Better logistics management requires planning and handling freight complexities efficiently. This is important, not only for curbing the possible inconsistencies in the supply chain but also for cutting the extra costs. One of the most important concepts in logistics management is the concept of 7 R’s or 7 “Rights”. These 7 “Rights” lay the foundation of the smooth functioning of all the processes from lading to the procurement of goods to customers.
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Let’s study the 7 “Rights” for better logistics management: –
- RIGHT PRODUCT
Freight companies should have complete information about the kind of product, they are going to ship. Proper product knowledge is important for the management of time and resources.
- RIGHT CUSTOMER
Logistics companies should know their target market so that they can identify their potential customers. By targeting the right customers in the market, they will have a better chance of gaining leads.
- RIGHT QUANTITY
It is important to know the right quantity of products to be sent to retailers. Thanks to modern AI systems, companies can make the right prediction for the quantity of good to be sent in near future based on past records. This gives an idea about truck bookings to be done in advance. Right quantity varies from business to business and from season to season.
- RIGHT TIME
In the world of shipping management, time plays a critical role. There should be no delay when it comes to delivery of the product to end customer. Prior planning and management needed to be done in advance, for shipping in right time.
- RIGHT CONDITION
Logistics firms should make sure about the condition of the product when it reaches the end customer. The products shouldn’t be broken, and the packaging must be intact. There should be proper R&D, so that product reaches the customer in right condition.
- RIGHT PRICE
The companies have to take care of price along with managing all the shipment processes. Logistics companies have to monitor better freight routes and forecast exact lading units for cost efficiency. This ensures lowest cost from their end.
- RIGHT PLACE
What’s the point of above six factors, if the product doesn’t reach to its target location? There should be proper location tracking of truckloads from both customers as well as company end. This will help in determining the delivery of the consignment to the right place.
According to Logistics definition, it is delivery of Right Products in Right Quantity and the Right Condition, to the Right Place at the Right Time for Right Customer at the Right Price. These were the 7 “Rights” for effective logistics management.
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