Inventory Glossary

L – Inventory management terms

L - Inventory management terms

Inventory management definitions and inventory terms beginning with the letter L

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landed cost

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 scanner

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

Lead acquisition is the process of finding qualified prospects interested in a company’s products or services and obtaining their contact information.

lead assignment

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

Lead history is a record of all leads and customer contact information and notes.

lead management

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

Lead qualification is a business process to qualify or determine if a lead is ready, willing and able to complete a purchase.

lead time

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

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

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.

lighting showroom software

Lighting showroom software for small and mid-sized lighting distributors to boost inventory and business operations, as well as eCommerce and EDI management.

location control

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

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.

location transfer

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

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.

lost inventory

Also called inventory shortage, lost inventory refers to inventory that is lost, missing or broken.

lot number

A lot number is an identification number assigned to products indicating the batch or lot in which the product was manufactured.

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.

lot-size inventory

Lot-size inventory is inventory purchased in batches or bulk lot sizes rather than the specific quantity needed.

lot tracking

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.

Lowe’s EDI

Lowe’s EDI helps growing SMBs streamline and simplify EDI processes to sell to Lowe’s and comply with their requirements for completing B2B transactions.


LTL, or less than truckload, refers to the transport of freight smaller than full truckload or semi-carriers and larger than parcels.

lumber inventory software

Lumber inventory software is software for lumber distributors and re-manufacturers to streamline inventory, business, and warehouse operations.

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