I
Igloos: Pallets and containers used in air transportation; the
igloo shape fits the internal wall contours of a narrow-body airplane.
Import: Movement of products from one country into another. The
import of automobiles from Germany into the US is an example.
Import/Export License:
Official authorization issued by a government allowing the shipping or delivery
of a product across national boundaries.
In
Bond: Goods are held or transported
In-Bond under customs control either until import duties or other charges are
paid, or to avoid paying the duties or charges until a later date.
Inbound
logistics: The management of materials from
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.
Independent
Action: A carrier that is a rate bureau
member may publish a rate that differs from the rate the rate bureau publishes.
Independent Trading Exchange (ITE): Often used synonymously with B2B, e-marketplace, or Virtual
Commerce Network (VCN). ITE is a more precise term, connoting many-to-many
transactions, whereas the others do not specify the transactions.
Indirect
Cost: A resource or activity cost that
cannot be directly traced to a final cost object since no direct or repeatable
cause-and-effect relationship exists. An indirect cost uses an assignment or
allocation to transfer cost.
Indirect/Distributor Channel: Your company sells and ships to the distributor. The
distributor sells and ships to the end user. This may occur in multiple stages.
Ultimately, your product may pass through the Indirect/Distributor Channel and
arrive at a retail outlet. Order information in this channel may be transmitted
by electronic means. These means may include EDI, brokered systems, or linked
electronic systems.
Indirect Retail Locations:
A retail location that ultimately sells your product to consumers, but who
purchases your products from an intermediary, like a distributor or wholesaler.
Information System (I/S):
Managing the flow of data in an organization in a systematic, structured way to
assist in planning, implementing, and controlling.
Inland Bill of Lading:
The carriage contract used in transport from a shipping point overland to the
exporter's international carrier location.
Inspection Certificate:
A document certifying that merchandise (such as perishable goods) was in good
condition immediately prior to shipment.
Insurance: A system of protection against loss under which a number of
parties agree to pay certain sums (premiums) for a guarantee that they will be
compensated under certain conditions for specified loss and damage.
Insurance Certificate:
A document issued to the consignee to certify that insurance is provided to
cover loss of or damage to the cargo while in transit.
Integrated
Carrier: An airfreight company that offers a
blend of transportation services such as air carriage, freight forwarding, and
ground handling.
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 functions
that make up the supply chain are managed as a single entity rather than
managing individual functions separately.
Interchange: In EDI, the exchange of electronic information between
companies. Also, the group of transaction sets transmitted from one sender to
one receiver at one time. Delineated by interchange control segments.
Intercoastal carriers:
Water carriers that transport freight between East and West Coast ports,
usually by way of the Panama Canal.
Intercorporate hauling:
A private carrier hauling a subsidiary's goods and charging the subsidiary a
fee; this is legal if the subsidiary is wholly owned or if the private carrier
has common carrier authority.
Interleaving: The practice of assigning an employee multiple tasks which
are performed concurrently.
Interline: Two or more motor carriers working together to haul a
shipment to a destination. Carriers may interchange equipment but usually they
rehandle the shipment without transferring the equipment.
Intermediately Positioned Warehouse: A warehouse located between customers and manufacturing
plants to provide increased customer service and reduced distribution cost.
Intermittent-Flow, Fixed-Path Equipment: Materials handling devices that include bridge cranes,
monorails, and stacker cranes.
Intermodal Container Transfer Facility: A facility where cargo is transferred from one mode of
transportation to another, usually from ship or truck to rail.
Intermodal Transportation:
Transporting freight by using two or more transportation modes, such as by
truck and rail or truck and oceangoing vessel.
Internal
Customer: The recipient (person or
department) of another person's or department's output (good, service, or
information) within an organization. Also see: Customer.
Internal Labor and Overhead: The portion of COGS that is typically reported as labor and
overhead, less any costs already classified as "outsourced."
Internal Water Carriers:
Water carriers that operate over internal, navigable rivers such as the
Mississippi, Ohio, and Missouri.
International Air Transport Association: An international air carrier rate bureau for passenger and
freight movements.
International Civil Aeronautics Organization: An international agency responsible for air safety and for
standardizing air traffic control, airport design, and safety features
worldwide.
International Import Certificate: A document required by the importing country indicating
that the importing country recognizes that a controlled shipment is entering
their country. The importing country pledges to monitor the shipment and
prevent its re-export, except in accordance with its own export control
regulations.
International Maritime Organization (IMO): A United Nations-affiliated organization representing all
maritime countries in matters affecting maritime transportation, including the
movement of dangerous goods. The organization also is involved in deliberations
on marine environmental pollution.
