Logistics as a whole front is based on a number of well-formed concepts that define different functions of a company and help it to comprehend the gaps and opportunities in order to perform well in the industry. The 7 “Rights’’ (also known as the 7 R’s) are one of those concepts in logistics management that implies getting the Right product, to the Right customer, at the Right price, in the Right quantity, in the Right condition, at the Right time, at the Right place.
Each of these 7 rights are elaborated below:
1. Right Product: Freight companies ought to have thorough information about the product they are going to transport. Proper product knowledge is vital for administrating the time and resources.
2. Right Customer: It is very important to know about the target market in order to identify the potential customers and have a better chance of gaining leads.
3. Right Price: Taking care of the price while managing the freight process is another important aspect that needs to be considered. It should be well planned so as to provide best possible routes with proper data to ensure cost efficiency.
4. Right Quantity: It is essential to know the accurate quantity of products to be sent to the retailers. With the help of modern AI systems, this quantity can be determined easily, in turn helping to schedule the transport trucks in advance.
5. Right Condition: The products to be delivered have to be properly packaged according to its nature and reach its destination in the right condition without any damage.
6. Right Time: Time plays a very crucial role in the world of logistics. Prior planning and proper time management is required to ensure that there are no delays in delivering the product to the end customers.
Right Place: With a proper tracking system and optimum route selection, it should be certained that the products is reaching at the target destination.
Logistics management is all about planning, designing, executing, controlling and monitoring. Applying the 7R concept will further help in achieving all these steps as it enables end-to-end action, while defeating unnecessary deferrals which result due to lack of preparation.
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