Optimizing supply chain and logistics management: A review of modern practices
1 Independent Researcher, Port Harcourt Nigeria.
2 Ama Zuma Oil and Gas, Lagos, Nigeria.
3 Matrix Limited Energy, Lagos, Nigeria.
Review
Open Access Research Journal of Science and Technology, , 2024, 11(02), 020–028.
Article DOI: 10.53022/oarjst.2024.11.2.0083
Publication history:
Received on 29 May 2024; revised on 06 July 2024; accepted on 08 July 2024
Abstract:
Supply chain and logistics management are pivotal in today's globalized economy, where efficiency, responsiveness, and sustainability are critical for competitive advantage. This paper reviews modern practices and emerging trends in optimizing supply chain and logistics management. It explores technological advancements such as AI, IoT, blockchain, and robotics, which enhance operational efficiency and enable real-time data-driven decision-making. Sustainability practices, including green logistics and circular economies, are also examined for their impact on reducing environmental footprint and enhancing corporate social responsibility. Key strategies like lean and agile supply chains, coupled with advanced inventory management techniques such as Just-in-Time (JIT) and Vendor-Managed Inventory (VMI), are discussed in terms of their application and effectiveness in different business contexts. Supply chain integration enhances visibility, collaboration, and resilience across the network. Furthermore, the paper addresses significant challenges such as risk management in the face of natural disasters, political instability, and cybersecurity threats. It highlights the importance of proactive risk mitigation strategies and robust data management practices to safeguard supply chain operations. The paper anticipates future directions in supply chain management, including AI-driven predictive analytics, blockchain for transparency and traceability, and the shift towards circular economies. It concludes with insights into the evolving business models shaped by digital platforms and e-commerce, emphasizing the need for continuous innovation and adaptation to maintain competitiveness in a rapidly evolving landscape.
Keywords:
Supply Chain Management; Logistics; Technology; Sustainability; Risk Management
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0