In the business world, terms like supply chain management and logistics are essential to keep the business running. Another important feature is the company’s inventory; you can use leafio.ai. These types of software’s help keep the inventory of your retail business under check.
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Supply chain management is a process through which the raw materials or goods are managed and shifted from one place to another. It starts from the production and ends with the product reaching the customers. The supply chain can be pretty simple to complex; the complexity depends on how big and widespread a business is. There are standard components of the supply chain such as customers, planning, buying of the goods, inventory, production, and transportation of the end products.
Logistic is a term used in business. It simply means management of the path or flow of products. From the production to the last point, that is the customer. It is done to complete the demand of the customers. The logistics manage different types of items. They can be any of the following:-
The logistics include the handling, managing, transportation, and other essential operations required to send the product to shelves and from there to the consumer. The problem comes in differentiating logistic and supply chain management.
There are two types of logistics; inbound logistics means handling the goods coming to the company. The second type of logistics is outbound logistics; in this, the manager deals with storing products and shifting from one place to another. However, a person who is well aware of business terminology understands the difference between the two.
The difference, although not significant, is that logistics deals with the production and management of goods in a narrow perspective. On the contrary, supply chain management deals with the same but in a broader approach.
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