supply Chain
The end-to-end network that moves a product from raw material to customer — sourcing, manufacturing, warehousing, transport and returns.
T
Tender (Tendering)
A formal, competitive process inviting suppliers to bid for a contract against a defined specification.
Three-Way Matching
A control that checks the purchase order, goods receipt and supplier invoice agree before an invoice is paid.
Total Cost of Ownership (TCO)Total Cost of Ownership
The full cost of acquiring and using a product over its life — not just the purchase price.
V
Vendor Managed Inventory (VMI)Vendor Managed Inventory
An arrangement where the supplier monitors and replenishes the customer's stock instead of the customer ordering.
W
Warehouse Control System (WCS)Warehouse Control System
Software that directs and coordinates automated equipment on the warehouse floor in real time.
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