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Global Supply Chains
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Incoterms
A series of pre-defined commercial terms published by the International Chamber of Commerce relating to international commercial law.
Demand Planning
The process of forecasting the demand for a product or service so it can be produced and delivered more efficiently and to the satisfaction of customers.
Supply Chain Visibility
The ability of all supply chain stakeholders to access real-time data regarding the movement and status of goods and services.
Cold Chain
A temperature-controlled supply chain used to preserve and transport perishable products.
Vendor Managed Inventory (VMI)
An inventory management practice where the supplier maintains the inventory levels for the customer.
Horizontal Integration
The process of a company increasing production of goods or services at the same part of the supply chain.
Reshoring
The practice of bringing manufacturing and services back to a company's original country from overseas.
Lean Manufacturing
A production methodology aimed at reducing waste within manufacturing systems without compromising productivity.
Blockchain in Supply Chain
The use of blockchain technology to enhance transparency, security, and traceability in supply chains.
Just-In-Time (JIT)
An inventory management strategy that aligns raw-material orders with production schedules to reduce inventory costs.
Bullwhip Effect
A phenomenon where small fluctuations in demand at the retail level cause increasingly larger fluctuations in demand at the wholesale, distributor, manufacturer, and raw material supplier levels.
Reverse Logistics
The process of moving goods from their final destination for the purpose of capturing value, or proper disposal.
Agile Supply Chain
Supply chain management focused on flexibility and responsiveness to changing market conditions and customer needs.
Inventory Turnover
A ratio showing how many times a company's inventory is sold and replaced over a period of time. Calculated as
Demand Forecasting
The practice of predicting future customer demand using historical data, market trends, and statistical tools.
Vertical Integration
The expansion of a firm's operations into other stages of the supply chain.
Supply Chain Optimization
Continuous improvement of the supply chain through strategic planning and the application of technologies to increase efficiency and reduce costs.
Supply Chain Sustainability
The management of environmental, social, and economic impacts within the supply chain.
Supply Chain Integration
The process of coordinating the physical and informational flows within a supply chain to reduce redundancy and improve efficiency.
Green Supply Chain Management
Incorporating environmental thinking into supply-chain management, including product design, material sourcing, and selection, manufacturing processes, and product distribution.
Third-Party Logistics (3PL)
Outsourcing logistics and transportation services to a third-party provider.
Intermodal Transportation
The use of multiple modes of transportation, like ships, trains, and trucks, to move goods from origin to destination.
Digital Supply Chain
Utilizing digital technologies to improve and integrate the end-to-end processes in the supply chain.
Total Quality Management (TQM)
A management approach to long-term success through customer satisfaction, focusing on continuous improvement of products and services.
Freight Forwarding
The service of organizing shipments to get goods from the manufacturer or producer to a market, customer, or final point of distribution.
Capacity Planning
The process of determining the production capacity needed by an organization to meet changing demands.
Economic Order Quantity (EOQ)
The optimal order quantity that minimizes the total holding costs and ordering costs. Calculated with the formula
Trade Compliance
Ensuring that global trade activities comply with all relevant laws and regulations of the countries involved.
Fourth-Party Logistics (4PL)
A firm that assembles and manages all logistics resources, capabilities, and technologies of an organization with its complement of third-party service providers.
Cross-Docking
A logistics procedure where products from a supplier or manufacturing plant are distributed directly to a customer or retail chain with marginal to no handling or storage time.
Supply Chain Risk Management
The identification, assessment, and mitigation of risks that could affect the supply chain.
Outsourcing
Contracting out parts of the production or services processes to external partners.
Radio Frequency Identification (RFID)
Using electromagnetic fields to automatically identify and track tags attached to objects.
Ethical Sourcing
Procurement processes that respect and strives to improve the environmental and social impacts of the supply chain.
Global Sourcing
Procuring goods and services from suppliers worldwide to take advantage of global efficiencies.
Continuous Replenishment Program (CRP)
A partnership between suppliers and customers to continuously supply products based on current demand.
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