Intermodal Marketing Company (IMC)

An intermediary that sells intermodal services to shippers.

Intermodal Transportation

Transporting freight by using two or more transportation modes, such as by truck and rail, or truck and oceangoing vessel.

Intermodal Transport Unit (ITU)

Container, swap body, or semi-trailer/goods road motor vehicle suitable for intermodal transport.

Internal customer

An individual or department that is part of the supplying company, as opposed to the company's external customers.

Internal Labor and Overhead

The portion of COGS that is typically reported as labor and overhead, less any costs already classified as 'outsourced.

Internal Rate of Return (IRR)

A rate of return used in capital budgeting to measure and compare the profitability of investments, the IRR is sometimes called the effective interest rate.

Internal Water Carriers

Water carriers that operate over internal navigable rivers, such as the Mississippi, Ohio, and Missouri.

International Air Transport Association (IATA)

An international air carrier rate bureau for passenger and freight movements.

International Civil Aeronautics Organization

An international agency is responsible for air safety and for standardizing air traffic control, airport design, and safety features worldwide.

International Maritime Bureau (IMB)

A special division of the International Chamber of Commerce.

International Maritime Organization (IMO)

A United Nations-affiliated organization represents all maritime countries in matters affecting maritime transportation, including the movement of dangerous goods. The organization is also involved in deliberations on marine environmental pollution.

International Organization for Standardization (ISO)

This association forms a bridge between the public and private sectors. The various bodies that make up the ISO are responsible for developing industrial and commercial standards to ensure the safety, security, and general quality of a variety of products and services.

International Security, Trust, and Privacy Alliance (ISTPA)

A global alliance of companies and technology providers is working together to clarify and resolve evolving issues related to security, trust, and privacy.

International Ship and Port Facility Security Code (ISPS)

Adopted by the IMO and based on the U.S. MTSA, it came into force on July 1, 2004. It is a comprehensive, mandatory security regime for international shipping and port facility operations agreed upon by the members of the IMO. Ships must be certified by their flag states to ensure that mandated security measures have been implemented. Port facilities must undergo security vulnerability assessments that form the basis of security plans approved by their government authorities.

International Standards Organization (ISO)

An organization within the United Nations to which all national and other standard-setting bodies should or do defer, develops and monitors international standards, including OSI, EDIFACT, and X.400.

International Warehouse Logistics Association

IWLA is a trade association of warehouse logistics providers that helps members run high-quality, profitable businesses. IWLA focuses on the warehouse logistics business, providing ideas and information that make it easier for member companies to succeed.

Internet

A computer term that refers to an interconnected group of computer networks from all parts of the world, i.e., a network of networks. Accessed via a modem and an online service provider, it contains a number of information resources and acts as a giant electronic message routing system.

Inter-Service Support Agreement (ISSA)

An agreement between two DoD entities, by which one or both agree to provide assistance to the other, is called an ISSA. Funds transferred in connection with an ISSA are normally transferred by a 'MIPR' (Military Inter-Departmental Procurement Request).

Interstate Commerce

The transportation of persons or property between states occurs when the shipment crosses a state boundary line during the course of the movement.

Interstate Commerce Commission (ICC)

An independent regulatory agency that implements federal economic regulations controlling railroads, motor carriers, pipelines, domestic water carriers, domestic surface freight forwarders, and brokers.

Interstate System

The National System of Interstate and Defense Highways is a network of 42,000 miles of four-lane, limited-access roads connecting major population centers.

Intra-Manufacturing Re-plan Cycle

Average elapsed time, in calendar days, between the time a regenerated forecast is accepted by the end-product manufacturing/assembly location and the time that the revised plan is reflected in the Master Production Schedule of all the affected internal sub-assembly/component producing plants. (An element of Total Supply Chain Response Time).

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, is referred to as logistics. In-transit inventory is an easily overlooked component of total supply chain availability.

Intrastate Commerce

The transportation of persons or property between points within a state is known as intrastate transportation. A shipment between two points within a state may be considered interstate if the shipment had a prior or subsequent move outside of the state, and the shipper's intent was for an interstate shipment at the time of shipment.

Intrinsic Forecasting

A method of forecasting that looks at known available internal data (sales, usage, etc.) as opposed to the external factors affecting the business (demographics, weather, etc.).

