sennder announces the successful closing of the acquisition of the European Surface Transportation operations of C.H. Robinson.

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Glossary

Inventory

Definition

Inventory refers to the items and materials that a business holds in stock, either for production or for sale to customers. It is a critical component of supply chain management, as it helps businesses maintain an adequate supply of goods to meet customer demands while minimizing storage and carrying costs. Inventory can include raw materials, work-in-progress, and finished goods.

— sennder Team

FAQ

There are three main types of inventory: 1. Raw materials: Items that are used in the production process but have not yet been transformed into finished goods. 2. Work-in-progress: Items that are partially completed but not yet ready for sale. 3. Finished goods: Items that are fully completed and ready for sale to customers.
Effective inventory management is essential for businesses because it helps maintain a balance between having enough stock to meet customer demands and minimizing the costs associated with holding inventory. Proper inventory management can lead to increased efficiency, reduced waste, and improved cash flow.
Some common inventory management techniques include: - First-in, first-out (FIFO): Assumes that the first items added to inventory are the first to be sold. - Last-in, first-out (LIFO): Assumes that the most recently added items are the first to be sold. - Just-in-time (JIT) inventory: Aims to minimize inventory levels by ordering and receiving goods only as they are needed in the production process.
Inventory plays a critical role in supply chain management, as it ensures that businesses have enough goods to meet customer demands while minimizing costs. Effective inventory management can help businesses reduce lead times, improve order accuracy, and increase customer satisfaction.
Example or usage in road freight logistics

A road freight logistics company is responsible for transporting inventory between a manufacturer's warehouse and retail locations. Proper inventory management is crucial for the logistics company to ensure timely deliveries, minimize storage costs, and maintain an optimal level of inventory at all times.

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