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Editor’s Note: Almost 14 months ago we wrote one of our most popular posts entitled, “ The History of Supply Chain and Logistics Management ” contained a bit of history, definitions, and a great infographic visually going through the history of supply chain and logistics management. What is a Logistics Framework?
In my Logistics Viewpoints article in January 2021, “ The New Definition of Supply Chain Agility and Resilience in an Unpredictable World ”, I highlighted that modern supply chains must be built on a foundation of extreme agility and responsiveness. The Key to Long-Term Success: Build Agility, Resilience and Profitability Together.
The Definitive Guide to Transportation Terminology to Stay on the Same Logistics Page. What are The Elements of a SWOT Analysis? History & Academic Definition of Supply Chain and Logistics Management. What are Incoterms and Common Definitions of Incoterms. 3PL vs 4PL: What are these PLs, Anyway? What is 5S?
ABC Analysis: A form of Pareto analysis applied to a group of products to enable selective inventory management controls. ABC Classification: The classification of inventory, after ABC analysis, into three basic groups for the purpose of stock control and planning. Economic Order Quantity (EOQ).
Meanwhile, the main benefit of relying on a single 3PL or 4PL contractor, for a carmaker, is that you don’t need to invest in your own sophisticated and complex information systems – not only TMS, but also yard management systems and light manufacturing systems – with their accompanying team of IT and business managers,” he says.
To be sure, you need to have a definitive picture of your current logistics costs, against which you can benchmark the projected costs of working with prospective 3PL partners. The best way to do that is by completing a thorough analysis of current actual costs versus the projected costs associated with commencing—or ending—a 3PL partnership.
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