Logistics management is an integral part of the supply chain process that plans, implements, and controls the end-to-end movement and storage of goods, services, and related information. An efficient logistics management process can help to maximize quality, scalability, delivery, and profitability. Logistics management helps enterprises to reduce expenses and enhance customer service.
Logistics management involves using the right strategy, planning, and implementation from point of origin to that of consumption. It allows transporting inventory in a supply chain effectively and efficiently. By integrating software for the logistics process, companies can streamline the supply chain. Logistics Management Software uses tools to improve the sourcing, production, and dispatching of products/services.
Logistics software involves the integration of information, transportation, inventory, warehousing, material-handling, and packaging, to align the entire logistics operation for optimum efficiency.
To choose the best software for logistics management, you need to assess if the software solution integrates tightly into your existing infrastructure. The global logistics market is anticipated to register a CAGR of 3.48% from 2016 to 2022 to attain a market size of around $12,256 billion by 2022.
Logistics management software will give leverage to the material handling capacity of your company. You can organize and manage the logistics operation timely and efficiently using a software solution. Here are seven key features you should look for in logistics management software.
Forecasting
While choosing a logistics management software, make sure it uses intelligent tools, and IoT to forecast the capabilities of your business. In logistics and supply chain management, the ability to forecast helps companies fill orders on time, avoid unnecessary inventory expenses and plan for price fluctuations.
Forecasting also enables to accurately anticipate the demand for products throughout the supply chain, even under uncontrollable conditions or circumstances. The process of forecasting includes financial, sales, and marketing planning; pricing and manufacturing policy; capacity planning and expansion; manpower planning and capital expenditure.
Forecasting can be achieved by using an analytics tool that makes use of historical data as inputs to form informed estimates about future trends. A forecast is a needed trait in logistics management software as it helps with proper scheduling of production, improves customer satisfaction, minimizes stocking out of inventory, and much more.
Inventory Tracking
Logistics management software should have an inbuilt inventory tracking feature to monitor the movement of inventory. If any movement of inventory occurs, the inventory tracking tool of logistics software gives an automatic update of the transaction. Effective inventory tracking feature helps to track product availability.
You can manage and supervise the purchases, maintenance, and regulation of goods and services, along with order fulfilment. Ensure if your software has multichannel inventory tracking across different stores, sites, and marketplaces in real-time. An inventory management platform makes it easier to monitor and control the inventory easily.
Finance Integration
Choose logistics management software with tools that take care of the financial aspects of the supply chain. The finance management feature helps companies improve performance and accelerate growth. It covers different areas like general ledger, account payables, and receivables to manage the transactions easily.
Warehousing
Check the capabilities of your logistics management software to control the day-to-day operations of a warehouse, like shipping, receiving, put-away, and picking of products. Proper management of the warehouse can help you to plan, organize, staff, direct, and control the use of logistics. Monitoring the storage and movement of materials within, and outside the warehouse can give an economic boost to your enterprise.
Order management
Make sure that your logistics software has a platform to manage goods, services, and related information effectively and efficiently. Order management capacity of logistics software can automate the order fulfilment procedure.
Besides receiving and processing the orders, it also enables enterprises to organize inventory databases, collect related information, enable fulfilment systems, and streamline returns to the appropriate fulfilment system. Order management capability takes care of the order management cycle and improves order processing efficiency. It also reduces the time taken in the order-to-cash cycle.
Transport Management
Logistics management software should integrate the tools for effectively planning and managing the transportation of goods. The transportation management feature allows you to maximize the use of resources while keeping costs low.
You can plan, execute, and optimize the physical movement of goods, both incoming and outgoing, and ensure that the shipment is compliant, and proper documentation is available with the transportation management platform. It provides broad and deep visibility into the transportation of goods and makes sure that the shipment process is compliant with the current fleeting standards.
CRM
Proper logistics software should have appropriate tools to facilitate an enhanced customer support service. A CRM embedded logistics software allows the customers to know the status of their deliveries. Your logistics platform should integrate tools like automation, chatbots, and virtual assistants to extend quality customer service.
For both inbound and outbound logistics, CRM can answer customer queries and provide relevant information. It will help you to meet your customer’s demands on time hence maximizing the productivity of your business.
To Conclude:
Logistics management software enables enterprises to manage inventory, order, and shipment of goods and services. It can help to streamline the movement of goods, sales, customer support service, and financial administration in logistics operations.
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