WIP stands for Work-in-Process (or Work-in-Progress), which refers to products that are currently going through the manufacturing process but have not yet been completed. In a broad sense, WIP can include semi-finished goods that have already completed certain manufacturing steps. In a narrower sense, however, WIP refers specifically to products that have not yet reached the semi-finished stage.
In many electronics manufacturing factories, a product can be considered WIP as soon as the kitting process begins. Once the product has completed all assembly operations, is packaged, passes OOB (Out-of-Box) or OQC (Outgoing Quality Control) inspections, and is officially transferred into finished goods inventory, it is classified as FGI (Finished Goods Inventory).
