When it comes to doing business, there is a lot of lingo used for describing different aspects of the business. Having insight into the most common terms used in your industry helps you educate your team, business partners, and customers on various aspects of your industry. Here is a list of some of the top industry terms you might hear on a typical day.
Consignment Inventory - Consigned Inventory is inventory that is still owned by the supplier, but the customer has it on hand. When the customer uses or sells the inventory, the supplier then gets paid. This creates a form of financial security and freedom for the customer.
Non-Consigned inventory – Non-consigned inventory is a traditional form of inventory where the customer pays for the inventory as it is needed to be replenished. When you need new parts or products, you order and pay for those goods.
Inventory management - To keep things simple, inventory management is the management of inventory and stock. Inventory management ensures that correct levels of stock are always on hand. This has a lot of benefits for your business. However, having the right inventory at ALL times is a crucial component for your business. Read more about inventory management here: https://blog.austinhardware.com/what-is-inventory-management