Inventory Management English Vocabulary

INVENTORY MANAGEMENT – English for Logistics

Inventory management

is the process of overseeing [d1] and controlling the flow of goods and materials in and out of a business. It involves monitoring inventory levels, tracking [d2] sales and demand, identifying and managing stockouts[d3] , forecasting [d4] future inventory needs, and optimizing inventory turnover[d5] . The goal of inventory management is to ensure that a business has the right level of inventory at all times, without holding excess stock [d6] that ties up capital and resources or risking shortages [d7] that can lead to lost sales and customer dissatisfaction. Effective inventory management is critical for businesses of all sizes and types to achieve profitability [d8] and growth.

Key terms in inventory management:

LEAD TIME – the time between the initiation and completion of a production process – CZAS REALIZACJI

PROCUREMENT– is obtaining or purchasing goods or services, typically for business purposes. – ZAOPATRZENIE

RETAILER – a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale – DETALISTA

CUSTOMER ORDER CYCLE TIME – the time between when a customer places an order and receives the item. – CZAS CYKLU ZAMÓWIENIA KLIENTA

WHOLESALER – someone who buys and sells goods in large amounts to shops and businesses – HURTOWNIK

JIT – JUST IN TIME – inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules. –

SUPPLY CHAIN – A supply chain includes every step that is involved in getting a finished product or service to the customer. – ŁAŃCUCH DOSTAW

TENDER – the invitation to submit a bid for a project. – PRZETARG

BUFFER STOCK – a reserve of a commodity that can be used to offset price fluctuations. – ZAPASY BUFOFROWE

GOODS – can be anything from merchandise, supplies, raw materials to already completed products. – TOWARY

WAREHOUSE – a large building where raw materials or manufactured goods may be stored prior to their distribution for sale. – MAGAZYN

DSD – DIRECT STORE DELIVERY – delivering products from a supplier or distributor directly to a store, bypassing the retailer’s distribution center. – BEZPOŚREDNIA DOSTAWA DO SKLEPU

CM – CATEGORY MANAGEMENT – a systematic, disciplined approach to managing a product category as a strategic business unit. – ZARZĄDZANIE KATEGORIĄ PRODUKTÓW

VMI – VENDOR-MANAGED INVENTORY – practice in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor. – ZARZĄDZANIE ZPASAMI ODBIORCY PRZEZ DOSTAWCĘ

CPR – Capacity Requirements Planning  – is the process of discerning a firm’s available production capacity and whether it can meet its production goals. – PLANOWANIE WYMAGAŃ DOTYCZĄCYCH WYDAJNOŚCI

 [d1]Supervise – nadzorować

 [d2]follow the trail or movements of (someone or something), typically in order to find them or note their course – śledzić

 [d3]a situation in which an item is out of stock. – braki na magazynie

 [d4]predict or estimate (a future event or trend) – przewidywać

 [d5]a financial ratio showing how many times a company turned over its inventory relative to its cost of goods sold (COGS) in a given period. – rotacja zapasów

 [d6]those products that companies keep for a very long time, failing to sell them in a timely manner. – nadwyżka zapasów

 [d7]a lack of something, especially a severe lack. – niedobory

 [d8]the degree to which a business or activity yields profit or financial gain. – rentowność

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