Boost your supply chain efficiency by hiring professional consulting services

Efficient working of the supply chain plays a vital role in boosting the success story of the company. However, it includes various complexities where supply chain consulting firms can help the company to improve and optimize its working process. If you are wondering how supply chain consultants can help in boosting your supply chain then you should read this article. Here we are sharing the key benefits of hiring professional supply chain management consulting services. 

A key advantage of supply chain management consulting 

·         Provide better business visibility 

Supply Chain consulting firms consultants are well-experienced in the industry and allow you to get better insight by fetching crucial data for your business. Also, they are capable of providing quick data processing which is highly important for a business to make an informed decision.

 

• Resolve complicated issue 

Supply chains are intricate, and their complexities can result in the emergence of even more convoluted difficulties. Your in-house team may not have that much experience and skills to address them where hiring supply chain management consulting services proves beneficial for you. The consultant will assess your supply chain and work on achieving the key objectives. It works well in finding the key issues and bringing accurate solutions accordingly. 

 

• Give efficient solutions 

There are different solutions referred to according to several possibilities. Therefore, it becomes difficult to find one solution that brings optimum benefits for the organization. The supply chain consultants are outsiders and provide neutral solutions in different cases. This will reduce the conflict because they may get less resistance as compared to those proposed by the company’s own inquiry team.

 

• Effective implementation of the solution 

The trusted supply chain consultants go beyond the consulting and make recommendations. They put extra effort into assisting their clients to implement effective solutions to get the best results. You can say that when you work with supply chain consultants you don’t need to worry about supply chain efficiency. They take complete responsibility to provide consulting and implement the supply chain in the best way.

 

• Examine solutions on a regular basis

The supply chain consultant will review and evaluate the solution on a regular basis so that they can make change if it is required. They make sure that the company will be able to meet its prime goals. In this way, you can meet the key factors to boost supply chain efficiency.

Group50- A trusted name for supply chain consulting services 

When it comes to finding the trusted Supply Chain Consulting Firm, Group50 is a one-stop solution to accomplish your needs. For optimizing the supply chain process you need to understand its existing strategic and operating gaps in the company, vendors, and customers. Group50 supply chain consultants are highly experienced and provide strategic services to design and implement the optimized supply chain in different verticals of industries. They have also designed a supply chain playbook that prove beneficial to identify the key activities that will bring better ROI. Contact Group50 Supply Chain Consulting Firm to get their services.

 

 

 

Blockchain- To resolve the key issues of supply chain management

In today's scenario, it becomes difficult to manage the supply chain management. It takes days and even weeks in processing the payment between customers and vendors or in suppliers and manufacturers. In this process, contracts are managed by a banker and a lawyer that is again charged extra cost and lead to delays.

 It is a tedious task to track back the suppliers of goods as a result it becomes very difficult to eliminate these defects in the system. To ensure more traceability and transparency in the supply chain it is important to introduce the new technology that is Blockchain. 

 Blockchain can offer more transparency in the supply chain and enable handling the various issues of the supply chain. In this article, we discuss the key issues of the supply chain and how blockchain can resolve them. 

 Key challenges in supply chain

 Previously supply chain was not so complicated but in today scenario businesses are widened globally. In the past, businesses were limited to specific regions as a result thing was transparent and easy to manage. But, the business growth has made things complicated due to the lack of transparency in the system. The key challenges of the supply chain industry:-

• Lack of traceability  

Product traceability will allow you to trace where the product is at the current time in the supply chain. But, every stakeholder maintains their data in the supply chain network that make it difficult to perform predictive monitoring. It is difficult to find what was happened in the different stages of the production. 

• Expensive cost 

Supply chain management includes various stakeholders which will ultimately increase the cost of an entire management system. They also cost a certain amount of fee from the total amount which is again an expense.

 

• Regulatory compliances and documentation  

The supply chain process contains contracts which can be complicated due to change of complicated payment terms, ownership, bill of lading, etc. The lengthy and complicated documents are difficult to execute and modify. 

·         Lack of trust

 People always has a concern that from where the product is manufactured and delivered. Is the product is real or fake? There is a trust issues in the supply chain process because it contains no information about the origin and parties involved in it.

Blockchain to transform supply chain management

 

• Trace provenance:-  the lack of traceability is a key issue that impacts the brand reputation. In blockchain-based supply chain management, it is easy to keep a record, track provenance, and data share because all transactions are saved in blockchain that can’t be altered or deleted. As a result, it is possible to trace the product history from its origin and where it is delivered through the blockchain supply chain. This helps to detect and resolve fraud happen in the supply chain process.

 

• Build trust:- All parties involved in the supply chain need to trust each other. For example, manufacturers are depending on the supplier to meet factory safety and tell everything about using raw materials and sources. In blockchain implemented supply chain, it becomes easy to build trust. Blockchain has immutable nature that prevents the supply chain ecosystem from tampering with data. 

 

• Reducing cost:- with blockchain, it is easy to track the product in a supply chain which will reduce the cost of moving items in the supply chain. The elimination of intermediaries in the supply chain will save extra costs, prevent frauds and reduce the chances of product duplicity. It also enables direct payment processing between two parties rather than depend on centralized systems.

