Question
How do i respond to discussion below? Logistics and supply chains are the integral elements that have made today's global trade operations possible with access
How do i respond to discussion below?
Logistics and supply chains are the integral elements that have made today's global trade operations possible with access to resources, labor, and consumers worldwide. Although the terms logistics and supply chain have complimentary meanings, leading to the terms frequently being used interchangeably, they each serve a distinct purpose under different scopes with their own functions, capabilities, and design approaches to match. Businesses who wish to be successful must understand the varying factors, limitations, and risks associated with each in an effort to optimize their abilities to fulfill consumer expectations while also maintaining a strategic advantage over their competitors.
A supply chain is generally referring to the overarching system that encompasses all organizations, infrastructure, and movements from sourcing to production and delivery that are necessary to ensure goods and services can be delivered to consumers at a reasonable cost and in an efficient manner. It consists of a network of suppliers, manufacturers, transporters, distributors, vendors, and retailers among other key players whose main goal is to gain a competitive advantage over competitors.
Logistics is defined as the planning, management, implementation, and oversight of the movement and storage of those goods as they move between organizations within a supply chain. Often referred to as the information and control sector, logistics can be seen as a component of supply chains that is strictly focused on ensuring customer satisfaction through efficient transportation and storage methods. As trade options and consumer outreach expand across the globe, the research and design of improved logistics management strategies becomes increasingly important in ensuring companies can minimize their operational expenses while maintaining or improving product quality and timeliness. The logistical capability of having a direct influence and the capability of managing all components under this umbrella is another area logistics differ from the limited influence a single organization would hold in a supply chain.
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