It is a strong perception that every second vehicle engaged in goods transport nowadays carries the word ‘logistics’ in place of the humble term ‘transport’.
An all-embracing definition for logistics is the overall process of managing how resources are acquired, stored, and transported to their final destination. ... Logistics is now used widely in the business sector, particularly by companies in the manufacturing sectors, to refer to how resources are handled and moved along the supply chain.
Logistics will also vary according to the sector it serves. For example, in military terms logistics is the activity of organising the movement, equipment, and accommodation of troops – very different to commercial logistics when tracking goods deliveries using satellite technology.
What are the 7 Rs of logistics? The Chartered Institute of Logistics & Transport UK (2019) defines them as: Getting the Right product, in the Right quantity, in the Right condition, at the Right place, at the Right time, to the Right customer, at the Right price.
A just-in-time (JIT) inventory system is a management strategy that has a company receive goods as close as possible to when they are needed. This aligns raw-material orders from suppliers directly with production schedules. Companies employ this inventory strategy to increase efficiency and decrease waste by receiving goods only as they need them for the production process, which reduces inventory costs. This method requires producers to forecast demand accurately. Supply chain reliability is essential for JIT to work.
Please visit https://www.investopedia.com/terms/j/jit.asp
The costs of the recent riots in KZN have been quantified in monetary and physical terms. According to reports in the Daily News (July 30, 2021), the Premier declared a state of emergency – ‘The current estimated costs of damage and relief required for the government departments was just over R1,5 billion whereas the municipal damages required about R47,7 million.’ These costs do not include damage to the logistical chain and production downtime caused by an interruption in the supply of goods. The final bill runs to billions.
Key rose to meet the crisis above and beyond the normal course of business. Here are a few of the actions taken by Key and through the partnership-power of their established supplier network:
Trucks are essential components in a supply chain and Key can be part of the solution. The Key fleet is also available under flexible contract conditions to match demands, whether seasonal or the damaged supply chain. Let Key plan with you.