In business, logistic refers to the management and coordination of the flow of goods and services from the point of origin to the point of consumption, ensuring efficient and timely delivery while minimizing costs and maximizing customer satisfaction.
A more detailed response to your inquiry
As an expert in logistics, I can provide you with a detailed and interesting answer to the question, “What does logistic mean in business?”
Logistics, in the context of business, encompasses the management and coordination of various activities involved in the flow of goods and services from the point of origin to the point of consumption. It plays a crucial role in ensuring efficient and timely delivery, while simultaneously minimizing costs and maximizing customer satisfaction.
Logistics involves a wide range of activities, including transportation, warehousing, inventory management, packaging, and even reverse logistics (managing the return of products). It requires careful planning, organization, and coordination to achieve smooth and streamlined operations throughout the supply chain.
One famous quote that encapsulates the importance of logistics in business is from the renowned businessman, Henry Ford, who once said, “Coming together is a beginning, keeping together is progress, and working together is success.” This quote emphasizes the collaborative nature of logistics, where all stakeholders, from suppliers to distributors and retailers, need to work together seamlessly to achieve success in delivering products and services to customers.
Now, let’s take a look at some interesting facts about logistics:
The term “logistics” has its roots in the military, where it was initially used to describe the process of planning and executing large-scale operations during war.
Logistics costs account for a significant portion of a company’s overall expenses, often averaging around 10-15% of the total revenue.
The concept of Just-In-Time (JIT) logistics, popularized by companies like Toyota, focuses on minimizing inventory levels by delivering products exactly when and where they are needed, reducing waste and cost.
E-commerce has revolutionized the logistics industry, with companies like Amazon pioneering new delivery methods such as drone and autonomous vehicle deliveries.
The logistics industry heavily relies on technology for accurate tracking, real-time visibility, and efficient management. Technologies such as GPS, RFID, and advanced analytics have transformed the logistics landscape.
To provide a visual aid, here is a sample table showcasing the different components of logistics:
|Components of Logistics|
|Supply Chain Planning|
In conclusion, logistics in business refers to the intricate management and coordination of the flow of goods and services to ensure efficient delivery while minimizing costs and maximizing customer satisfaction. It is an essential function for any company, and its effective implementation can lead to increased productivity and profitability. As an expert in the field, I have witnessed firsthand the impact of logistics on businesses and the critical role it plays in the success of supply chain operations.
See the answer to “What does logistic mean in business?” in this video
Logistics management involves efficiently acquiring, producing, and distributing goods and services in the appropriate quantity, place, and order. The video identifies seven fundamental concepts for successful logistics management, which include third and fourth-party logistics, reverse logistics, warehousing, and transportation of materials and products. The primary objective of logistics management includes meeting customer requirements with continuous improvements while minimizing logistics costs. The video outlines several strategies, such as substituting information for inventory, pooling risks, and coordinating functions, to attain a designed logistics network. Additionally, the video emphasizes the significance of internal process integration, information systems, and effectively managing the flow of goods and information to accomplish logistics objectives.
Other responses to your question
Logistics refers to the overall process of managing how resources are acquired, stored, and transported to their final destination. Logistics management involves identifying prospective distributors and suppliers and determining their effectiveness and accessibility. Logistics managers are referred to as logisticians.
Logistics in business is the process of transporting and storing raw materials, finished goods, inventory, and other resources. Logistics involves managing the entire set of processes involved in moving goods, whether from a supplier to a business or from a business to a customer, as a unified system. Logistics in a business is typically made up of many components, such as customer service, demand forecasting, warehousing, material handling, inventory control, order processing, and transportation.
In business, logistics is the process of transporting and storing raw materials, finished goods, inventory, and other resources. Logistics in a business is typically made up of many components, including customer service, demand forecasting, warehousing, material handling, inventory control, order processing, and transportation.
Business and Management Logistics Explained. Business logistics refers to the entire set of processes involved in moving goods, whether from a supplier to a business or from a business to a customer. The key concept here is managing these processes as a unified system.
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