--- title: Slogans That Save description: Dive into Order Time Inventory's comprehensive guide, as we break down technical terms, acronyms, and the essence of our offerings. image: https://info.ordertime.com/hubfs/Slogans%20that%20save.jpg --- [![Order Time Inventory Main Logo](https://info.ordertime.com/hubfs/Ordertime-May2018/logo.png)](https://www.ordertime.com/) - [BOOK A DEMO](https://info.ordertime.com/webinar-registration) - [START FREE TRIAL](https://www.ordertime.com/register/) - [LOGIN](https://app.ordertime.com/account/Login) ![Slogans That Save: Inventory Management Acronyms and Meanings](https://info.ordertime.com/hubfs/Slogans%20that%20save.jpg) # Slogans That Save [Inventory Control](https://info.ordertime.com/blog/tag/inventory-control), [Inventory Management](https://info.ordertime.com/blog/tag/inventory-management), [2023 inventory management](https://info.ordertime.com/blog/tag/2023-inventory-management) 26 July, 2023 Has there ever been a time when you, the client, had no idea what our software did or what the technical terms our support personnel used to define inventory management meant? To help you understand what we at Order Time Inventory are able to provide for your business, this post will define all the acronyms, their meanings, and the entire motto. As a consumer, I can assure you that we have a lot to offer. These are slogans that save time and it's about time that you know them. Inventory management acronyms and meanings | Acronym | Saying  | Definition | | --- | --- | --- | | ABC | Always Better Control | Classification method for inventory items based on their value and importance. | | AEOQ | Average Economic Order Quantity  | Average quantity that minimizes the total cost of ordering and holding inventory. | | ARO | Average Reorder Opportunity  | Average number of units sold between reordering. | | ATP | Available-to-Promise | The quantity of inventory available to fulfill customer orders. | | BOM | Bill of Materials | A bill of materials (BOM) is a centralized source of information like a recipe containing a list of items used to manufacture a product and the instructions on how to do so. | | CPG | Consumer Packaged Goods  | Fast-moving consumer goods like food, beverages, toiletries, etc. | | DC | Distribution Center  | A warehouse used to store and distribute products. | | DIFOT  | Delivery In Full, On Time  | Measure of delivery performance | | EOQ | Economic Order Quantity  | The optimal order quantity that minimizes total inventory costs. | | FIFO | First-In, First-Out | An inventory valuation method where the oldest items are sold or used first. | | JIT | Just-In-Time  | An inventory management approach that aims to receive goods only as they are needed. | | KPI | Key Performance Indicator  | A measurable value indicating how effectively a company is achieving its objectives. | | LIFO | Last-In, First-Out  | An inventory valuation method where the most recent items are sold or used first. | | SKU | Stock Keeping Unit  | A unique identifier for an individual item in inventory. | | TCO | Total Cost of Ownership | The total cost of an asset over its entire life cycle. | | TQM | Total Quality Management  | A management approach focused on continuous improvement of quality. | | UPC  | Universal Product Code  | A barcode used to identify products. | | WMS | Warehouse Management System | Software used to manage and control warehouse operations. | | RFID  | Radio Frequency Identification  | Technology used for tracking inventory using radio waves. | | ROP | Reorder Point  | Inventory level at which a new order should be placed. | ![warehouse - Setting up your inventory - inventory planning](https://info.ordertime.com/hs-fs/hubfs/warehouse-edit.jpg?width=528&height=352&name=warehouse-edit.jpg) | Acronym | Saying  | Meaning  | | --- | --- | --- | | RFI | Request for Information | A document used to collect information from potential suppliers. | | RFQ | Request for Quotation  | A document used to request price quotes from suppliers. | | MOQ | Minimum Order Quantity  | The smallest quantity of a product that a supplier is willing to sell. | | OOS | Out of Stock | When an item is not available for immediate purchase. | | POS | Point of Scale  | The location where a transaction takes place, often a cash register or checkout counter. | | VMI | Vendor Managed Inventory  | Inventory management system where the supplier manages the inventory at the customer's location. | ![manufacturing-small-business](https://info.ordertime.com/hs-fs/hubfs/manufacturing-small-business.jpg?width=528&height=352&name=manufacturing-small-business.jpg) | ERP | Enterprise Resource Planning. | Refers to a type of software system that integrates various business processes and functions within an organization into a unified and centralized platform. | | --- | --- | --- | | MRP | Material Requirements Planning  | It is a system used in manufacturing and production environments to plan and manage the procurement and use of materials required for production.  | | IMS  | Inventory Management System  | Software tool used to track and manage inventory levels, stock movements, and supply chain operations in businesses. | | OMS | Order Management System | An order management system (OMS) simplifies the sales process from order creation to delivery, for all sales channels. | | UPC | Universal Product Code  | Standardized barcode system widely used in retail and inventory management to uniquely identify products. | | CRM | Customer Relationship Management  | While CRM primarily relates to managing and nurturing customer relationships, it can indirectly impact inventory management in various ways. |   [![Order Time can help you figure it all out when it comes to Inventory](https://info.ordertime.com/hs-fs/hubfs/xXcihqQKU.png?width=636&height=424&name=xXcihqQKU.png)](https://ordertime.com)   Use the scheduler below to sign up for a demo now!   Next Steps To learn more about Order Time and how it can transform your business, [click here](https://www.ordertime.com/).  Love everything you’ve read? Order Time offers all types of advantages for your sales team! Sign up for a [one-on-one meeting ](https://info.ordertime.com/webinar-registration)to get all your questions and concerns answered, or check out our detailed [video tutorials](https://help.ordertime.com/help/videos)and [knowledge base](https://help.ordertime.com/help). Order Time is constantly updating, so check out the [latest release notes](https://help.ordertime.com/help/release-notes).  Feel free to call our sales representatives, 1-866-278-6243, dial 1 for Sales or visit our [website](https://ordertime.com/) for more details! 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