Logistics and Supply Chain Management is a particularly fast-moving field whose ultimate goal is to delight and satisfy the customer.
Over the years, technology has changed the way we live and the way our businesses operate. Specifically for supply chains, technology has changed the complete structure in which we work, from internal communications to physical processes.
Logistics and supply chain management is organizing and formulating resources and services from one point to the point of customer or retailer and involves coordinating and integrating these flows both, within and among companies.
Here are some interesting facts you should know about Logistics and Supply Chain Management:
It’s Huge: The logistics and supply chain management industry comprise of shipping, warehousing, courier and rail/road and air-freight. This is the only sector where all modes of transportation come into work.
Global Value: Global companies are changing the way companies view and use their supply chains to compete and gain market share. Research indicates that global market values of logistics have surpassed $4 trillion, which equals to 10% of global GDP.
Growth: The transportation sector is one of the fastest growing sectors, with ~10% increase each year. The world’s largest container ship in the world can carry the Eiffel Tower and an Airbus comfortably!
Returns: The transportation sector alone is expected to generate $ 3.8 trillion in revenue by next year. The United States currently accounts for over 42% of global transportation services sector.
The Rise of Asian countries: Emerging markets such as China and India are expected to have increasing influence on global logistics in coming years. If Southeast Asia were one country, it would be the world’s ninth-largest economy. It would also be the most trade-dependent, with a trade-to-GDP ratio in excess of 150 percent.
There are growing opportunities in the field of logistics and supply chain management, from on the ground transportation of goods to management services for global consumers.