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Camelot 3PL Terms
Third Party Logistics Related Terms
| Term | Definition |
|---|---|
| code date | an alternate date (Ex. expiration date) |
| logistics | the process of planning, implementing, and controlling the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements |
| third party logistics | transportation, warehousing, and other logistics related services provided by companies employed to assume tasks that were previously performed in-house by the client |
| advance ship notice | (ASN) detailed shipment information transmitted to a customer or consignee in advance of delivery, designating the contents (individual products and quantities of each) and nature of the shipment. May also include carrier and shipment specifics |
| crossdocking | a distribution system in which merchandise received at the warehouse or distribution center is not put away, but instead readied for shipment to retail stores |
| light assembly | fitting together individual components to make a whole product |
| kitting | light assembly of components into defined units, reducing the need to maintain an inventory of pre-built completed products, but increasing the time and labor consumed at shipment |
| picking ticket | tells what items are to be included in each order and the item and the item's location in the warehouse, including the aisle, shelf or pallet location, and even the bin number of the merchandise |
| bin move | moving inventory from one bin to another |
| bin | 1) a storage device designed to hold small discrete parts; 2) a shelving unit with physical dividers separating the storage locations |
| floor loaded | description of how the trailer is loaded; merchandise is loaded onto the floor of a trailer without pallets |
| container | 1) a "box" typically 10-40 feet long, which is primarily used for ocean freight shipments; 2) the packaging, such as a carton, case, box, bucket, drum, bin, bottle, bundle, or bag, that an item is packed and shipped in |
| container stripping | to unload a shipping container, also called destuffing |
| tare weight | the weight of a substance, obtained by deducting the weight of the empty container from the gross weight of the container |
| consignee | the party to whom goods are shipped and delivered; the receiver of a freight shipment |
| consignor | the party who originates a shipment of goods (shipper); the sender of a freight shipment, usually the seller |
| handling costs | the cost involved in moving, transferring, preparing, and otherwise handling inventory |
| hundredweight | (cwt) a pricing unit used in transportation (equal to 100 pounds) |
| pick pack | picking a product from inventory and packing into shipment containers |
| stock keeping unit | (SKU) numbering system which makes a product or item distinguishable from all others |
| just in time | (JIT) an inventory control system that controls material flow into assembly and manufacturing plants by coordinating demand and supply to the point where desire materials arrive just in time for use |
| acquiescence | when a bill of lading (BOL) is accepted or signed by a shipper or shipper's agent w/out protest, the shipper is said to acquiesce to the terms. giving a silent form of consent |
| drill down | to access information by starting with a general category and moving through the hierarchy of field to file to record |
| electronic data interchange | (EDI) intercompany, computer-to-computer transmission of business information in a standard format; "computer-to-computer" means direct transmission from the originating application program to the receiving, or processing, application program. |
| enterprise resource planning | a way to integrate the data and processes of an organization into one single system; usually these systems will have many components including hardware/software & use a unified database to store data for various functions found in the organization |
| activity based costing | (ABC) an accounting system that measures the cost and performance of specific activities performed in the organization |
| average inventory | the average inventory level over a period of time |
| back order | product ordered but out of stock and promised to ship when the product becomes available |
| backhaul | the return movement of a vehicle from its original destination to its original point of origin, especially when carrying goods back over all or part of the same route |
| bar code | a symbol consisting of a series or printed bars representing values; a system of optical character reading, scanning, and tracking of units by reading a series of printed bars for translation into a numeric or alphanumeric identification code |
| benchmarking | the process of comparing performance against the practices of other leading companies for the purposes of improving performances; can also be done internally by tracking and comparing current performance with past performance |
| best practice | state-of-industry performance or application |
| break bulk | the separation of a single consolidated bulk load into smaller individual shipments for delivery to the ultimate consignees |
| carrier | a firm which transports foods or people |
| common carrier | a for–hire carrier that holds itself out to transport goods and serve the general public at reasonable rates and without discrimination |
| consolidation | combining two or more shipments in order to realize lower transportation rates. Inbound consolidation form vendors is called make–bulk consolidation: outbound consolidation to customers is called break–bulk consolidation |
| continuous replenishment planning | (CRP) a program that triggers the manufacturing and movement of product through the supply chain when the identical product is purchased by an end user |
| core competency | one of a company's primary functions which is considered essential to its success |
| cost of capital | the cost to borrow or invest capital |
| cycle time | the amount of time it takes to complete a business process |
| dedicated contract carriage | a third–party service that dedicates equipment (vehicles) and drivers to a single customer for its exclusive use on a contractual basis |
| distribution | outbound logistics, from the end of production line to the end user |
| distribution center | a post–Production warehouse for finished goods |
| distribution requirements planning | (DRP) a system of determining demands for inventory at distribution centers and consolidating demand information in reverse as input to the production and materials system |
| economic order quantity | (EOC) an inventory model that determines how much to order by determining the amount that will meet customer service levels while minimizing total ordering and holding costs |
| economic value added | (EVA) a measurement of shareholder value as a company's operating profits after tax, less an appropriate charge for the capital used in creating the profits |
| efficient consumer response | (ECR) a demand driven replenishment system designed to link all parties in the logistics channel to create a massive flow–through distribution network. Replenishment is based upon consumer demand an point of sale information |
| fill rate | the percentage of order items that the picking operation actually fills within a given period of time |
| finished goods inventory | (FGI) products completely manufactured, packaged, stored, and ready for distribution |
| fixed costs | costs which do not fluctuate with business volume in the short run |
| free on board | (FOB) contractual terms between a buyer and a seller which define where title transfer place |
| fob destination | title passes at destination and seller has total responsibility until shipment is delivered |
| fob origin | title passes at origin, and the buyer has total responsibility over the foods while in shipment |
