A – Inventory management terms

ABC analysis

ABC analysis is a method of categorizing items based on cost and demand quantity to identify which items need more attention than others.

accounting and inventory software

Also called an inventory control management system or inventory control program, accounting and inventory software provides an integrated system for a business to maintain inventory control & business management.

ace hardware edi

Ace Hardware EDI enables small and mid-sized businesses to sell products to the big box retailer with functionality to meet their requirements and streamline B2B with simplified EDI.

acknowledgement

Acknowledgements (EDI transaction 997) are electronic notifications sent automatically between systems.

activity based costing

Activity based costing allocates the cost of specific resources based on the actual consumption of them.

acctivate

Acctivate is powerful, affordable inventory and warehouse management software that includes a robust set of business management tools, including customer relationship management, purchasing, sales order management and decision support tools.

activity scheduling

Activity scheduling enables assigning, managing and track activities throughout the organization.

actual cost

Actual cost or specific identity cost is used when inventory is serial-numbered, allowing each item to be sold at the actual cost for which it was purchased. When inventory is lot-numbered, the actual cost is the weighted average of all purchases for that lot.

added cost

Added costs are costs incurred after receipt of product in inventory may be included in product valuation.

adjustments

Adjustments correct inventory records to match actual inventory levels.

adjustment transactions

Adjustment transactions adjust balances for accounting purposes such as changing the stated value of inventory for a particular product.

advanced shipment notification

An advanced shipping notification, also called an ASN, EDI 856 document, or Advance Shipping Notice, is an electronic notification of pending deliveries, similar to a packing list.

agriculture inventory management

Agriculture inventory management enables agribusinesses that supply farmers and growers to have full operational visibility and control over their products and business to be viable within the supply chain.

aircraft spare parts inventory management

Aircraft spare parts inventory management is the systematic and efficient control of spare parts required for aircraft maintenance, repair, and operation.

alerts

Alerts are reminders that can be filtered by type and due date.

allocations

Inventory allocations, or inventory commitments, set aside specific inventory for sales or manufacturing purposes.

alternate product IDs

Alternate product IDs may be used as an alternate lookup key or may be printed on the sales and/or purchase documents.

android warehouse management system

An Android warehouse management system adds greater efficiency to warehouse operations with mobile modules for receiving inventory and picking orders directly on Android mobile devices with embedded barcode readers.

annual physical inventory

An Annual physical inventory is a manual count of inventory on-hand with the results compared to the inventory system counts.

ANSI ASC X12 EDI

ANSI ASC X12, also called ASC X12, are the official U.S. standard codes for EDI.

anticipation inventory

Anticipation inventory, also referred to as build-up stock, seasonal stock, and speculative inventory, is a basic use of inventory purchased in advance and stocked to meet expected fluctuations in supply and demand.

apparel inventory software

Apparel inventory software is software designed for manufacturers, wholesalers, importers, and distributors of clothing, jewelry, accessories, and footwear.

apparel wholesale system

An apparel wholesale system improves purchasing, inventory control, and order management within an apparel wholesale business, increasing operational efficiency and customer satisfaction.

appliance service software

Appliance service software enables appliance repair companies to serve customers more efficiently and manage the ins and outs of their business and inventory.

appliance store software

Appliance store software is designed for small to mid-sized appliance distributors and online-retailers to manage inventory and business operations efficiently.

aquaculture management software

Aquaculture management software optimizes inventory and business operations for aquaculture producers, distributors, and online retailers.

ASN

An ASN, also called an EDI 856 document, Advance Shipping Notice or Advance Ship Notice, is an electronic notification of pending deliveries, similar to a packing list.

asn edi

An ASN, or EDI Advance Shipping Notice, is an electronic notification of pending deliveries, similar to a packing list.

asp

An Application Service Provider (ASP) is a business that offers computing resources over a network connection. Software deployment, upgrades, support and security are all built in to the flexible ASP model. The ASP method of deploying software is sometimes referred to as “software as a service” (SaaS) or “on-demand software.”

assemblies

Assemblies, or made to stock inventory, create a new product, with the components used depleted from inventory and the new product added to the finished goods inventory.

audit trail

An Audit trail is the tracking of an activity associated with an inventory adjustment transaction.

auto part inventory software

Auto parts software is software designed for auto part businesses to management inventory and business functions, while allowing quick access to a vast amount of customer and product information.

auto parts store software

Auto parts store software is software for auto parts distributors, jobbers and retailers in the automotive aftermarket.

automated inventory counting

Automated inventory counting utilizes inventory management software and barcodes to streamline the counting and monitoring of inventory.

automated inventory system

An Automated inventory system centralizes and secures information, providing access to the entire business, dramatically reducing security risks.

automobile spare parts inventory management

Automobile spare parts inventory management is the process of procuring, managing, and distributing spare parts inventory used in the automotive industry.

automotive aftermarket ERP

Automotive aftermarket ERP addresses the needs of automotive aftermarket businesses to manage inventory, orders, purchasing, customer relationships, finance, and other operations.

automotive parts distribution software

Automotive parts distribution software is software designed for auto parts distributors to manage inventory, distribution, sales and customer service.

available

Available, also called available inventory, is the quantity of inventory available for sales orders.

available to promise

Available to promise inventory is the inventory on-hand inventory less backordered & reserved inventory.

average cost

Average cost is a costing valuation method that, as new stock is received, the total value of the received inventory items is added to the value of the existing inventory items, with the resulting value divided by the resulting quantity on hand to form a true weighted average cost.

average cost inventory

Average cost inventory uses the weighted average cost of inventory on hand.

average inventory

How do you calculate average inventory? Average Inventory = (Beginning Inventory + Ending Inventory) / 2

average valuation costing

Average valuation costing uses the weighted average cost of inventory on hand.

aviation inventory management software

Aviation inventory management software is an inventory software designed for aviation parts manufacturers, distributors, and suppliers.