Potential advantages of blockchain in supply chain

The introduction of blockchain technology has played a significant role in transforming the businesses in different ways. But, when it comes to the potential of blockchain in supply chains, its decentralized nature makes it more appealing by ensuring more transparency, increase efficiency, and reduce paperwork. For the supply chain, blockchain enables better visibility and enhances transparency in all levels of the logistics network. Even, many companies’ hire supply chain blockchain consulting services to enjoy its complete benefits.

Offer greater transparency

From the past few years, we can see that consumers are focused to know the origin of products they are purchasing and how it was sourced. However, many systems are struggling in tracking the products back to the manufacturers as a result companies are unable to track the customer demands for transparency. The distributed ledger can resolve this complex challenge with the best solution.

Transportation logistics is one the big part of the supply chain which is dealing with the complexity of coordination across many partners. The introduction of blockchain in supply chain logistics has proved beneficial in exchanging information.  With this, it is possible to create and maintain a transparent and immutable log of supply chain activities for better accountability and operational transparency. By offering better transparency in the supply chain, it will prove beneficial in improving trust between retailers and end customers.

Enhance supply chain visibility

Another biggest issue faced by the supply chain is lack of visibility which is a sticking point for businesses and modern consumers. Globalization, competition, and growth complexities are spread in the market which makes it difficult for companies to handle their supply chain. Also, companies are facing difficulty in meeting the growing demands of consumers in a short time, quick deliveries, and error-free shipments.

But, the development of blockchain in the supply chain brings a transformative change in it by offering a transparent and more efficient way for recording transactions and managing inventory. Distributed ledger technology ensures the immutable and instant storage of information, tracking the journey of goods in detail, enforcement timelines, identify SKUs, measure units, and help the business to get a single of the supply chain.

This visibility feature allows companies to find inefficiencies in the network so that they can eliminate the role of middleman and exert great control on the logistic operations. They enhance visibility in the supply chain that make less shipping error, less missed deadline, low operational costs, and improve customer services.

In short, we can say that a supply chain is a group of complex activities that focused on cost effective delivery of products and services. There are many people associated with the supply chain process and focused on providing good services or products to the customers.

If you want to reap the benefits of blockchain in the supply chain then you should hire professional Supply chain blockchain consulting services from Group50. They are supported by a highly talented team of subject matter experts who have extensive years of experience in the industry and provide the best Blockchain Consulting & Solutions.  Contact the Group50 experts today to get professional Blockchain Consulting & Solutions

 

Supply chain management – Integrating intricate and dynamic supply and demand network

Supply chain and its effective management is extremely crucial factor for the success of any business. It acts as a bloodline of any business and especially that are into manufacturing of any product. Supply chain management is all about the effective utilization of business resources for the reduction of costs associated and maximizing the added value. This has become a necessity and effective tool for organizations to compete effectively no matter they are operating at local level or global scale. SCM is a coordinated network of multiple processes, activities, people, information and resources for turning raw materials into finished products and then delivering them to the end users. It helps in integrating intricate and dynamic supply and demand management.

Group50, a renowned supply chain consulting firm has effectively managed supply chains of all sizes from $20M to $4B. They use various methodologies and understand companies need to be effective at designing products, defining services, forecasting, acquiring materials and resources, purchasing and delivering those products and services to their customers. And they need to do it with lower cost year in and year out. Supply chain management is achieved by focusing on the key elements such as upstream, cash flow, inventory, logistics, value, information, distribution, downstream. Optimization occurs when all these elements are driving increased profits, minimal working capital and shorter lead times.

Nowadays, the business environment has become more competitive than ever before. For this, companies need to focus on their core competencies to distinguish it and stand out amongst other business competitors in the market. They need to rethink about their objectives and divert the resources. In this case, the companies can focus on the tasks that they are best at and outsource the processes that do not lie in their core competency and do not contribute towards the overall objective of the business. In this dominating and competitive business scenario, this has become the best way for companies to thrive and succeed. Supply chain management not only impacts the company’s position in the market but also assist in taking effective strategic decisions for choosing the right manpower, resources and partners.

With a properly implemented supply chain management system, the competitive areas of a business can be used to the optimum advantage. Through effective communication between all the channels and stakeholders, fulfillment of orders is ensured. Logistics is enhanced, transportation costs are decreased and production processes run smoothly. Supply chain management eliminates the chances of delays happening earlier due to ordering and transportation. SCM also makes the company more agile in its strategies, making them respond to unforeseen situations in a better and enhanced way.

Group50, a leading supply chain consulting company have designed and implemented optimized supply chains in many industries as a result of the experience and knowledge of best practices and an integrated approach to designing and implementing an optimization roadmap. They will work with the senior leadership team to develop an optimization roadmap and implement a continuous improvement program that will generate 5-10% cost improvements, reduced working capital requirements and reduced lead times year over year.