Warehouse Dictionary

Igloos thru Item Number

 

 

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I

Igloos
Pallets and containers used in air transportation; the igloo shape fits the internal wall contours of a narrow-body airplane.
Import
Movement of products from one country into another. The import of automobiles from Germany into the US is an example.
Importation Point
The location where goods will be cleared for importation into a country.
Import/Export License
Official authorization issued by a government allowing the shipping or delivery of a product across national boundaries.
In Bond
Goods are held or transported In-Bond under customs control either until import duties or other charges are paid, or to avoid paying the duties or charges until a later date.
Inbound logistics
The management of materials from suppliers and vendors into production processes or storage facilities.
Incentive Rate
A rate that induces the shipper to ship heavier volumes per shipment.
INCOTERMS
International terms of sale developed by the International Chamber of Commerce to define sellers’ and buyers’ responsibilities.
Independent demand methods: assume that the demand for an item is independent of the demand for any other item
Indirect Cost
A resource or activity cost that cannot be directly traced to a final cost object since no direct or repeatable cause-and-effect relationship exists. An indirect cost uses an assignment or allocation to transfer cost.
Infinite capacity scheduling
a manufacturing planning system that completely ignores capacity constraints and schedules purely based on demand. MRP is an example of an infinite capacity scheduling system. It requires that planners check the production schedule against capacity and make adjustments accordingly.
Inland Bill of Lading
The carriage contract used in transport from a shipping point overland to the exporter’s international carrier location.
Inland Carrier
An enterprise that offers overland service to or from a point of export.
Inner pack
Package used inside of a carton to allow more efficient split-case picking instead of individual piece picking when a less-than-carton-size number of units are to be picked.
Inspection Certificate
A document certifying that merchandise (such as perishable goods) was in good condition immediately prior to shipment.
Insurance Certificate
A document issued to the consignee to certify that insurance is provided to cover loss of or damage to the cargo while in transit.
Integrated Carrier
An airfreight company that offers a blend of transportation services such as air carriage, freight forwarding, and ground handling.
Integrated Logistics
A comprehensive, system-wide view of the entire supply chain as a single process, from raw materials supply through finished goods distribution. All functions that make up the supply chain are managed as a single entity rather than managing individual functions separately.
Interchange
In EDI, the exchange of electronic information between companies. Also, the group of transaction sets transmitted from one sender to one receiver at one time. Delineated by interchange control segments.
Intercoastal carriers
Water carriers that transport freight between East and West Coast ports, usually by way of the Panama Canal.
Intercorporate hauling
A private carrier hauling a subsidiary’s goods and charging the subsidiary a fee; this is legal if the subsidiary is wholly owned or if the private carrier has common carrier authority.
Interleaving
The practice of assigning an employee multiple tasks which are performed concurrently.
Intermittent-Flow, Fixed-Path Equipment
Materials handling devices that include bridge cranes, monorails, and stacker cranes.
Intermodal Container Transfer Facility
A facility where cargo is transferred from one mode of transportation to another, usually from ship or truck to rail.
Intermodal Transportation
Transporting freight by using two or more transportation modes, such as by truck and rail or truck and oceangoing vessel.
International Import Certificate
A document required by the importing country indicating that the importing country recognizes that a controlled shipment is entering their country. The importing country pledges to monitor the shipment and prevent its re-export, except in accordance with its own export control regulations.
International Maritime Bureau (IMB)
A special division of the International Chamber of Commerce.
International Maritime Organization (IMO)
A United Nations-affiliated organization representing all maritime countries in matters affecting maritime transportation, including the movement of dangerous goods. The organization also is involved in deliberations on marine environmental pollution.
International Standards Organization (ISO)
An organization within the United Nations to which all national and other standard-setting bodies (should) defer. Develops and monitors international standards, including OSI, EDIFACT, and X.400.
Internet
A computer term which refers to an interconnected group of computer networks from all parts of the world, i.e., a network of networks. Accessed via a modem and an online service provider, it contains many information resources and acts as a giant electronic message routing system.
Interstate Commerce
The transportation of persons or property between states; in the course of the movement, the shipment crosses a state boundary.
Interstate Commerce Commission (ICC)
