The emergence of new trends and the rise in demands are the factors that are aiding in shaping the future of logistics. Supply chain and logistics trends are constantly evolving. They are tech-driven and pay more attention to increasing productivity and reducing expenses for the business. We come across new drafts every year on the topic, of trends in supply chain management, but there would be some changes in the list this year. Changes that the pandemic’s catastrophic effect has caused. Industries are required to come up with Smart and Instant solutions like as in the present time people are completely relying on Online shopping modes and eCommerce. Let’s start with logistics and supply chain management trends that will have a huge impact on a business industry in the future.
What Is Logistic And Supply Chain Management?
Supply chain management
Is Logistics The Same As Supply Chain Management?
Similarities Between Logistics And Supply Chain Management
Logistics and Supply Chain Management have certain similarities:
They both focus on products, services, or information.
Both have the same goal in mind: to aid the company’s success and set it apart from competitors.
Both companies want to improve the consumer experience.
Both revolve around the same flow of goods and services from the supplier to the manufacturer, wholesaler, retailer, and eventually customer.
Key Differences Between Logistics And Supply Chain Management
The following are some key differences between Logistics and Supply Chain Management:
Logistics is a component of supply chain management activities. Production and inventory planning, labor planning, materials and facilities management, manufacturing, and delivering goods and services are all covered under SCM.
SCM focuses on refining processes in order to gain a competitive edge, whereas logistics focuses on meeting customer demands and expectations.
The goal of logistics is to deliver items to customers in a timely and cost-effective manner.
The development of raw materials into finished products that transit from the supplier to the producer to the warehouse to retailers and/or consumers is controlled by supply chain management.
Military personnel coined the phrase logistics. Alexander the Great, who was born in 356 B.C., is often regarded as a logistics genius.
Supply chain management as we know it now began in the twentieth century. Keith Oliver, a logistician, is widely credited with coining the term supply chain management in the early 1980s, according to several experts.