What is the Industrial sector?
- The industrial sector of the economy is one that makes finished products which can then be utilized for the construction and manufacturing industry.
Supply Chain and Third-Party Logistics 3PL
- Supply chain: system of organizations, people, activities, information, and resources involved in supplying a product or service to a consumer. Supply chain activities involve the transformation of natural resources, raw materials, and components into a finished product that is delivered to the end customer
- Third-party logistics (3PL, or TPL): organization's use of third-party businesses to outsource elements of its distribution, warehousing, and fulfilment services. Third-party logistics providers typically specialize in integrated operations of warehousing and transportation services that can be scaled and customized to customers' needs, based on market conditions, to meet the demands and delivery service requirements for their products. Services often extend beyond logistics to include value-added services related to the production or procurement of goods, such as services that integrate parts of the supply chain.
- Warehousing (or warehouse): a commercial building where goods or raw materials are stored for use in production or for sale. A warehouse provides a central location for receiving, storing and distributing raw goods or finished products. Logistics on the other hand is the aspect that deals with the delivery, transportation, and maintenance of the goods or products stored in a warehouse. Warehouses are used by manufacturers, importers, exporters, wholesalers, transport businesses, customs, etc.
- Warehouses are generally considered industrial buildings and are usually located in industrial districts or zones
- Types of warehouses: storage warehouses, distribution centres (including fulfilment centres and truck terminals), retail warehouses, cold storage warehouses, and flex space.
What is On-demand Warehousing?
- On-demand warehousing is the ability to access warehousing services as and when required without the need for long term commitments. It is an online marketplace that allows customers to access shared warehousing and logistics services on a pay-per-use basis.
What is the Fourth Industrial Revolution?
- The Fourth Industrial Revolution, i.e Industry 4.0, is the ongoing automation of traditional manufacturing and industrial practices, using modern smart technology. It's a fusion of advances in artificial intelligence (AI), robotics, the Internet of Things (IoT), 3D printing, genetic engineering, quantum computing, and other technologies. The purpose of the Fourth Industrial Revolution is the production of smart machines that can analyse and diagnose issues without the need for human intervention.
Impact of Covid-19 on the Industrial Sector
- The need for on-demand warehousing has increased significantly due to the momentous rise in e-commerce adoption amidst the pandemic and the high number of online transactions. This has also led to higher demand for automation within the Industrial sector and the need for a further streamlined supply chain. The efficiency that tech provides this industry is unmatched.