What is Fourth Party (4 PL) Logistics? A Simple Introduction
Logistics can be defined as the management of acquiring, storing, and transporting of resources to its final destination. Fourth party logistics is the most innovative form of outsourcing and has rapidly been gaining popularity since past few years. The fourth party logistics also has a lot to offer in the management of inbound raw material supply, dynamic logistics, demand driven logistics, and global orchestrator. Major functions of #fourth #party #logistics include procurement, storage and distribution. In addition, improved customer services, reduction in overall operating cost, and more flexibility are some of the advantages of fourth party logistics. The need of an economic and effective management system, which has benefits of both in and outsourcing majorly drives the market growth. In addition, increase in complexities in operation process and rise in demand for customized solutions also boosts the market. However, reluctance of companies to outsource the logistics function h...