The Council of Logistics Management defines Logistics as “The process of planning implementing, and controlling the efficient, cost effective flow of raw materials, in-process inventory, finished goods and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements.”
We are surrounded by principles, techniques, paradigms, all to better measure and increase performance, achieve our targets and, at the end of the day, earn more money.
Given that we live in a time of data and information overload, we really need to have better mechanisms to make sense of it all. Data visualization supports the transfer of information to knowledge by illustrating hidden issues and opportunities in big data sets.
The procurement cycle comprises key steps that a company should make in order to obtain products or services. Management should understand that this process is becoming more of an art instead of an automated process. It is the road to success for responsible management, when handling public or corporate funds. It starts from identifying the correct needs of the company, to the final step of granting the product, or contract, to a certain supplier, all these, ultimately leading to increased profits.
In most cases, in small businesses within the service sector, the lack of managerial education of entrepreneurs negatively impacts the quality of the entire managerial process. This is one of the reasons for employing modern methods of management in small companies from the third sector in order to obtain a qualitative management, even though in some specialty researches, these methods are recommended only for managers of large enterprises or businesses.