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What is sourcing?
Sourcing describes obtaining goods and services from external sources
What is logistics?
The process of moving and storing goods from origin to consumption.
What is reshoring?
A type of sourcing, that brings production back to the home country.
What is a strategic partnership?
A long-term relationship focused on mutual benefit and collaboration with suppliers.
What is order processing?
Its a part of logistics, that ensures accurate and timely customer deliveries.
What is economies of scale?
Economies of scale refer to the cost advantages that a business experiences as it increases production.
What is Robotic Process Automation (RPA)?
Its a technology that uses software bots to automate repetitive, rule-based tasks typically performed by humans on computers.
What is the Center-of-Gravity method?
This method determines the optimal location of facilities in a logistics network.
What is last mile delivery?
Its the last step in the delivery process, bringing the product from the distribution center to the consumer.
What is an online reverse auction?
A digital platform where buyers post a request for goods or services, and sellers compete to offer the lowest price.
What are typical processes in reverse logistics?
Returns, repairs, recycling, refurbishing, or disposal.
What are Electronic Logging Devices?
Electronic Logging Devices are digital tools used mostly in commercial vehicles to automatically record driving time and other data.
What is insourcing?
Insourcing is when a company uses its own resources and staff to perform tasks or services internally, rather than outsourcing the work.
What are key functions of a Third-Party Logistics provider?
Transportation, warehousing, inventory management, order fulfilment, order returns.
What is an Automated Storage and Retrieval System (AS/RS)?
Its a system that automatically retrieves and stores goods in a warehouse.