Early Supplier Involvement Materials Management Vocabulary



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Early Purchasing Involvement (EPI)

A practice involving supply management professionals in a new product development process from its inception
Early Supplier Involvement (ESI)
A practice that brings together one or more selected suppliers with a buyer's product design team early in the product development process
A means of doing business that uses electronic technologies such as EDI, Internet, Web based supply chain integration to the benefit of an organisation. It's also known as E-commerce
Economic Indicators
Activities that change relative to the economy
Economic Order Quantity
A determinastic model that minimizes total acquisition and inventory  carrying cost. Popularly it is known as EOQ
Economies of Scale
The reduction in average unit costs experienced as an orgnisation's volume increases
Electronic Commerce
Utilization of technology of the computer , including such tools as EDI, the internet, intranets , Extranets to do commercial transaction
Electronic Data Interchange
Popularly known as EDI it's computer to computer exchange of business information in a standard format. Transaction documents are transmitted electronically from purchaser's computer to the seller's computer
Electronic Fund Transfer
The electronic transmission of funds from one party, usually the Purchaser to other party, usually the Supplier. The transfer is often done through internet using credit card
Electronic Requisitions
Purchase requisitions / Indents generated and transmitted by computer, replacing paper forms
A place to conduct e-commerce where sellers and purchasers meet on the net. It is used for purchasing , auctioning etc.
A government's total ban on trade with a specific country
A complete business organisation from front line employees to top management, all functions in between
Enterprise Resource Planning refers to a system that integrates various functions within an organisation. It may be used for forecasting, Materials Management etc. It's a computerised system now a days 
Escalation Clause
A contract clause permitting a specified increase in the price of goods or services in the event of certain conditions. Such a clause also specifis de-escalation
Established Market Price
A current price generated in the usual course of business between buyers and sellers free to bargain and which can be substantiated from an independent source
Exchange Barriers
The restrictions imposed on exchanging a country's currency against those of other countries
Exchange Rate
The price of a currency as it is being exchanged for another
Exempt Commodities
Commodities that are not subject to import duties or can be transported exempt of regulation
Contacting a supplier or carrier with the goal of speeding up the delivery date of an inbound shipmen
Export license
A permit from a host country government, enabling organisations to take goods out of a country
Express Warranty
A specific assurance made by the seller concerning the performance , quality, or nature of the goods or services sold
External Customer
The ultimate marketplace purchaser / user of an organisation's outputs
Economy of Scale
A phenomenon whereby larger volumes of production reduce unit cost by distributing fixed costs over a larger quantity.
EDI Standards
Criteria that define the data content and format requirements for specific business transactions (e.g. purchase orders). Using standard formats allows companies to exchange transactions with multiple trading partners easily.
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 and point of sale information.
Electronic Commerce (EC)
Also written as e-commerce. Conducting business electronically via traditional EDI technologies, or online via the Internet. In the traditional sense of selling goods, it is possible to do this electronically because of certain software programs that run the main functions of an e-commerce website, such as product display, online ordering, and inventory management. The definition of e-commerce includes business activity that is business-to-business (B2B), business-to-consumer (B2C).
Electronic Data Interchange (EDI)
Inter-company, computer-to-computer transmission of business information in a standard format. For EDI purists, "computer-to-computer" means direct transmission from the originating application program to the receiving, or processing, application program. An EDI transmission consists only of business data, not any accompanying verbiage or free-form messages. Purists might also contend that a standard format is one that is approved by a national or international standards organization, as opposed to formats developed by industry groups or companies.
Electronic Funds Transfer (EFT)
A computerized system that processes financial transactions and information about these transactions or performs the exchange of value. Sending payment instructions across a computer network, or the company-to company, company-to-bank, or bank-to-bank electronic exchange of value.
End-of-Life Inventory
Inventory on hand that will satisfy future demand for products that are no longer in production at your entity.
Enterprise Resource Planning (ERP) System
A class of software for planning and managing “enterprise-wide” the resources needed to take customer orders, ship them, account for them and replenish all needed goods according to customer orders and forecasts. Often includes electronic commerce with suppliers. Examples of ERP systems are the application suites from SAP, Oracle, PeopleSoft and others.







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