The Council of Supply Chain Management Professionals (CSCMP) defines logistics as the process of planning, implementing, and controlling procedures for the efficient and effective transportation and storage of goods including services, and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements. This definition includes inbound, outbound, internal, and external movements.
Walmart is a TLOG God.
Freight is the act of moving goods, cargo, and value adds. over a certain weight. This process has a very wide supply chain and has been coined the backbone of any economy. The Company FlexPort- has been named the unsexiest trillion dollar company. Why? Because it has redefined and simplified the inventory tracking process on one easy dashboard. Check it here.
Random definition alert:
DEFINITION of ‘Freight Derivatives’
A financial instrument’s value that is derived on the future levels of freight rates, such as “dry bulk” carrying rates and oil tanker rates. Freight derivatives are used most often by end users (such as ship owners and grain-houses) and by suppliers (such as integrated oil companies and international trading corporations) to mitigate risk and hedge against price spikes in the supply chain.
What does ‘Cost and Freight – CFR’ mean
Cost and freight (CFR) is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier. Under CFR, the seller does not have to procure marine insurance against the risk of loss or damage to the goods during transit.
What is ‘Cost, Insurance and Freight – CIF’
Cost, insurance and freight (CIF) is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier.
What is a ‘Bill Of Lading’
A bill of lading is a legal document between the shipper of a particular good and the carrier detailing the type, quantity and destination of the good being carried. The bill of lading also serves as a receipt of shipment when the good is delivered to the predetermined destination. This document must accompany the shipped goods, no matter the form of transportation, and must be signed by an authorized representative from the carrier, shipper and receiver.
DEFINITION of ‘Inland Bill Of Lading’
A legal document required for the transportation of materials over land. An inland bill of lading serves as both the carrier’s receipt to the shipper and the carriage contract. The document specifies the details of the goods being transported, such as quantity, type and destination.
DEFINITION of ‘Ocean Bill Of Lading’
A document required for the transportation of goods overseas. An ocean bill of lading serves as both the carrier’s receipt to the shipper and as a collection document. The document specifies the details of the goods being transported, such as quantity, type and destination.
What does ‘Delivered Duty Paid – DDP’ mean
Delivered duty paid (DDP) is a transaction where the seller pays for the total costs associated with transporting goods and is fully responsible for the goods until they are received and transferred to the buyer. This includes paying for shipping costs, export and import duties, insurance and any other expenses incurred during shipping of the goods. DDP is a type of delivery agreement that puts all of the risks and charges with the seller of the goods until delivery is made in the buyer’s country at an agreed-upon location.
What is ‘Ex Works (EXW)’
Ex Works (EXW) is an international trade term that describes an agreement in which the seller is required to make goods ready for pickup at his or her own place of business. All other transportation costs and risks are assumed by the buyer.
The Drop Ship model! That is partnered really well with eCommerce solutions: