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3D Printing
Also called additive manufacturing; a process of depositing successive layers of materials to manufacture objects.
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Augmented reality (AR)
Technology that superimposes data or graphics onto a computer-generated display of the physical environment.
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Bottleneck
When a limited resource greatly reduces the output of an integrated series of activities or processes.
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Bullwhip effect
Phenomenon in which the variability in the size and timing of orders increases at each stage up the supply chain, from customer to supplier.
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Buy-in
A term for selling a product or system for less than its true price.
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Finished goods inventory
Completed products awaiting delivery to customers.
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Internal control
Systematically limiting the actions and behaviors of employees, processes, and systems within the organization to safeguard assets and to achieve objectives.
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Inventory turnover
The number of times inventory is sold in a given period, commonly a year.
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Invoice
An itemized bill.
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Procurement
Obtaining goods and services.
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Purchase order (PO)
A written document requesting delivery of a specified quantity of a product or service in return for payment.
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Purchase requisition (PR)
An internal company document that issues a request for a purchase. When accepted, data from the purchase requisition is used in the purchase order.
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Radio-frequency identification (RFID)
Computer chips that help identify and track items. As small as, and soon to be as cheap as, a postage stamp, chips broadcast data to receivers that can display and record the broadcast data.
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Raw matrials inventory
A repository of parts and subassemblies procured from suppliers that are used to produce products to be stored in the finished goods inventory.
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Returns management process
A process that manages the returns of faulty products for businesses.
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Roll up
To compile, total, and summarize data.
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Supplier evaluation process
A strategic process that determines that criteria for suppliers selection and adds and removes suppliers from the list of approved suppliers.
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Supplier relationship management (SRM) process
A process that automates, simplifies, and accelerates a variety of supply chain processes. Helps companies reduce procurement costs, build collaborative supplier relationships, better manage supplier options, and improve time to market.
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Supply chain management (SCM)
The design, planning, execution, and integration of all supply chain processes. Uses a collection of tools, techniques, and management activities to help businesses develop integrated supply chains that support organizational strategy.
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Three-way match
The activity within the procurement process that ensures that the data on the invoice matches the data on the purchase order and the goods receipt.
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