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The term ‘3PL (Third-Party Logistics)’ refers to a specific aspect of procurement and supply chain management, emphasizing its importance in business operations. This term encompasses various practices, procedures, and strategies essential for effective management and operational efficiency. Understanding ‘3PL (Third-Party Logistics)’ is crucial for professionals in the field to optimize processes, ensure compliance with industry standards, and achieve organizational goals effectively.
Related Terms
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Supplier Collaboration
Supplier Collaboration is the systematic, relationship-driven approach to working with suppliers to improve performance, strengthen operational continuity, drive innovation, and
Supplier Compliance
Supplier Compliance is the discipline of ensuring that every supplier engaged by an organization consistently meets internal policies, regulatory requirements,
Non-Disclosure Agreements (NDAs) in Procurement
A Non-Disclosure Agreement (NDA) is a legally binding confidentiality contract between an organization and a supplier, ensuring sensitive information exchanged
Consolidated Invoice
A Consolidated Invoice is a single invoice document that aggregates multiple individual transactions or services provided over a certain period,
Compliance Scorecard
A Compliance Scorecard is a structured tool used within procurement processes to evaluate and ensure that all sourcing activities adhere
Contract Addendum
A contract addendum is a formal document that modifies or adds terms to an existing contract without altering its original
