Industry Terms

Reading Time: < 1 minute An IoT marketplace, also known as an Internet of Things marketplace, is a platform that connects buyers and sellers of IoT products and services. It acts as a centralized hub where businesses and individuals can discover, buy, and sell IoT solutions. In an IoT marketplace, sellers can showcase their IoT devices, sensors, software applications, and […]

Reading Time: < 1 minute An ecosystem for developers that focuses on Internet of Things (IoT) applications, devices, and customers is known as an IoT ecosystem. In an IoT ecosystem, developers build applications for software providers, hardware manufacturers, and/or other service providers to speed up innovation, scale distribution, and provide customers with better solutions all at the same time.

Reading Time: < 1 minute Inventory turnover measures how quickly stock is sold, used up, and replaced. Divide the cost of goods by the average inventory for the same time period to get the inventory turnover ratio. A higher ratio typically denotes strong sales, and a lower ratio generally denotes weak sales.

Reading Time: < 1 minute Inventory shrinkage happens when the actual inventory count is less than what is reflected on the balance sheet of the business. The discrepancy could be the result of employee theft, shoplifting, clerical error, vendor fraud, damage, or cashier error, among other things.

Reading Time: < 1 minute Inventory planning is the process of figuring out the best amount and timing for stock in order to match it with sales and production capacity.

Reading Time: < 1 minute An inventory management system is software for managing and automating tasks such as stock keeping, order management, shipping, and much more. An inventory management system can streamline operations by automating ordering, storing, warehouse management, demand forecasting, and accounting. 

Reading Time: < 1 minute The process used to ensure that a company has the right amount of inventory on hand is known as inventory control, also known as stock control. A business can satisfy customer demand and offer financial elasticity by implementing the necessary production controls.

Reading Time: < 1 minute A list of the goods that are currently in stock in a warehouse or another physical location is called an inventory.

Reading Time: < 1 minute Integration platform as a service Platform as a Service (PaaS) and (iPaaS) are frequently used together. It is a collection of services created to make it easier to integrate current applications into a cloud system. A professional’s assistance is necessary for the challenging and time-consuming transition to a cloud model. Businesses can get professional assistance, […]

Reading Time: < 1 minute Cycle counting falls under the category of perpetual inventory management. Cycle counting is a process of balancing and checking stock that helps businesses ensure that physical counts match inventory records. Using this technique, a routine count is conducted while the adjustment of particular products is noted.

Reading Time: 2 minutes Inventory classification involves categorizing the items in an inventory in accordance with their demands, value, the income they generate, carrying costs, etc. Inventory classification is the process of categorizing inventory items based on specific criteria or characteristics. It involves organizing and grouping inventory items into different classes or categories to facilitate better management, control, and […]