What is Dimensional Weight?
What is Dimensional Weight? The Dimensional Weight (DIM Weight) meaning describes calculating shipping and logistics costs using a package’s dimensions instead of its actual weight. This approach ensures fair pricing for large, lightweight packages. A dimensional weight calculator generates the result that simplifies this process, making it essential for packaging logistics, freight transportation, and the […]
What is Inventory Audit?
What is an Inventory Audit? An Inventory Audit is a vital inventory management process verifying physical stock against financial records through a physical count. This ensures data consistency and highlights discrepancies, promoting accuracy and integrity in inventory reporting. Inventory audit procedures use standardized methods to validate stock levels. Importance of Inventory Audit: Conducting inventory audits […]
What is Inventory Accounting?
What is Inventory Accounting? Inventory Accounting tracks and values a company’s inventory throughout the production process, impacting financial health. It defines inventory in accounting as assets recorded during production, ensuring accurate logistics and financial management for reporting and tax purposes. How does Inventory Accounting work? Inventory accounting works by categorising and valuing inventory, such as […]
Supply Chain Procurement Strategies
Introduction of Supply Chain Management: Supply Chain Management (SCM) thus refers to the management of tangible goods and services from the point of production, through distribution to the customer. Sourcing involves all the processes in sourcing raw materials until the final product is delivered to the customer at the lowest cost and time possible. SCM […]
What is Freight Forwarding?
Freight forwarding is the overall process that involves the systematic arrangement and shipment of goods from place to place on behalf of a customer/shipper. It manages the entire logistics process, including transportation, documentation, and customs clearance. Understanding the Role of Freight Forwarding: The core responsibility of freight forwarding is establishing an arrangement with companies, importers, […]
Global supply chain Management
What is Global Supply Chain Management: Global Supply Chain Management encompasses the operations involved from transferring products and services across international borders to perfecting last-mile delivery and achieving an optimal level of customer satisfaction. This means carefully coordinating the logistics of raw materials, production, and shipping, ensuring that all steps align to meet demands on […]
Supply Chain Risk Management
What is Supply Chain Risk Management? Supply Chain Risk Management (SCRM) involves systematically identifying, assessing, and implementing mitigation strategies to manage potential disruptions, like natural disasters and cyber threats, that can impact operations. Effective SCRM is essential for maintaining business continuity in today’s interconnected global supply chains, ensuring that companies are resilient against supply chain […]
VED Analysis in Inventory Management
What is VED Analysis in Inventory Management? VED (Vital, Essential, Desirable) analysis in inventory management is a strategic tool that segments items into three categories—Vital, Essential, and Desirable. This classification enables businesses to assess the criticality of each item, facilitating optimized inventory control and resource allocation. By implementing VED analysis, companies ensure that vital items, […]
What is Expedited Shipping?
What is Expedited Shipping? Expedited shipping refers to delivery options faster than typical transportation methods, often chosen for urgent needs where speed is crucial. It includes same-day, overnight, or two-day services, depending on carrier and preference, and aims to meet delivery timelines and other logistics-related task for time-sensitive shipments. Essentially, expedited shipping meaning centres around providing […]
What is Cross Docking
What is Cross Docking? Cross-docking is defined as the process where goods are unloaded from an inbound truck and loaded directly onto an outbound truck or outgoing truck without spending much time in storage. It reduces handling, lowers transportation costs, and shortens delivery time. This method is widely adopted in supply chain management, particularly in […]
