A supply chain is a system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer. The term “supply chain” was first coined by an American engineer and consultant in the early 1950s. The concept gained popularity in the 1980s, when supply chain management (SCM) emerged … Read more
“A bill of lading is a legal document that proves that goods have been shipped from one place to another. It is a contract between the shipper and the carrier, and it lists the type and quantity of goods being shipped, the date of shipment, the names of the shipper and the consignee, and the … Read more
A backorder is an order for goods or services that cannot be delivered immediately because the items are not in stock. When a customer places a backorder, the company records the customer’s order and sets it aside until the product becomes available. The customer’s order is then filled and shipped as soon as possible. There … Read more
A distribution network is a system of interconnected transportation and storage facilities that move goods and materials from suppliers to customers. The distribution network is a key part of the supply chain, and its design and operation can have a significant impact on the efficiency and cost of the overall supply chain. The distribution network … Read more
Running and overseeing every aspect of an environment. What are the five categories of supply chain processes? The five categories of supply chain processes are: 1. Planning and control 2. Procurement and sourcing 3. Manufacturing and production 4. Transportation and logistics 5. Warehousing and storage What are the 6 types of supply chain management? 1. … Read more
Backorders are when items are out of stock and customers are willing to wait for the product to become available again. This happens because the demand for the product is greater than the supply. In some cases, the customer may not even know that the product is out of stock until after they have placed … Read more
The term “procurement” refers to the process of acquiring goods or services. Procurement typically involves selecting vendors, negotiating contracts, and managing inventory. In many organizations, procurement is a separate department from the rest of the supply chain. What are the 3 main documents used in the purchasing process? 1. The first document used in the … Read more
The Free Carrier (FCA) shipping terms are used to define when the seller of goods is responsible for handing over those goods to the carrier, and when the buyer is responsible for taking possession of the goods from the carrier. Under FCA terms, the seller is responsible for delivering the goods to the carrier at … Read more
A third-party distributor is an entity that is contracted by a company to distribute its products to retailers or other customers. The distributor is not an employee of the company and is not directly involved in the company’s operations. What does OBD mean in logistics? In logistics, OBD stands for “on-board delivery.” This term refers … Read more
1. Periodic Inventory: What You Should Know 2. What You Should Know About Periodic Inventory How do you record a periodic inventory system? A periodic inventory system is one in which inventory is only counted and recorded at fixed intervals. This interval is typically once a year, but can be more or less frequent depending … Read more
