Difference between Logistic Management and Inventory Management
1. Logistics Management :
Logistics Management, as name suggests, is a part of supply chain management that mainly focuses on management of resources that are bought, stored, and then transported to to desired destination.
2. Inventory Management :
Inventory Management, as name suggests, is a management that mainly focuses on management and maintain stock level of particular goods or products at right place and time.
Difference between Logistic Management and Inventory Management :
|Logistics Management||Inventory Management|
|It mainly focuses on management flow of goods and services.||It mainly focuses on management of resources, goods, materials, etc. required for production.|
|It simply handles delivering of product to customer on time at appropriate location.||It simply handles storage of product, no. of products or goods stored in warehouse, etc.|
|Process of logistic management includes organizing, planning, implementing and controlling flow of goods, products efficiently.||Process of inventory management includes controlling, storing, and keeping track of inventories of company or organization.|
|Various logistic management software’s are ViewPoints, Acumatica ERP, EnVision, etc.||Various inventory management softwares are Ordoro, Upserve, TradeGecko, Fishbowl Warehouse, Fishbowl Manufacturing, etc.|
|Main objective of logistic management is to move all inventories more effectively and efficiently in supply chain and to increase level of customer satisfaction.||Main objective of inventory management is to maintain inventory at appropriate level simply to avoid any shortage of inventories.|
|It perform various activities like material handling, order fulfillment, fleet management, inventory control, etc.||It perform various activities like contingency planning, accurate forecasting, regular auditing, manage relationships, etc.|
|Logistic management provide various benefits such as saves cost, increase customer satisfaction, improves performance, improves flexibility, etc.||Inventory management provide various benefits such as saves cost, reduce risk of overselling, simplify inventory management, increase profit, etc.|