Industry Terminology

Num A B C D E F G H I J K L M N O P Q R S T U V W

 

V

 

V.I.C.S.: Committee formed by retail apparel manufacture and textile industry, representatives for the development of Voluntary Industry Communication Standards.

 

VADS: Value-Added Data Services. See also VAN.

 

Value Added: The additional amount a customer is willing to pay for an item as it is transformed from raw material to a finished product. In many manufacturing accounting systems, the direct labor, direct material, and allocated overhead for an operation.

 

Value-Added Network (VAN): A third-party supplier that receives EDI transmissions from sending trading partners and holds them in a "mailbox" until retrieved by the receiving trading partners. Other services are also often provided.

 

VAR: Value Added Reseller

 

VAS: Value Added Services

 

VCM: Value Chain Management

 

Vendor Report Card: Measurement of a vendor's performance with feedback given to the vendor, usually including fill rate, on-time delivery, lead time, product quality, substitutions, and price.

 

Vendor Stock Number: The Vendors identification number for his product. Also known as VID number.

 

Vendor-Managed Inventory (VMI): The practice of retailers making suppliers responsible for determining order size and timing, usually based on receipt of retail POs and inventory data. Its goal is to increase retail inventory turns and reduce stockouts. Also called VMR (vendor-managed replenishment).

 

Verification: The process of verifying whether a printed bar code is within specifications. Verifier: A device that confirms quality of a bar code by print contrast, encodation, check digit calculation, etc. to meet specific requirements of a standard or specification.

 

VICS: Voluntary Inter-industry Commerce Standards organization, the group that establishes bar code, EDI, and other standards for general merchandise retailers and suppliers.

 

VICS/EDI: A division of the UCC (or its standards), separate from VICS, involving EDI among general merchandise retailers and suppliers.

 

VIN: Vehicle Identification Number

 

Visibility: The ability to access or view pertinent data or information as it relates to logistics and the supply chain, regardless of the point in the chain where the data exists.

 

Vision: The shared perception of the organization's future: what the organization will achieve and a supporting philosophy. This shared vision must be supported by strategic objectives, strategies, and action plans to move it in the desired direction. Syn: vision statement.

 

VL: Virtual Logistics

 

VLD: Visible Laser Diode. See Laser Diode, Visible.

 

VM: Vehicle Manufacturer

 

VMI: Vendor-Managed Inventory: retailer sends stock information only to supplier; supplier calculates goods required and delivers to retailer. Similar to CR (q.v.).

 

VNA: Very Narrow Aisle: mechanical handling equipment designed to operate in the narrowest warehouse aisles.

 

VOI: See Vendor Owned Inventory

 

VSAT Services: Very Small Aperture Terminal Services. Satellite-based communications services to transmit two-way data, broadcast video, and audio to remote locations (such as stores).

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