Inventory

Components, raw materials, work in process, finished goods, and supplies are required for the creation of goods and services. It can also refer to the number of units and/or value of the stock of goods held by a company.

Inventory Accuracy

This is when the on-hand quantity is equivalent to the perpetual balance (plus or minus the designated count tolerances). It can often be referred to as a percentage showing the variance between book inventory and actual count. This is a major performance metric for any organization that manages large inventories. Typical minimum and best practice averages would be 95% and 99%.

Inventory Balance Location Accuracy

When the on-hand quantity in the specified locations is equivalent to the perpetual balance (plus or minus the designated count tolerances)

Inventory Buffers

The products or supplies of an organization are maintained on hand or in transit to stabilize variations in supply, demand, production, or lead time.

Inventory Carrying Cost

One of the elements comprising a company's total supply chain management costs are as follows: Opportunity Cost: The opportunity cost of holding inventory should be based on your company's own cost of capital standards using the following formula: Calculation Cost of Capital x Average Net Value of Inventory. Shrinkage: The costs associated with breakage, pilferage, and deterioration of inventories usually pertain to the loss of material through handling damage, theft, or neglect. Insurance and Taxes: The cost of insuring inventories and taxes associated with the holding of inventory. Total Obsolescence for Raw Material, WIP, and Finished Goods Inventory: Inventory reserves taken due to obsolescence and scrap, including products exceeding the shelf life (i.e., spoils) and those that are no longer suitable for their original purpose (do not include reserves taken for Field Service Parts). Channel Obsolescence Aging: Allowances paid to channel partners, provisions for buy-back agreements, etc. This includes all material that becomes obsolete while in a distribution channel. Usually, a distributor will demand a refund for material that goes bad (shelf life) or is no longer needed due to changing needs. Field Service Parts Obsolescence: Reserves taken due to obsolescence and scrap. Field Service Parts are the inventory kept at locations outside the four walls of the manufacturing plant, such as a distribution center or warehouse.

Inventory Days of Supply (for RM, WIP, PFG, and FFG)

Total gross value of inventory for the category (raw materials, work in process, partially finished goods, or fully finished goods) at standard cost before reserves for excess and obsolescence, divided by the average daily usage. It includes only inventory that is on the books and currently owned by the business entity. Future liabilities, such as consignments from suppliers, are not included. Calculation: [5-Point Annual Average Gross Inventory] / [Calendar Year Value of Transfers / 365].

Inventory Deployment

A technique for strategically positioning inventory to meet customer service levels while minimizing inventory and storage levels is known as logistics. Excess inventory is replaced using information derived through monitoring supply, demand, and inventory at rest and in motion.

Inventory Management

The process of ensuring the availability of products through inventory administration.

Inventory management system (IMS)

This is a software tool that organizations use to track and manage their inventory across their supply chains.

Inventory Planning Systems

The systems that help in strategically balancing the inventory policy and customer service levels throughout the supply chain are called logistics systems. These systems calculate time-phased order quantities and safety stock using selected inventory strategies. Some inventory planning systems conduct a 'what-if' analysis and compare the current inventory policy with simulated inventory scenarios to improve the inventory return on investment (ROI).

Inventory Turns

This ratio measures how many times a company's inventory has been sold (turned over) during a period of time: the cost of goods sold divided by the average level of inventory on hand. Operationally, inventory turns are measured as total throughput divided by the average level of inventory for a given period - how many times a year the average inventory for a firm changes over or is sold.

Inventory Velocity

The speed with which inventory moves through a defined cycle (i.e., from receiving to shipping.)

Invoice

A detailed statement showing goods sold and amounts for each is called an invoice. The invoice is prepared by the seller and acts as the document that the buyer will use to make payment.

IP

Intellectual Property

IPT

Integrated Product Team

IRR

Internal Rate of Return

Irregular Route Carrier

A motor carrier that is permitted to provide service utilizing any route.

IS

Information Systems

ISDN

Integrated Services Digital Network

ISI

In-Store Implementation

ISO

International Organization for Standardization

ISO 14000 Series Standards

A standard for environmental management systems should be implemented in any business, regardless of size, location, or income. The aim of the standard is to reduce the environmental footprint of a business and decrease the pollution and waste it produces.

ISO 9000

A series of quality assurance standards compiled by the Geneva, Switzerland-based International Organization for Standardization. In the United States, ISO is represented by the American National Standards Institute based in Washington, D.C.