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Material Management - Coggle Diagram
Material Management
Types of materials
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Trading Goods: Basically products that are not produced by the company but supplied by supplier and already completed the production process
Work-in-process inventory: Also known as Semi-Finished Goods. When materials are still in the production process and not ready for sale
Consignment Inventory: This is an arrangement when the business allows another company to sell the goods before they pay for them.
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Backordering: terminology used in inventory. When a company cannot fulfil their orders and payment currently because of many reasons,also known as back-orders
Procurement process
Purchase Order Processing: Purchase order created, procurement team to follow-up the status of the purchase and maintain contact
Good receiving and inventory management: accept item, check item store item. Warehouse clerk will be tracking the goods
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Invoice verification:2-way matching system. comparing the invoice received. And match the purchase order with invoice and goods receipt
Determine Requirement: Determine materials needed and quantity need through checking of stocks and past forecasting
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