The Role of Logistics in a Supply Chain Managementby Mynd Solution Mynd Integrated
A company's supply chain division examines the complete route and flow of commodities. Supply chain management takes everything into account, from the storage of raw materials to the transportation of finished goods. A few decades ago, supply chain management did not receive much attention. The management of the supply chain, however, is now a crucial component of any business. A company's ability to compete more effectively may result from changes to the supply chain. Raw material losses and finished goods destruction can be minimized with proper logistics and supply chain management. In essence, maintaining the supply chain decreases the cost of errors and waste.
The optimal strategy, logistics, data management, and other elements are only a few of the many aspects that make up a supply chain. One of the most essential components of the supply chain is logistics, which includes managing transition points, suppliers, deliveries, pick-ups, etc. This is why a business should work with a reputable logistics management solutions provider to ensure that the risk of disruptions during the shipment of goods and inventory is kept to a minimum. We'll talk about how logistics management is crucial to supply chain management in this piece.
Logistics plays a key role in supply chain management
The proper handling by a logistics company is crucial for supply chain management and ultimately impacts the bottom line for the reasons listed below:
1. The storage of any type of inventory is carefully managed by a logistics business. A logistics company must have sufficient storage alternatives for the kind of things they are moving and storing, whether they are unfinished goods or finished products. For example, if the raw materials or finished goods are temperature sensitive, the logistics company must provide a cold storage warehouse. Therefore, the warehouse needs to be designed appropriately for the type of products.
2. The right commodities must be picked up and delivered to the right location, and this is another duty of a logistics organization. In some circumstances, there may be many pick-up and drop-off locations, and this is another duty of a logistics organization. In order to verify that the right goods are picked up and delivered at their proper drop-off places, a sophisticated tracking system should be in place. Companies suffer significant losses every year as a result of incorrect product shipments. To ensure that every shipment is made appropriately and that no misunderstanding is brought on by the mass movement of goods, proper packaging, code numbers, etc., should be used.
3. A logistics company's specialty is efficiently coordinating the shipment of commodities. A corporation can increase its income by identifying the most cost-effective transportation for each product category at the lowest cost. For example, the logistics organization must arrange for quick and cold storage transportation facilities to ensure that perishable items arrive at their destination undamaged. In these situations, the business can ship goods over large distances by air and over small distances via refrigerated trucks or railroads. Otherwise, transporting by ship can be a cost-effective technique for moving items.
What role does Mynd Solutions play here?
Mynd Solutions, with its cutting-edge supply chain management solution, assists logistics companies by intelligently tracking vehicles and managing logistics. Auto trip planning and car monitoring are elements of LMS by Mynd, an AI-enabled vehicle tracking system. The logistics & supply chain management software is used in many businesses where route planning for material transportation vehicles is done manually and where improper route planning has substantial cost ramifications for vendor selection, tracking, and carrier space use. By employing artificial intelligence to automate the selection of vehicles and routes as well as vehicle tracking, LMS tackles the problem at its root. Routes are optimized using this product based on the MTR (Material Transfer Request). As a result, the optimum route is chosen with the least amount of freight.
The key characteristics of LMS by Mynd are:
1. Vendor Management: RFP management, e-bidding, reverse auction, contract management, and rate card management
2. Transport Management: Optimised vehicle and route suggestion, vehicle & driver inspection, tri-party material handover takeover, in-route tracking, online material acceptance
3. Invoicing & Payment Management: LR upload against trip, billing annexure creation and online approval, final invoice submission, payment tracking, and invoice and exception approvals
LMS is specifically designed to ensure optimal truck capacity use, as well as accurate tracking and ideal route planning, as part of its logistics management and supply chain management. It is a completely configurable solution that matches the needs of supply chain & logistics providers and seamlessly integrates into their operations. Modules and features can be chosen according to the requirement that a company wants to include in their system. The solution is designed to maximize vehicle capacity utilization while also providing effective tracking and optimal route planning. The product is multi-dimensional in character, and in addition to optimizing different resources, it also optimizes volume capacity and fuel by accommodating multiple hops and drops at the route design stage itself.
You can get a free LMS demo with all the features. Simply submit a query, and we'll get back to you right away.
Created on Dec 5th 2022 02:02. Viewed 83 times.