SCM Top 5 : Supply Chain terms everyone should know

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Top 5 SCM Overview Definitions Every SCM Learner Must Know

Supply Chain Management (SCM)

The entire process of producing and selling a product, from the raw materials to the final customer.

Economies of Scale

The cost advantages that a business obtains due to expansion, often leveraged in lateral supply chains by outsourcing to specialized providers.

Economies of Scope

Cost efficiencies gained by producing a wider variety of products or services together rather than separately.

Digital Transformation

The integration of digital technology into all areas of supply chain operations, enabling predictive analytics, automation, and end-to-end visibility.

Industrie 4.0

The European term for supply chain digital transformation, emphasizing automation, smart factories, and data-driven decision-making.

Top 5 Distribution and Fulfillment Definitions Every SCM Learner Must Know

Cross-Docking

A logistics practice where products are unloaded from an incoming vehicle and loaded directly into an outbound vehicle, with little or no storage in between.

Order Picking

The process of retrieving products from a warehouse to fulfill a customer's order. This can be done manually or with automated systems.

Last-Mile Delivery

The final leg of the delivery process, from a distribution center or hub to the final customer's doorstep. It is often the most expensive and time-consuming part.

Distribution

The process of storing, handling, and delivering finished goods from manufacturers or distribution centers to retailers, wholesalers, or end customers efficiently and cost-effectively.

Distribution Channels

The paths or routes through which goods and services flow from producers to end customers. They can include direct channels (manufacturer to customer) and indirect channels (wholesalers, distributors, retailers, etc.). Distribution channels determine how products reach the market efficiently.

Top 5 Warehousing and Storage Definitions Every SCM Learner Must Know

Safety Stock

A buffer of inventory kept to mitigate the risk of stockouts due to unexpected changes in supply or demand.

Stock Keeping Unit (SKU)

A unique alphanumeric code assigned to a specific product to identify and track it within a warehouse or inventory system.

Warehouse Management System (WMS)

Software designed to support and optimize warehouse and distribution center management, from receiving and putaway to order fulfillment and shipping.

Types of Warehouses

Warehouses can be categorized based on ownership, function, and storage needs, including public, private, bonded, distribution centers, and automated warehouses.

Warehouse

A warehouse is a facility for storing goods before distribution. Unlike normal shipment, it serves as an intermediate hub for ops.

Top 5 Supply Chain Planning Definitions Every SCM Learner Must Know

Demand Management

The process of forecasting, influencing, and managing customer demand to align supply chain activities with market needs.

Forecasting

Estimating future customer demand using historical data, market research, and statistical methods.

Forecast Error

The difference between actual demand and forecasted demand, used to evaluate the reliability of forecasting methods.

Sales and Operations Planning (S&OP)

A process that balances demand forecasts with supply capabilities, aligning plans across marketing, sales, and operations.

Operations Planning and Control

The broader process that includes S&OP, master scheduling, and other planning activities to align resources with demand.

Top 5 Procurement Definitions Every SCM Learner Must Know

Strategic Sourcing

A systematic process of analyzing an organization's spending and sourcing needs to make a strategic plan for sourcing and purchasing goods and services.

Purchase Order (PO)

A commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.

Supplier Relationship Management (SRM)

A comprehensive approach to managing an enterprise's interactions with the organizations that supply the goods and services it uses.

Sourcing in SCM

The process of identifying, evaluating, and engaging suppliers to meet supply chain needs.

In-House Sourcing

Obtaining goods or services internally within the organization instead of external suppliers.

Top 5 Logistics and Transportation Definitions Every SCM Learner Must Know

Incoterms

Internationally recognized rules by the ICC defining responsibilities of sellers and buyers for goods delivery.

Freight Forwarder

A service provider that arranges storage, consolidation, and shipping of merchandise on behalf of shippers.

Intermodal Transport

Using multiple transport modes for goods in one container without handling the goods when changing modes.

Role of Transportation in SCM

Ensures timely movement of goods across the supply chain, balancing cost, speed, and reliability.

Modes of Transport

Various transport options such as road, rail, air, sea, and pipeline, each with unique cost and speed tradeoffs.

Top 5 Manufacturing Definitions Every SCM Learner Must Know

Lean Manufacturing

A method to minimize waste and maximize productivity in the manufacturing process.

Just-in-Time (JIT)

A strategy to produce or receive goods only when needed, reducing inventory and waste.

Total Quality Management (TQM)

An approach focused on continuous improvement and customer satisfaction across all operations.

Kaizen

A Japanese term meaning 'continuous improvement' involving all employees to enhance efficiency and quality.

Kanban

A visual scheduling system from Japan that signals demand and helps manage workflow in production.

Top 5 Specialized Supply Chains Definitions Every SCM Learner Must Know

Humanitarian Supply Chain

A supply chain designed for disaster relief and humanitarian aid, which must be agile, resilient, and responsive under uncertain conditions.

Agility

The ability of a supply chain to respond quickly to unpredictable changes in demand or supply, critical for humanitarian and volatile environments.

Hospital Supply Chain

A specialized supply chain focused on balancing cost efficiency with safe and effective patient care.

Unique Device Identifier (UDI)

A system mandated in healthcare to uniquely identify medical devices, improving tracking, billing, and safety.

Risk Pooling

A strategy where critical supplies are centralized to spread risk and reduce the likelihood of shortages in healthcare or crisis supply chains.

Top 5 S&OP Definitions Every SCM Learner Must Know

Master Planning

A group of business processes that includes demand management (forecasting and order servicing), production and resource planning, and master scheduling.

Strategic Plan

A long-term plan, extending five to ten years or more, that focuses on marshalling resources and determining actions to support the organization's mission and goals.

Business Plan

A plan that states the organizational strategy in more specific terms and sets goals for achieving the strategy over the next one to three years, typically stated in dollars and grouped by product family.

Production Plan

A high-level view of future production requirements over a 12 to 18-month horizon, providing the rate of production at the product family level as an output of S&OP.

Master Production Schedule (MPS)

The output of master scheduling, which is typically a weekly plan at the item level detailing what will be produced.

Top 5 SCM Systems Definitions Every SCM Learner Must Know

Enterprise Resource Planning (ERP)

A modular suite of integrated business applications built around a central database to support planning, manufacturing, purchasing, finance, sales, logistics, and other functions across the enterprise.

ERP Transactional Modules

Modules where users interact with the ERP system for tasks such as order placement, inventory movement, billing, and purchasing. They align tactical decisions with strategic goals.

Advanced Planning and Scheduling (APS)

Computer systems that use mathematical algorithms to optimize and simulate logistics and manufacturing across strategic, tactical, and operational levels of the supply chain.

APS Demand Management

A module within APS that forecasts demand using order history, customer data, seasonality, and marketing events.

APS Resource Management

Coordinates the capacities and constraints of resources across the supply chain using inputs such as demand forecasts, costs, and product characteristics.

Top 5 SCM Metrics Definitions Every SCM Learner Must Know

Supply Chain Metrics

Quantitative measures used to track, evaluate, and improve the efficiency, effectiveness, and adaptability of supply chain processes.

Balanced Scorecard

A framework that measures organizational performance from multiple perspectives—customer, business process, financial, and learning/innovation—ensuring alignment with supply chain objectives.

Dashboard

A real-time management tool that presents key performance indicators in an easy-to-read format to monitor supply chain performance.

SCOR Model

The Supply Chain Operations Reference model, a standardized framework for evaluating and improving supply chain performance across plan, source, make, deliver, return, and enable processes.

Plan Process

Part of the SCOR model focused on balancing resources and requirements to create supply chain strategies.