Today reverse logistics is an important part of supply chain management. Reverse logistics can be defined as the process of planning, implementing, and controlling the efficient, effective flow and storage of goods, services, and related information from the point of consumption to the point of origin for the purpose of recapturing value or proper disposal.
There was a time when reverse logistics was considered a sheer waste of time, money, and effort. However, today it has evolved to become an important entity in the world economy. You can learn more about reverse logistics from eliteops.com/.
There was a huge transformation in reverse logistics as it could reduce costs, add efficiencies, and improve the customer experience. You can also have a look at some of the advantages of reverse logistics.
- Recognize out of date revisions and components immediately
- Save the cost of warehousing stock that has gone stale
- Transform old assets into valuable investments by remarketing complete systems, major components, and achieve partial or full recycling
- Discover reusable solutions for unutilized assets
- Monetize depreciating assets
- Extract more value from used or returned goods compared to the costs involved in the original supply chain
- Improve customer satisfaction and enhance customer retention by addressing issues associated with product returns effectively
Due to all these benefits, today enterprises have understood the hidden value of returned assets and the benefits of streamlining return, repair, and product reallocation processes to the enterprise’s bottom line.