Logistics is a part of supply chain management, focusing on the physical movement and storage of goods, while supply chain management encompasses all activities involved in planning, executing, and controlling the flow of goods from suppliers to customers.
Technology plays a crucial role in improving efficiency, visibility, and decision-making in logistics, including through the use of GPS tracking, warehouse management systems, and data analytics.
Route optimization is the process of finding the most efficient and cost-effective routes for transportation, considering factors like distance, traffic, and time.
Challenges include managing disruptions, optimizing routes, managing inventory, ensuring compliance with regulations, and managing costs.
The four main types are inbound logistics (managing incoming goods), outbound logistics (managing outgoing goods), reverse logistics (managing returned goods), and third-party logistics (3PL) (outsourcing logistics operations).
Key components include transportation, warehousing, inventory management, order fulfillment, and customer service.
"Goods in transit" refers to inventory or products that are being transported from one location to another, typically from a seller to a buyer, but have not yet reached their final destination
