It has become commonplace for companies to design a product in one country then manufacture it in another - using raw materials sourced from several other nations - before marketing it across the world.
And with the rise of globalisation, the importance of supply chain management and logistics has come to the fore.
'Industrial engineering, which is the basis of logistics and supply chain management, has been around for many years,' says Dr Henry YK Lau, associate professor and head of the department of industrial and manufacturing systems engineering at the University of Hong Kong (HKU). 'But people working in this field have become more and more aware of the importance of logistics, and realised that advances in knowledge and technology can indeed help make their operations more effective and efficient.'
Hong Kong's world-class port facilities, its financial services industry and its excellent communications and transportation infrastructure have all helped logistics - the process of getting the right things in the right place at the right time and in the most efficient way - become a key element of the local economy.
'The government has repeatedly highlighted the importance of Hong Kong not only in continuing to build on its success as one of the world's major trans-shipment hubs, but also in developing into one of the most important logistics hubs in the Asia Pacific region,' adds Dr Wong Hon-shu, assistant professor and programme director of the master of science (MSc) in international shipping and transport logistics programme at the Hong Kong Polytechnic University (PolyU).
The field of logistics is constantly expanding and developing, and currently encompasses everything from law to advanced IT systems.