Inventory

Definition: What is Inventory? Inventory includes all of the raw materials, work-in-process goods and completely finished goods listed as part of assets of a business, either ready or to be ready for sale. It is one of the most important assets for most businesses. It is the turnover of inventory that represents one of the …

Impact Alarm

Definition: What is an Impact Alarm? Impact alarm devices are designed to warn operators of material handling equipment of imminent danger to their machinery getting in contact with any kind of obstacles in their path. These devices use a wide array of detecting sensors, from mechanical antennae (known as pigtails in the impact alarm industry) …

iWarehouse

Definition: What is iWarehouse® Raymond Handling’s own fleet management programs designed to control access to material handling equipment (MHE), provide operator accountability, reduce equipment and facility damage, increase operator productivity and equipment utilization is known as iWarehouse. Specialized reviews describe iWarehouse as the most comprehensive lift truck fleet and warehouse optimization system available. Providing continuous …

Inventory Turns

Definition: What is Inventory Turns? Inventory turns measures the number of times inventory is sold or used in a strictly defined time period. The equation for inventory turnover equals the cost of goods sold divided by the average inventory. The result displays the ratio showing how many times a company’s inventory is sold and replaced …

Just In Time

Definition: What is Just In Time? To reduce inventory costs, increase efficiency and decrease waste by planning to receive and receiving goods only as they are needed in the production process, companies employ the so-called “Just-In-Time” (JIT) method of planning. The ability to forecast demand accurately is the basic requirement. JIT inventory supply system is …