I–L

I

Innovation

Anything new that offers solutions to needs by providing a significant advantage (e.g., more features, ease of use) over existing products, services or methods.

Intellectual capital

Refers to the total Knowledge within an organization that may be converted into value, or used to produce a higher value asset. The term embodies the knowledge and expertise of employees, brands, customer information and relationships, contracts, internal processes, methods, and technologies and Intellectual property. It equates approximately to the difference between the book value and the market value of a company.

Intellectual property

The definition and recording of a novel device, product, process, or technique so that it may be bought, sold, or legally protected. The main forms of protection take the form of copyright, licenses, patents, registered designs, trademarks, and trade secrets. It is that portion of Intellectual capital(link) that can be protected by law.

Inside Sales

A department that performs a sales function via phone and computer contact, as opposed to the traditional face to face contact.

JIT - Just-in-time manufacturing

An advanced manufacturing concept designed to produce components for assembly only when they are required, thus reducing the costs associated with holding large inventories of parts, components, and raw materials.

KPI - Key Performance Indicator

Quantifiable measurements that reflect the critical success factors of an organisation. Based on beforehand agreed measures, they reveal a high-level snapshot of the organisation.

LAN – Local area network

A communications network that links together computers that are close to each other, for example in the same office or floor of a building. This enables them to share facilities such as printers, exchange files or access the internet through a single connection.

Leveraging

The use of a small initial investment, credit, or borrowed funds to gain a very high return in relation to one's investment, to control a much larger investment, or to reduce one's own liability for any loss.

Logistics management

Part of supply chain management that plans, implements, and controls the efficient, effective forward and reverses flow and storage of goods, services and related information between the point of origin and the point of consumption in order to meet customers' requirements.

Loss leader

Good or service advertised and sold at below cost price. Its purpose is to bring in (lead) customers in the retail store (usually a supermarket) on the assumption that, once inside the store, the customers will be stimulated to buy full priced items as well.

LV - Latest View

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