An independent regulatory agency that implements federal economic regulations controlling railroads, motor carriers, pipelines, domestic water carriers, domestic surface freight forwarders, and brokers.
In-Transit Inventory
Material moving between two or more locations, usually separated geographically; for example, finished goods being shipped from a plant to a distribution center. In-transit inventory is an easily overlooked component of total supply chain availability.
Intrastate Commerce
The transportation of persons or property between points within a state. A shipment between two points within a state may be interstate if the shipment had a prior or subsequent move outside of the state and the shipper intended an interstate shipment at time of shipment.
In-transit quantity
a quantity that has been shipped from one facility and has not yet been received into another facility
Inventory
This is the products and quantity that you own and store in order to sell to your customers.
Inventory Accuracy
When the on-hand quantity is equivalent to the perpetual balance (plus or minus the designated count tolerances).
Inventory Carrying Cost
One of the elements comprising a company’s total supply chain management costs. These costs consist of the following:
1. Opportunity Cost: The opportunity cost of holding inventory. This should be based on your company’s own cost of capital standards using the following formula.
Calculation: Cost of Capital x Average Net Value of Inventory
2. Shrinkage: The costs associated with breakage, pilferage, and deterioration of inventories. Usually pertains to the loss of material through handling damage, theft, or neglect.
3. Insurance and Taxes: The cost of insuring inventories and taxes associated with the holding of inventory.
4. Total Obsolescence for Raw Material, WIP, and Finished Goods Inventory: Inventory reserves taken due to obsolescence and scrap and includes products exceeding the shelf life, i.e., spoils and is no good for use in its original purpose (do not include reserves taken for Field Service Parts).
5. Channel Obsolescence: Aging allowances paid to channel partners, provisions for buy-back agreements, etc. Includes all material that becomes obsolete while in a distribution channel. Usually, a distributor will demand a refund on material that goes bad (shelf life) or is no longer needed because of changing needs.
6. Field Service Parts Obsolescence: Reserves taken due to obsolescence and scrap. field service parts are those inventories kept at locations outside the four walls of the manufacturing plant i.e., distribution center or warehouse.
Inventory Cost
The cost of holding goods usually expressed as a percentage of the inventory value; includes the cost of capital, warehousing, taxes, insurance, depreciation, and obsolescence.
Inventory, Days of
The number of days of inventory on-hand at any given time.
Inventory Management Information System
the part of a management information system that deals with the information needed for stock control
Inventory Master File
File maintained by a WMS that contains the total quantity and storage locations of each items stored in the warehouse. Used together like the location master file to control material transport operations.
Inventory Planning Systems
The systems that help to strategically balance the inventory policy and customer service levels throughout the supply chain. These systems usually calculate time-phased order quantities and safety stock using selected inventory strategies. Some inventory planning systems conduct what-if analysis and compare the current inventory policy with simulated inventory scenarios to improve the inventory ROI.
Inventory Turns
The cost of goods sold divided by the average level of inventory on hand. This ratio measures how many times a company’s inventory has been sold during a period of time. Operationally, inventory turns are measured as total throughput divided by average level of inventory for a given period. How many times a year the average inventory for a firm changes over or is sold.
Invoice
A detailed statement showing goods sold or shipped and amounts for each. The invoice is prepared by the seller and acts as the document that the buyer will use to make payment.
ISO 9000
A series of quality assurance standards compiled by the Geneva, Switzerland-based International Standards Organization. In the United States, ISO is represented by the American National Standards Institute based in Washington, DC.
ISO 14000 Series Standards
A series of generic environmental management standards under development by the International Organization of Standardization which provide structure and systems for managing environmental compliance with legislative and regulatory requirements and affect every aspect of a company’s environmental operations.
Issuing Carrier
The carrier whose name is printed on the bill of lading and with whom the contract of carriage exists.
Item
Any unique manufactured or purchased part, material, intermediate, sub-assembly, or product.
Item coding
an arrangement for giving every package of material moved an identifying tag, usually a barcode or magnetic strip
Item master
a collection of data that describes a specific item. Item master is also used to describe the database table that contains this data.
Item number
the identification number assigned to an item. Also called the part number, SKU number, or SKU.

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