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Globalization	See: Currency Conversion, Language
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Inbound Logistics	Following the receipt of materials, parts or resale products from external suppliers, the subsequent storage, handling, and transportation requirements to facilitate either manufacturing or market distribution constitute inbound logistics. Source: Bowersox, D.J., Closs, D.J., & Cooper, B.M. (2002). Supply Chain Logistics Management. Burr Ridge, Boston: McGraw Hill. See: Interplant Transfer, Outbound Logistics
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Industry Standards	An industrial standard is a uniform identification that is agreed on. Industrial standardization can be defined as the process of establishing agreement on uniform identifications for definite characteristics of quality, design, performance, quantity, service, etc. Source: Dobler, D.W., & Burt, D.N. (1996). Purchasing and Supply Management. (6th ed.). New York: McGraw Hill.
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Information Sharing	A strategic partnering relationship between suppliers and buyers is characterized by a willingness to be open, and to share forecasted demand and cost data as well as the benefits resulting from the information sharing. Both parties in the relationship generally follow a continuous improvement philosophy towards total cost of material acquisition and ownership along with quality and service. Cost, quality and schedule information that is confidential is shared both ways between firms during the early and ongoing stages of design and during the production life-cycle of the supplying relationship. This openness exists because of the high degree of trust earned through multiple successful interactions between the two organizations. Sources: http://www.capsresearch.org/ Dobler, D.W., & Burt, D.N. (1996). Purchasing and supply management. (6th ed.). New York: McGraw Hill.
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Information Technology	The technology of computers, telecommunications, and other devices that integrate data, equipment, personnel, and problem-solving methods in planning and controlling business activities. Information technology provides the means for collecting, storing, encoding, processing, analyzing, transmitting, receiving, and printing text, audio, or video information. Hardware: In the context of information technology, the computer and its peripherals constitute the hardware. Software: The programs and documentation necessary to make use of a computer constitute the software. Source: http://www.apics.org/ (10th ed.)
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Insource vs Outsource	The act of deciding whether to produce an item internally or buy it from an outside supplier. Factors to consider in the decision include costs, capacity availability, proprietary and/or specialized knowledge, quality considerations, skill requirements, volume, and timing. Source: http://www.apics.org/ (10th ed.)
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Interplant Transfer	The shipment of a part or product by one plant to another plant or division within the corporation. Source: http://www.apics.org/ (10th ed.)
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Inventory	1) Those stocks or items used to support production (raw materials and work-in-process items), supporting activities (maintenance, repair, and operating supplies), and customer service (finished goods and spare parts). Demand for inventory may be dependent or independent. Inventory functions are anticipation, hedge, cycle (lot size), fluctuation (safety, buffer, or reserve), transportation (pipeline), and service parts. 2) In the theory of constraints, inventory is defined as those items purchased for resale and includes finished goods, work in process, and raw materials. Inventory is always valued at purchase price and includes no value-added costs, as opposed to the traditional cost accounting practice of adding direct labor and allocating overhead as work in process progresses through the production process.
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Inventory Management Systems	Software applications that permit monitoring events across a supply chain. These systems track and trace inventory globally on a line-item level and notify the user of significant deviations from plans. Companies are provided with realistic estimates of when material will arrive.With Inventory visibility, organizations are able to make decisions that optimize supply chain performance. Information is available to reduce costs by removing inventory from the supply chain, reducing obsolescence, decreasing operational assets, lowering network operations cost, and decreasing transportation costs. Visibility also increases competitiveness by improving customer satisfaction and market responsiveness. Source: http://www.apics.org/ (10th ed.) See: Supply Chain Visibility
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Inventory Positioning	Inventory positioning refers to the selective location of various items in the product line in plant, regional, or field warehouses. Inventory positioning has a bearing on facility location decision, and therefore, must be considered in the logistics strategy. Source: Ballou, R.H. (1999). Business Logistics Management. (4th ed.). Upper Saddle River, New Jersey: Prentice Hall.
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Inventory Replenishment	Relocating material from a bulk storage area to an order pick storage area, and documenting this relocation. Lead time, order quantity and replenishment interval are factors in inventory replenishment.
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Inventory Stock Levels	Comprised of base inventory level and target inventory level. Base inventory level is made up of aggregate lot-size inventory plus the aggregate safety stock inventory. It does not take into account the anticipation inventory that will result from the production plan. The base inventory level should be known before the production plan is made. The target inventory is equal to the order point plus a variable order quantity. It is often called an order-up-to inventory level and is used in a periodic review system. Source for the above definition: http://www.apics.org/ (10th ed.)
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