Lead-time is the interval between the initiation and completion of a process. For example, the lead-time between the placement of an order and its delivery from the supplier is the most common lead time used in procurement. Reducing lead-time is an integral part of lean thinking and some supply chains have been configured to create rapid setup and small runs so that production can occur quickly in response to an order that pulls materials through the supply chain. See also Demand, Pull and Lean Thinking.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
