Bill of materials, an itemized list of all components in their exact quantities making up a part or product. In a manufacturing environment, the BOM specifies all the components required to build the part or product and is defined in manufacturing systems to drive inventory planning, manage demand, and inform purchasing.
A leaner supply chain model that is more cost-effective for the business and sustainable for the environment than a linear supply chain. In a circular supply chain, businesses are more conscientious about reallocating materials for useful purposes rather than disposing them.
End of life, referring to a product that is at the end of its useful life, from the vendor’s perspective, so the vendor stops selling, marketing, or supporting it. It is no longer available through primary supplier channels.
Enterprise resource planning, a process used by companies to manage and integrate the key processes involved in running their businesses, including planning and purchasing inventory, resource planning and management, financial, distribution, and much more. ERP is an evolution of MRP (see below), as ERP systems are broader, extending the ability for a company to manage across multiple business functions.
Any material that is used in a manufacturing environment to produce a product, including raw parts, sub-assemblies, or final products. Almost always associated with a unique manufacturing part number.
Our Purchasing Platform designed to transform the way you purchase smaller lots of much needed inventory for the unexpected shortages due to changes in forecast, accidents, or other catastrophe.
Our Sales Platform designed to transform your inventory excess nightmares into sweet dreams, by allowing you to list available inventory for sale or donation and recoup your costs.
Material requirements planning, an inventory management system that helps assist production managers in scheduling and placing orders. (see ERP, above.)
A group of people or entities coming together with a common purpose and teaming up to share precious resources among the group. Example: MOQller provides an online sharing community to bring together businesses with a common interest in balancing inventory differentials while participating in a sustainable practice to extend the usefulness of resources and minimize e-waste.
The sharing economy is a socio-economic model based on sharing human and physical resources. It operates on a peer-to-peer (P2P) relationship among members acquiring, providing, creating, producing, distributing, trading and/or consuming common resources. Such a model often preserves worldly resources by maximizing productive utility and minimizing waste. It is often facilitated by a community-based on-line platform.
The system of entities, resources, people, and steps involved in forecasting, planning, purchasing, producing, and distributing a product to the end customer.