About Lesson
Logistics management involves overseeing the efficient movement and storage of products from the manufacturer to the end-user. It plays a critical role in ensuring that goods are delivered on time, in the right condition, and at the lowest cost.
The Key Components of Logistics Management are as follows:
- Transportation: Choosing the most effective mode of transport (road, rail, sea, air) based on cost, speed, and product type.
- Warehousing: Managing storage facilities where products are kept until they are dispatched to the market.
- Inventory Management: Ensuring products are available to meet consumer demand without holding excessive stock.
- Order Processing: Efficiently managing customer orders from receipt to dispatch.
- Information Management: Utilizing technologies like the Internet of Things (IoT), RFID, and sophisticated supply chain software to monitor, control, and optimize logistics operations.