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Logistics Glossary - I
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Import/Export License: Official authorization issued by a government allowing the shipping or delivery of a product across national boundaries.
Inbound Logistics: The movement of materials from suppliers and vendors into production
processes or storage facilities.
Integrated Carrier: A company that offers a blend of transportation services such as land, sea and 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.
Intermodal Transportation: Transporting freight by using two or more transportation modes such as by truck and rail or truck and oceangoing vessel.
Interstate Commerce: The transportation of persons or property between states; in the course of the movement, the shipment crosses a state boundary line.
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 intent of the shipper was an interstate shipment at the time of shipment.
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. Intransit inventory is an easily overlooked component of total supply chain availability.
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 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.
Invoice: A detailed statement showing goods sold 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 Standardization Organization. In the United States, ISO is represented by the American National Standards Institute based in Washington, D.C.
Item: Any unique manufactured or purchased part, material, intermediate, subassembly, or product.