Inventory management definitions and inventory terms beginning with the letter L
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Landed cost can include additional costs associated with the acquired goods such as duties, taxes, VAT, government fees, freight and insurance in product valuation.
Laser scanners use a laser beam to scan back and forth across the barcode.
last price paid
Last price paid refers to the ability to search multiple vendors per product to find the last price paid for a product.
Lead acquisition is the process of finding qualified prospects interested in a company’s products or services and obtaining their contact information.
Lead assignment, or lead distribution, is the process of assigning leads to salespeople by branch locations, territories, by product line, or other physical or virtual segments for prospect contact.
Lead history is a record of all leads and customer contact information and notes.
Lead management is an automated process that simplifies lead acquisition and the ongoing management to ensure optimized lead flow and prospect follow up.
Lead qualification is a business process to qualify or determine if a lead is ready, willing and able to complete a purchase.
Lead time is the time between a purchase order being issued and the receipt of goods into inventory.
lead time demand
Lead time demand is the anticipated amount of sales orders that will be obtained during the lead time of product acquisition.
lead time inventory
Lead time inventory is the forecasted amount of inventory required to fill sales orders during the lead time of product acquisition.
lead-time tracking by vendor
Lead-time tracking by vendor provides the ability to compare lead times by vendor by product.
Lean manufacturing is a manufacturing approach that strives to eliminate waste and optimize the manufacturing process.
less than truckload
Less than truckload, or LTL shipping, refers to the transport of freight smaller than full truckload or semi-carriers and larger than parcels.
LIFO, or last in first out, is an inventory valuation method where a cost-layer is established when inventory is received and as inventory is sold, the layers are costed and depleted beginning with the most recent layers.
Light manufacturing refers to businesses that make their own products and need to maintain a bill of materials, produce work orders and maintain component/raw materials inventory.
Location control enables tracking inventory by warehouse location, or any location that is a step below the warehouse, such as warehouse bin locations, trucks or any other locations specific to your business.
Location management is the ability to manage inventory across multiple physical and/or virtual locations or warehouses and within any location with separate financial treatment for each location.
A Location transfer records the transfer of inventory to a new location within a warehouse, from a warehouse to another location, such as a delivery truck, or between warehouses within a company.
Logistics is the management of the movement of goods, products and/or materials as they flow from origin to consumption.
Logistics costs are the costs associated with the acquisition, warehousing, and distribution of goods.
logistics inventory management
Logistics inventory management refers to the inventory management segment of the logistics process.
logistics management software
Logistics management software is software designed to manage the goods, products and/or materials as they flow from origin to consumption.
logistics warehouse management
Logistics warehouse management refers to management of inventory flowing into and out of physical and/or virtual locations or warehouses.
Also called inventory shortage, lost inventory refers to inventory that is lost, missing or broken.
lot & serial number management
Lot and serial number management is the tracking of products by lot numbers or serial numbers and the ability to trace lots back to suppliers, through outsourcers or to customers by lot or batch.
A lot number is an identification number assigned to products indicating the batch or lot in which the product was manufactured.
Lot tracking is the tracking of products by lot numbers assigned to a product batch with the ability to trace lots back to suppliers, through outsourcers or to customers.
LTL, or less than truckload, refers to the transport of freight smaller than full truckload or semi-carriers and larger than parcels.