An organization that makes products that sell quickly and at a low cost.
Information about the customer’s views on a product or service.
The percentage of orders fulfilled from available stock within a set time.
Internal documents setting out how money is managed within the organization, including how budgets are set, who can authorize expenditure and, often, rules around what procurement processes must be used.
The amount of money that is either made or lost from an investment.
A twelve-month period of trading. Businesses’ financial years can start at any time as long as they run for a complete year.
Items that have been through the manufacturing process, are complete and are suitable for sale.
The process of checking a product manufactured for the first time to determine that it meets design and specification requirements.
Items purchased first are sold first, e.g., an electrical component sold out of inventory would be issued at the oldest or first price.
An inspection of an organization by an auditor employed by the organization (also known as an internal audit).
The 12 months between one annual settlement of financial accounts and the next; a term used for budgeting, etc. The fiscal year for the U.S. Government is October 1 to September 30; the fiscal year for the State of Minnesota is July 1 to June 30.
The product or service is capable of doing what it was designed to do.
State property that is in one of four categories: all non-expendable property having a normal life expectancy of more than two years and a value of $2,000 or more.
A cost that remains constant in the short term irrespective of production volumes.
A structure with few or no levels of management.
Circumstances that cannot be foreseen which prevent a contract from being fulfilled.
The process of using existing data to predict future demand for products or services.
A solicitation which requires a sealed response.
A joint venture between a person who wants to start a business and a person who already had a business idea registered. The franchisee buys the right to use the business idea from the franchisor. McDonald’s is a well-known franchise.
Deception intended to result in personal gain.
A group of countries who have abolished tariffs, quotas and other barriers to trade within the group.
The resistance that one surface or object encounters when moving over another.
Visible emissions released from sources other than stacks, e.g., dust blown from storage piles, road dust, emissions leaking from the sides of buildings or open areas in buildings.
A single delivery of goods that completely fills a container.
The amount of freight required to fill a truck by cubic meters / feet or mass.
Complete and working to full capacity, i.e., a factory would be built and producing goods.
A type of chart that shows the schedule of a project. It can be tailored to work for procurement milestones.
A project management technique in which a project or process is divided into meaningful phases with checks and evaluations at the end of each phase. The project cannot continue unless a gate is passed.
A report estimating the volume of greenhouse gases produced.
The date on which the contract starts.
All types of personal property including commodities, materials, supplies, and equipment.
An area in an organization that receives and books in deliveries.
Total amount payable including taxes.
The total value of the output of businesses and people in a country in a year.
The total value of the output of businesses and people of a country in a year no matter where in the world they are located.
An ecological or environmental area that is inhabited by a particular species of animal, plant or other type of organism.
Specific skills that have to be taught, such as learning to use a new computer system, or gaining a professional qualification.
The physical parts of a computer.
Any waste (solid, liquid, or gas) which because of its quantity, concentration, or chemical, physical, or infectious characteristics pose a substantial present or potential hazard to human health or the environment when improperly treated, stored, transported, or disposed of.
A means of limiting the negative impact of an event.
A system where members of an organization are ranked according to their status or power.
Pallet racking that extends to ceiling level. This will require specially extended masts on forklift trucks.
A system of warehousing which looks to maximize utilization of space using a system of pallets and shelves stacked vertically and the use of machinery such as forklift trucks to retrieve items.
A qualified HUBZone small business concern is an organization that is a small business enterprise (SBE), is located in an historically underutilized business zone (HUBZone), is owned and controlled by one or more U.S. citizens and has at least 35 percent of employees residing in a HUBZone. A HUBZone is an area that is located in one or more of the following:
A formal gathering of data and information from various sources (and often of unrelated subject matter) and combining it to predict approaching risks or opportunities in order to support decision making.
Open-minded, without pre-determined ideas, and taking all views into account.
A market structure where many companies are competing, but each is selling a slightly different product.
Contractual terms that exist even if they are not stated in the contract, i.e., the law of the land.
Something conducted within an organization by its own workforce.
Generally known either by the public at large, or a certain section of it; readily obtainable outside of the organization.
Price for the whole amount, including taxes.
A company that is treated in law as being distinct from its owner.
International commercial terms of sale that assign costs and responsibilities between the buyer and seller when delivering products.
Finished products whose demand (ordering levels) is not dependent on other items of stock.
A collection of data that can be used for comparison, e.g., The Dow Jones Index.
Costs that are not directly incurred in the manufacture of a product or delivery of a service, e.g., insurance.
Services, tools and equipment that do not form part of the finished product but are required to maintain the business and production process, e.g., repairs, stationery, consultancy.
Something offered to persuade or influence an individual to conduct themselves or business in a certain way.
A person’s formal introduction to an organization and its procedures.
Higher than necessary.
A solicitation which does not require a sealed response.
Resources used in the production of a product or creation of a service that lead to the desired ‘output’ (e.g., people, raw materials, information).
Unable to pay the money owed.
The world’s first professional body of chartered accountants.
A contract between an insurance company and a person or group which provides for a money payment in case of covered loss, accident or death.
Something you cannot physically see or touch.
A cost to an organization that is known but cannot be quantified.
A short document about an organization’s features and how this creates value in the short, medium and long term.
The percentage of money that is required to be paid back in addition to money borrowed, or the percentage of money that is gained in addition to money saved.
Shipments that utilize different modes of transport, e.g., a shipping container carried by lorry to a dock where it is loaded aboard a ship.
The means by which an investment or project is evaluated financially. It is the interest rate at which the net present value of cash flows is equal to zero.
People, groups or organizations with an inside interest in an organization, including shareholders and employees who own or work for the business.
A global coalition that promotes reporting about value creation.
Skills used when communicating and dealing with people.
The stock of goods, materials or products.
The process of ensuring the safe and efficient storage and control of stock, including managing demand and movement.
Document inviting potential suppliers to quote for business.
A list of goods or services sent to a purchaser showing information including prices, quantities and shipping charges for payment.
Statements of what has been supplied and a request for payment.
International Organization for Standardization (www.iso.org).
This sets out the international standards for an environmental management system.
This is the international standard developed to help organizations in selecting and addressing their social responsibilities.
A set of international quality management and quality assurance standards that help companies effectively document and maintain an efficient quality system. They are not specific to any one industry and can be applied to organizations of any size.
ISO 9001 is a document describing the requirements an organization must fulfill to meet the ISO 9000 standards.
A computer network that allows computers or systems to share data.
A technique that can be used to help an organization (or person) improve their understanding of their relationship with themselves and others.
A family of standard contracts used in construction in the UK.
The temporary association of two or more businesses to secure and fulfill a procurement bid award.
A system that works alongside lean manufacturing. In order to reduce waste in the supply chain, JIT makes sure that stock is not held unnecessarily in inventory.
Whether you’re looking to maximize diversity spend, optimize supplier diversification, or identify emergency sourcing options, the best available supplier data makes all the difference.Learn More