Those with an interest in the field may find some logistics terminology initially confusing, so in this article we present definitions of some frequently used phrases.
ABC analysis: Refers to the process of classification of products as per the level of importance in terms of their relative criteria such as purchase or sales volume. It can be described as a technique that is used in a business sense for denoting a categorization of large volume of data into groups. These groups thereafter can be marked as A, B and C. This means that activities that are considered high on priority are labeled as A, those with a lesser priority are grouped under B and the group of activities that are last on the list of priority are labeled C.
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Most companies will find that clearly establishing a proper logistics business plan is every bit as important as planning or controlling any of the other many facets of the organization. Here we will attempt to point out the steps required and identify which personnel will be assigning responsibilities and performing the tasks.
The logistics business plan must be clearly defined so that there is no confusion or vagueness in the content that could interfere with accomplishment of the desired objectives of the organization.
While drafting a logistics plan, one must keep in mind all possible present and future scenarios. The ascertainment of future conceivable scenarios can be made by a logistics department manager with the ability to carefully plan, analyze and implement forecasts to a considerable extent on the behalf of the enterprise. He must ensure that he has the answers to the following questions which are regarded as basics while providing a foundation to any of the business plans. They are as follows:
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Logistics companies help other companies to run their business smoothly without worrying about the transportation issues. They help streamline the task of delivering shipments of their customer companies. They specialize in the field of transportation and can perform all activities from pick-up of the shipments to assisting on tracking the geographical location of the shipments and to safely deliver the goods at the right time and in a safe and hygienic condition thereby attaining customer service and appreciation. By doing this, they retain their existing customers and prospective customers come their way.
Logistics is regarded as the complete set of functions that are concerned with planning, controlling and managing a smooth flow of products and services, people, real-time data and information that are considered to be of utmost importance. This also includes the steps that are involved in delivering the products and services without shrinking the budget of the company.
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Logistics in India don’t differ too markedly from logistics anywhere else in the world. It’s the art and science of managing and controlling the flow of goods, products, services, energy, information and people from the origin point to the destination point. It includes the proper combination of several activities such as material handling, warehousing, and information, for the purpose of ensuring supply of the right product, at the right time, at the right place, for a right cost in the right condition.
In the past, India has been the student rather than the expert when it comes to the field of logistics. But with its current expertise, valuable human resources and positive plans, it surely is walking on the path of being a service provider of class. There are several factors that benefit the Indian economy for reaching success in the field of logistics, namely:
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