| foreign trade zone | (FTZ) an area or zone set aside at or near a port or airport, under the control of the U.S. Customs Service, for holding goods duty–free pending customs clearance |
| full service leasing | an equipment–leasing arrangement that includes a variety of services to support leased equipment (i.e., motor carrier tractors) |
| globalization | the process of making something worldwide in scope or application |
| handling costs | the cost involved in moving, transferring, preparing, and otherwise handling inventory |
| hazardous material | a substance or material which the Department of Transportation has determined to be capable of posing a risk to health, safety, and property when stored or transported in commerce |
| inbound logistics | the movement of materials form suppliers and vendors into production processes or storage facilities |
| INCOTERMS | international terms of sale developed by the International Chamber of Commerce to define sellers' and buyers' responsibilities |
| integrated logistics | a comprehensive, system–wide view of the entire supply chain as a single process,from raw materials supply through finished goods distribution. All function's are managed as a single entity, rather than managing individual functions separately. |
| intermodal transportation | transporting freight by using two or more transportation modes |
| inventory | raw materials supply through finished goods and supplies required for creation of a company's goods and services |
| inventory carrying costs | a financial measurement that calculates all the costs associated with holding goods in storage, usually expressed as a percentage of the inventory value |
| inventory deployment | strategically positioning inventory to meet customer service levels while minimizing inventory and storage levels. Excess inventory is replaced with information derived through monitoring supply, demand and inventory at rest as well as in motion |
| inventory management | the process of ensuring the availability of products through inventory administration |
| inventory turns | the speed with which inventory moves through a defined cycle (i.e., from receiving to shipping) |
| less than truckload carriers | (LTL) trucking companies that consolidate and transport smaller (less than truckload) shipments of freight by utilizing a network of terminals and relay points. |
| marginal cost | the cost to produce one additional unit of output. The change in total variable cost resulting from a one–unit change in output |
| materials management | inbound logistics from suppliers through the production process. The movement and management of materials and products from procurement through production |
| materials requirement planning | (MRP) a decision–making methodology used to determine the timing and quantities of materials to purchase. |
| NMFC | (National Motor Freight Classification) a tariff which contains descriptions and classifications of commodities and rules for domestic movement by motor carriers in the U.S. |
| optimization | the process of making something as good or as effective as possible with given resources and constraints |
| order cycle | the time and process involved from the placement of an order to the receipt of the shipment |
| order processing | activities associated with filling customer orders |
| outbound consolidation | (Break–Bulk) consolidation of a number of small shipments for various customers into a larger load; shipped to a location near the customers, then small shipments are distributed to the customers |
| outsource | to utilize a third–party provider to provide services previously performed in–house |
| point of sale information | price and quantity data form retail location as sales transactions occur |
| postponement | the delay of final activities (i.e., assembly, production, packaging, etc.) until the latest possible time |
| prepaid | a freight term which indicates that charges are to be paid by the shipper |
| present value | today's value of future cash flows, discounted at an appropriate rate |
| process improvement | designs or activities which improve quality or reduce costs, often through the elimination of waste or non–value–added task |
| proof of deliver | (P.O.D.) information supplied by the carrier containing the name of the person who signed for the shipment, the time and date of delivery, and other shipment delivery related information |
| quick response | business strategy for reducing inventory in the pipeline and shortening the cycle time for a product to be made, distributed and sold. POS information is electronically transmitted back to the store supplier responsible for adequate supply at the store |
| reengineering | a fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in performance |
| replenishment | the process of moving or re–supplying inventory form a reserve storage location to a primary picking location or to another mode of storage in which picking is performed |
| reverse logistics | a specialized segment of logistics focusing on the movement and management of products and resources after the sale and after delivery to the customer |
| safety stock | the inventory a company holds above normal needs as a buffer against delays in receipt of supply or changes in customer demand |
| shipper | the party which tenders goods for transportation |
| sub optimization | decisions or activities in a part made at the expense of the whole |
| supply chain | the physical, financial and information networks that involve the movement of materials, funds, and related information through the full logistics networks that involve the movement of raw materials to delivery of finished products to the end user |
| supply chain management | (SCM) the management and control of all materials, funds, and related information in the logistics process from acquisition of raw materials to the delivery of finished products to the end user |
| supply warehouse | a warehouse that stores raw materials or components. Goods form different suppliers are picked, sorted, staged, or sequenced at the warehouse to assemble plant orders |
| tariff | a tax assessed by a government on goods entering or leaving a country. The term is also used in transportation in reference to the fees and rules applied by a carrier for its services |
| throughput | a measure of warehousing output volume (weight, number of units). Also the total amount of units received plus the total amount of units shipped, divided by two |
| time definite services | delivery is guaranteed on a specific day |
| TOFC | trailer–on–flat–car (piggyback) |
| total cost analysis | a decision–making approach that considers minimization of total costs and recognizes the interrelationship among system variables such as transportation, warehousing, inventory, and customer service |
| tracking and tracing | monitoring and recording shipment movements from origin to destination |
| traffic management | the management and controlling of transportation modes, carrier and services |
| transit time | the total time that elapses between a shipments pickup and delivery |
| truckload carries | (TL) trucking companies which move full truckloads of freight directly from the point of origin to destination |
| unit cost | he cost associated with a single unit of product; the total cost of producing a product or service divided by the total number of units |
| value added | increased or improved value, worth, functionality or usefulness |
| variable cost | a cost that fluctuates with the volume or activity level of business |
| visibility | the ability to access or view pertinent data or information as it relates to logistics and the supply chain |
| warehousing | the storage (holding of goods) |
| work in process | parts and sub assemblies in the process of becoming completed finished goods |
| materials handling | the physical handling of products and materials between procurement and shipping |
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