As global economy moved into the 21st century, logistics became a vital part of supply chain management and consumer demand. The digital era has raised the expectation on faster product delivery and traceability.
Logistics refers to the overall process of management, acquisition, distribution, storage, and transportation of resources to their final destination. Different types of goods can be managed such as food and consumable items or materials, equipment, and supplies. Logistics planning depends on many factors including packaging, containerization, documentation, insurance, storage, import and export regulations, freight damage claims, supply chain collaboration, partner and supplier management.
Developing logistics strategies requires companies to rethink their physical warehouse locations and to incorporate digital technology to gain a competitive advantage. The digitalization of the industry is the solution to drive business growth and fulfill customer service expectations. The logistics industry's worth is estimated to grow to $12.68 billion by 2023. Some of the biggest companies involved in the industry are XPO Logistics, DHL Supply Chain & Global Forwarding, UPS Supply Chain Solutions, Ryder Supply Chain Solutions, and FedEx Logistics.
The business-to-business segment involves manufacturers, wholesalers, retailers, freight companies, and other businesses.
The business-to-consumer segment involves couriers and parcel companies with private consumers.
Intralogistics covers optimization, integration, automation, and management of the logistical flow of information and material goods within a fulfillment, production, or distribution center. The sector may include warehouse sorting, conveyor systems (belts, roller, and chains), and robots.
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