Numerous goods are manufactured, transported and further sent to the end consumers crossing a complete cycle, step by step which involves tedious efforts and constantly working to get the product reach the final edge.
This process is termed as Supply Chain Management and yes, it does need a considerable amount of prework.
The supply chain is the global network of suppliers, manufacturers, and retailers which constructively combine to serve as a joint chain for the consumers, each stage is managed by its respective supervisor and hence the chain would lapse if any one of the aspects fails to get it done.
This used to be an expensive affair as it required a huge costing is not just the raw working but also for the management of the entire process (which includes manual labor).
How’s Technology helping Supply Chain?
Technology is another way to leverage supply chain management, while the best possible can be having Blockchain in use! Here’s how it goes when blockchain meets supply chain-
- Provenance Tracking
Organizations have a lot of elements involved in the supply chain network, due to which, it goes almost impossible to have someone looking over each step. It often leads to cost & customer relation issues due to lack of transparency.
While in a blockchain-based supply chain management, tracking & record-keeping become sorted. With every step recorded and handled through a well-managed blockchain, provenance tracking can be accurate and capable of detecting any discrepancies throughout the supply chain.
- Economical Costing
A survey conducted by APQC and Digital Supply Institute (DSCI), more than one-third of people cited the reduction of costs as the topmost benefit of the application of blockchain in supply chain management. Well, real-time tracking in a supply chain with the help of blockchain can actually reduce costs.
For instance, when blockchain is applied to speed up administrative processes in the supply chain, the extra costings are reduced to a wider extent. The reason behind this can be the elimination of the middlemen and intermediaries in the supply chain, also the payments can be processed by customers and suppliers within the network through cryptocurrencies.
- Trustworthy & Transparent
Establishing trust in complex supply chains is necessary to carry smooth operations. For instance, when a manufacturer is supplying his products, there must be cautious care involved in terms of safety standards.
Every supply chain management solution is required to have trust and security along and this cannot be done better without blockchain. A well-designed structure taking control of each activity going on can be the best possible solution for maintaining trust.
- Data Visibility
4 More Ways Service Supply Chain Technology Can Improve Your Business
The right service supply chain technology enables your company to create greater visibility within your supply chain, gain more control over your inventory, reduce operating costs, and, ultimately, outpace the competition.
- Real-time, Actionable Data
- Visibility Across Your Supply Chain
- Simplify Your Supply Chain
- Enhance Customer Communication
You are not really required to have separate data files to share and keep the supervisors up with an invoice each time. While having blockchain at work, you can add people in the network and keep the visibility on for the bunch of people (who you may allow) as and when required. In a blockchain network, each product can have real-time tracking with negligible chances of misplacement.
For the ones having their online supply chain management software at work, try out the powerful blockchain and get the benefits of being in a secured information process.