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The original use of the word Logistics is military in nature, meaning the acquisition, storage and movement of personnel, equipment, and provisions. It has existed since time immemorial, but Napoleon Bonaparte reintroduced it by saying, ‘an army marches on its stomach’, clearly laying out the importance of logistics.
The modern connotation of the word logistics is the process of planning and executing efficient transportation and storage of goods from the point of origin to the point of consumption. The goal here is to meet customer requirements in a timely and cost-effective manner.
Logistics refers to what happens within a company, including purchase and delivery of raw materials, packaging, shipment, and transportation of goods to distributors.
Following are the Components of Logistics:
Although many small businesses focus on design and production of products and services to best meet customer needs, if those products cannot reach the customers, the business will fail. That’s the role that logistics play. But logistics also impact other aspects of a business. The more efficiently raw materials can be purchased, transported, and stored, the more profitable the business can be. Coordinating resources to allow for timely delivery and use of materials can make or break a company. And on the customer side, if products cannot be produced and shipped in a timely manner, customer satisfaction can decline, also negatively impacting a company’s profitability and long-term viability.
Modern life depends entirely on the use of finished goods. These products require raw material, delivery of which is the most important aspect of a logistics and distribution network. Further examples are petroleum products, cotton, and grains. Without this movement a country will come to a standstill.
Modern consumers demand comfort and punctuality. Specially during the covid crisis the electronic retailer has become the norm. Both the provider and the consumer require a go between to get the goods delivered, making logistics and distribution vital.
Logistics extends to managing returns to extract the most profit from sales. Success in logistics translates to increased efficiency, lower costs, higher production rates, better inventory control, smarter use of storage space, increased customer and supplier satisfaction, and an overall improved customer experience.
Efficient logistics drive profits. This translates to improved innovation in transport and storage fields as well as development of infrastructure. Hence contributing to overall progress and development of human societies.
PFOC eliminates the need to search for an all-encompassing accountancy and finance firm. Our corporate headquarters in Johar Town, Lahore provide practical and efficient solutions to all your accounting and financial needs.
The skilled tax and finance professionals at PFOC, work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.
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