Procurement Glossary & Terminologies

Glossary / Letter L / Logistics Management

Logistics Management

Definition

Logistics management refers to the management of supply chain functions that helps organisations plan and implement methods to move and store items.

Inbound and outbound transportation management, fleet management, warehousing, material handling, order fulfillment, logistics network design, inventory control, supply/demand forecasting, and administration of third-party logistics service providers are a few examples of logistics management tasks.

Importance of Logistics Management

Companies need effective logistics management for various reasons, both advantageous and disadvantageous.

Products are shipped in the most affordable, secure, effective, and timely manner possible with the help of good logistics management. As a result, the business saves money, and its consumers are happier.

Effective logistics management comprises careful planning, appropriate software system selection, appropriate vetting and selection of outsourced suppliers, and sufficient resources to perform the procedures to avoid adverse outcomes. Higher prices and poor client relations are some repercussions of these issues. On the other hand, poor logistics management can cause shipments to be damaged or delayed, resulting in unhappy customers, returns, and products being discarded.

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