Smart Technologies in Logistics and Supply Chain Management

Have you ever wondered why there are different smart logistics technologies and what they can do for your business? In this article, we will discuss the main benefits of all of them.

Smart logistics is one of the major areas that businesses are interested in. It helps you increase efficiency while boosting sales. Smart logistics technology is used to monitor and manage all processes, goods or products moving through various stages of your supply chains. Smart logistics helps to increase efficiency and eliminate errors by providing data that is accurate and relevant to the business.

Here are some of the common types of smart technology used in supply chain management and logistics:

1. Automation: Automation is a key component of smart technologies in supply chain and logistics, and it helps reduce errors, streamline processes, and increase efficiency. It is referred to as a distribution centre, and corporations or businesses are involved in automating a variety of processes at various levels, depending on the size and volume of the distribution and the types of different orders that are fulfilled regularly.
   
   
2. Blockchain technology: Blockchain technology is a decentralised, distributed ledger that records transactions securely and transparently. It performs audits and provides security by revealing attempted fraud. It helps save a company money and time, as it involves the elimination of manual paperwork and eliminates human error. The decentralised nature of blockchain technology makes it resistant to tampering and fraud, increasing trust and transparency in a variety of industries.
   
   
3. Internet of Things (IoT): The Internet of Things transforms lives, and in logistics, it leads to the expansion of various connections, such as those between goods, transportation hubs, and other vehicles. As a result, more data will be available to help manage assets, predict risks, ensure appropriate cargo handling, and predict traffic congestion.
   
   
4. Transportation Management Systems (TMS): TMS systems are useful and are becoming increasingly popular among logistics firms. It is helpful in optimising different routes and managing the carriers. Moreover, it improves customer satisfaction, increases transparency, and helps track delivery drivers in real time.

What is Logistics Management?

Logistics management is the process of obtaining, distributing, and producing goods and materials in the proper quantities and places in accordance with their usage.

Originally, logistics referred to the maintenance, storage, and transportation of army persons and goods, but it has since been replaced by supply chain management.

The logistics management process involves planning, implementing, and controlling efficient methods for maintaining forward and reverse flow. Also, it facilitates the storage of goods and services and the submission of relative information between the point of origin and the point of consumption as required by customers.

 A logistics concept describes how an organisation integrates its movements and maintains various products.

 The important seven R's of logistics are

• Right product
• Right quantity
• Right condition
• Right place 
• Right time 
• Right customer
• Right price 

The main goals of logistics are the processes of meeting customer requirements with supply chain management, such as rapid response capability, consolidated shipments of high quality, minimum variance, minimum inventory expenses, and supporting the entire life cycle. The primary goal of logistics is to ensure complete customer satisfaction and the logistics management process is one part of the supply chain process.

Some logistics strategies include the coordination between different functions, integration of the supply chain management, reducing the number of partners, and pooling risks.

What is Supply Chain Management?

This is the process of moving and converting raw materials into finished goods until they reach the end users through a series of interconnected actions. A successful outcome depends on several efforts put forth by several organisations, with different chains of activities.

These companies will include the firms with whom the organisation is working, such as suppliers, wholesalers, consumers, and manufacturers. Some of the important activities that are included are logistics, customer services, performance measurement, integration, procurement, sourcing, etc.

• In supply chain management, obtaining a substantial competitive advantage is the main goal.
• It is the latest and most modern concept.
• It will involve multiple organisations
• In logistics management, this is the latest version.

The concept of supply-chain management is a multifaceted approach to the management of raw materials, and it ensures that customers' requirements are fully incorporated into the production process until the product reaches the final consumer.

If you want to pursue a career in logistics by gaining a Master of Arts in Logistics and Supply Chain Management, LSBF Singapore is one of the best options because it has a comprehensive curriculum that includes all concepts and is followed by the most recent industry practises in the field of logistics and supply chain management.

It is one of the best opportunities for you to learn and understand complex processes like providing information, managing the flow of goods, and providing finance from suppliers to consumers.

The course will help you understand case studies and projects in the real world, and you will practise how to handle things in practical situations, which provides the ability to develop critical thinking and solve complex problems.

Finally, at LSBF Singapore you will develop knowledge, skills, and practical experience that will help you succeed in the competitive and dynamic fields of logistics and supply chain management. Enrol now!