A supply chain management philosophy in which a business responds quickly to customer orders. Analogous to just-in-time manufacturing; a business practice in the retail industry of which an important part is the strategic deployment of XML, EDI and bar coding. Produces improved inventory turns, avoidance of out-of-stocks and reduction of excess inventory. XML and EDI are used to deliver market data gathered at the point-of-sale (POS) terminals and delivered to suppliers much more quickly than using manual systems.
A strategy where partners in a supply chain work together to respond more rapidly to consumer demand. This may involve sharing point of sale data, forecast demand levels and making manufacturing as flexible as possible so that production can be agreed to consumer demand.
Introduced in the textile and apparel industry and has spread throughout general merchandising. QR became a business strategy for formulating strategic exchange relationships.
(QR) - A retail philosophy developed by VICS, permitting the receipt of goods from suppliers at the retail site based upon the sales of the supplier's goods that are transmitted to the supplier on a periodic basis. Sales are generally recorded using bar codes and transmission between retailer and supplier occurs through the use of EDI standards - X.12 in the US and EDIFACT in Europe.
Systems that attempt to provide quick turnaround and reduced lead time based on the location and level of inventory, and linked communications systems that quickly translate and evaluate changes in customer requirements based on usage and POS data.
A retail industry strategy using business rules and technologies that shortens cycle time from suppliers to vendors in response to retail customers' demands.
A management approach intended to make the manufacturing and supply of products to retail faster and more efficient, resulting in lower inventories, faster turns, and higher in-stock service of retail, particularly in general merchandise. (See ECR, Supply Chain Management.)
A method of maximizing the efficiency of the supply chain by reducing inventory investment.
A comprehensive business strategy that promotes responsiveness to consumer demand, encourages business partnerships, makes effective use of resources and shortens the business cycle throughout the chain from raw materials to consumer.
A partnership strategy in which manufacturers and retailers work together to respond rapidly to fill a product order on demand and within a short period of time.
Also QR. Refers to technologies, procedures and practices used in the retail industry to eliminate supply chain waste and inefficiencies.
A business strategy for reducing inventory in the pipeline and shortening the cycle time for a product to be made, distributed and sold. Point of sale information is electronically transmitted back to the store supplier, who is responsible for adequate supply at the store.