International Standards Organization (ISO): An organization within the United Nations to which all
national and other standard-setting bodies (should) defer. Develops and
monitors international standards, including OSI, EDIFACT, and X.400.
Internet: A computer term which refers to an interconnected group of
computer networks from all parts of the world, i.e., a network of networks.
Accessed via a modem and an online service provider, it contains many
information resources and acts as a giant electronic message routing system.
Interstate Commerce:
The transportation of persons or property between states; in the course of the
movement, the shipment crosses a state boundary.
Interstate Commerce Commission (ICC): An independent regulatory agency that implements federal
economic regulations controlling railroads, motor carriers, pipelines, domestic
water carriers, domestic surface freight forwarders, and brokers.
Interstate
System: The National System of Interstate
and Defense Highways, 42,000 miles of four-lane, limited-access roads
connecting major population centers.
In-Transit Inventory:
Material moving between two or more locations, usually separated
geographically; for example, finished goods being shipped from a plant to a
distribution center. In-transit inventory is an easily overlooked component of
total supply chain availability.
Intrastate Commerce:
The transportation of persons or property between points within a state. A
shipment between two points within a state may be interstate if the shipment
had a prior or subsequent move outside of the state and the shipper intended an
interstate shipment at time of shipment.
Inventory: Raw materials, work in process, finished goods, and
supplies required for creation of a company's goods and services. The number of
units and/or value of the stock of goods held by a company.
Inventory
Accuracy: When the on-hand quantity is
equivalent to the perpetual balance (plus or minus the designated count
tolerances).
Inventory Carrying Cost:
One of the elements comprising a company's total supply chain management costs.
These costs consist of the following:
1. Opportunity Cost: The opportunity cost of holding inventory. This should be
based on your company's own cost of capital standards using the following
formula.
Calculation: Cost of Capital x
Average Net Value of Inventory
2. Shrinkage: The costs associated with breakage, pilferage, and
deterioration of inventories. Usually pertains to the loss of material through
handling damage, theft, or neglect.
3. Insurance and Taxes: The cost of insuring inventories and taxes associated with
the holding of inventory.
4. Total Obsolescence for Raw
Material, WIP, and Finished Goods Inventory: Inventory reserves taken due to obsolescence and scrap and
includes products exceeding the shelf life, i.e., spoils and is no good for use
in its original purpose (do not include reserves taken for Field Service
Parts).
5. Channel Obsolescence: Aging allowances paid to channel partners, provisions for
buy-back agreements, etc. Includes all material that becomes obsolete while in
a distribution channel. Usually, a distributor will demand a refund on material
that goes bad (shelf life) or is no longer needed because of changing needs.
6. Field Service Parts Obsolescence: Reserves taken due to obsolescence and scrap. field service
parts are those inventories kept at locations outside the four walls of the
manufacturing plant i.e., distribution center or warehouse.
Inventory
Cost: The cost of holding goods, usually
expressed as a percentage of the inventory value; includes the cost of capital,
warehousing, taxes, insurance, depreciation, and obsolescence.
Inventory Management:
The process of ensuring the availability of products through inventory
administration.
Inventory Planning Systems: The systems that help to strategically balance the
inventory policy and customer service levels throughout the supply chain. These
systems usually calculate time-phased order quantities and safety stock using
selected inventory strategies. Some inventory planning systems conduct what-if
analysis and compare the current inventory policy with simulated inventory
scenarios to improve the inventory ROI.
Inventory
Turns: The cost of goods sold divided by
the average level of inventory on hand. This ratio measures how many times a
company's inventory has been sold during a period of time. Operationally,
inventory turns are measured as total throughput divided by average level of
inventory for a given period. How many times a year the average inventory for a
firm changes over or is sold.
Inventory
Velocity: The speed at which inventory moves
through a defined cycle (i.e., from receiving to shipping).
Invoice: A detailed statement showing goods sold or shipped and
amounts for each. The invoice is prepared by the seller and acts as the
document that the buyer will use to make payment.
ISO
9000: A series of quality assurance
standards compiled by the Geneva, Switzerland-based International Standards
Organization. In the United States, ISO is represented by the American National
Standards Institute based in Washington, DC.
ISO 14000 Series Standards: A series of generic environmental management standards
under development by the International Organization of Standardization which
provide structure and systems for managing environmental compliance with
legislative and regulatory requirements and affect every aspect of a company's
environmental operations.
Issuing
Carrier: The carrier whose name is printed
on the bill of lading and with whom the contract of carriage exists.
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