Central buying, a widely used chain store practice, involves consolidating all purchasing through a central or main office. This strategy ensures that shipments of merchandise are usually directed to the various branches of the store.
Enterprise Resource Planning (ERP) software systems are designed to assist in the management of various business operations, including product planning, parts purchasing, inventory maintenance, supplier interactions, customer service, and order tracking. These systems are typically integrated with a central database.
Open-to-buy (OTB) is a budgetary control system used by retailers to manage inventory purchases. It allows retailers to order merchandise based on actual sales trends while providing flexibility to adjust for unexpected changes in sales, markdowns, and other factors. The OTB method ensures that inventory levels are optimized, reducing the risk of overstock or stockouts.
OPT, short for 'decide or make a choice,' is a term used in decision-making processes where an individual or entity selects one alternative over another. For example, an individual may opt to lease rather than purchase facilities.
Supplier credit is a financing method in which a supplier allows a buyer to purchase goods or services on credit, paying for them at a later date, potentially improving the buyer’s cash flow and operational efficiency.
