Obsolete goods are goods that are no longer wanted. In inventory control, obsolescent goods are those that are not yet obsolete, but are becoming obsolete in the future. For example, an organisation has a ‘brand refresh’ scheduled for three months time, and stocks of the current uniform are being run down. These uniforms are obsolescent; currently still in use, but soon to become obsolete. The cause of some slow moving or non-moving stock in warehouses is that they have become obsolete or obsolescent goods. Demand levels have changed due to technical change or user preference. Good practice is to give end-users advance warning of potential changes in usage so that inventory levels can be adjusted accordingly.« Back to Glossary Index
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.