 

• Minimize complexities:- Blockchain has smart contracts which are useful to fix issues related to complicated issues. When any transaction takes place in the system, a smart contract will execute automatically to make actions like transfer of ownership, sending alerts, payments, etc. without any need of an intermediary. Smart contracts are code-based that follow rules which can’t be changed easily. It not only minimizes the complications in the contracts but also provides flexible support to new business models. 

Hire professional supply chain blockchain consulting services

Do you also want to implement the blockchain in your supply chain to get its various benefits? If yes, then you should approach the experienced and trusted supply chain blockchain consulting firm like Group50. It is one of the reliable consulting firms supported by professional blockchain technology consultants who have years of experience in providing private and permissioned blockchain to the organization that only accessed by authorized persons of the organization. They are come up with a proprietary Scioebc plug-n-play blockchain which is a supply chain and IoT solution to make use of next-generation technology. If you need affordable blockchain supply chain consultants service then contact Group 50 experts today. 

 

 

 

How Business Can Reap Benefits by Hiring Supply Chain Consulting Firm?

 Many companies think that they don’t need to pay attention to their supply chain strategy. But, doesn’t matter what is the size of your business, everyone should know how they can work with distributors, vendors, and customers to reap maximum benefits. The supply chain strategy helps the business to work with their products, distributors, and vendors to improve their operational efficiencies and bring the cost down to reap profitable growth. The key goal of supply chain strategy is to develop the best quality products for customers at the right profit margin.

If you want to implement a productive strategy to eliminate the key issues of the supply chain and reap maximum benefits from it then hiring supply chain consulting services prove beneficial for you. They can help you in diagnosing the key issues of the supply chain, provide effective solutions and ensure smooth implementation of the strategy. 

 Reasons for engaging supply chain management consulting company

There are various reasons to hire supply chain consulting company to resolve different issues that come with the supply chain. Here are the common reasons why to engage a supply chain management consulting partner. 

Baselining

Supply chain improvement is mainly focused on solving specific issues which generally include the need for large quantities of accurate past, current, and future projection data. Professional consultants dig out the information and present it as usable data. They complete this work in less time as compared to the internal team.

Solving problem

 It is difficult to identify the complex supply chain problems alone with internal resources. Those who are working within the company are too close to seeing the operation issues. The supply chain consulting firm can inspect your supply chain objective and accurately identify the issue and offer effective solutions.

Solution recommendation

They identify the problem and find different possible solutions for it. The supply chain consulting company evaluates all solutions and provides recommendations that will be most cost-effective. Most supply chains work with high capital expenditure like building infrastructure, storage, IT solution, etc. Delays and wrong designs can be costly for the business. Hiring supply chain consultants can help prove beneficial to resolving such problems.

Implement support

 In some cases, consultants provide recommendations for supply chain improvements or solutions to any problem. It can prove beneficial to retain a consultant with implementation, especially for complex projects.

Group50- trusted Supply chain consulting firm

When it comes to hiring a supply chainconsulting company, Group50 experts can help you. It is one of the trusted supply chain consulting firms which are capable of managing all sizes of supply chain and use the same methodologies for assessing effectiveness. Companies should be effective in designing products, forecasting, define services, purchasing, and delivery of products and services, etc. The Group50 experts work on different elements for optimizing the supply chain that includes strategic objectives, business life cycle, quality, business life cycle, key performance indicators, strategic sourcing, distribution cost, and effectiveness, etc. 

Group 50 has developed supply chain playbooks that can use by professionals to identify the activities which will offer high and most immediate ROI.

 

Why to Hire Supply Chain Consulting Firm and Its Benefits?

The supply chain is defined as a complicated mix of activities that focus on cost-efficient delivery of products and services. Many people are associated in the supply chain with manufacturing and distribution companies and focus on providing the products and services to their customers. But the small issue in the smooth process of a supply chain can give birth to various issues. Therefore many companies prefer to hire supply chainconsulting firms to ensure a smooth process of their supply chain.

 

Reasons to hire supply chain management consulting company 

 Hiring a professional consulting service can help in resolving the four key issues of the supply chain:-

 

• Collect information 

Supply chain improvement initiatives or efforts are beneficial for resolving the specific problem. It can be included for accurate and current data of large quantities. 

Management consulting professionals collect the information and provide it in usable data. They consume less time in acquiring the information internally.

 

• Resolve the issues 

 It is difficult to find the complex issues of supply chain issues alone with internal resources. Those who are working in the company may be too close to the issues but unable to find them. The supplychain consulting company experts will examine your supply chain and identify the problems as well as offer effective solutions. 

 

• Recommend actions 

Once they identify the issues, they can provide you various possible solutions for it. They evaluate the possible solutions and recommend the right one which is effective and budget-friendly too. Hiring consultant services is highly beneficial especially when action may be sensitive or unpopular. Recommendation from external professionals may result in less resistance than those which originate from the company. 

 

• Assist with implementation 

In some cases, management consulting helps in providing a recommendation for the improvement of a supply chain or solution to a problem. They can help in the implementation of solutions, especially for complex projects.

 

These are some common reasons why it is recommended to hire a professional supply chain Management Company.

 

Advantages of hiring supply chain management consulting 

Let’s move on to the key benefits of hiring supply chain management consulting for your business. 

 

Many companies hire supply chain management consulting services because they understand the value of consultants which they bring to the table. The key benefits of supply chain management consultants:-

 

• Objective:- The supply chain management professionals independently work and provide unbiased, and fresh viewpoints without any internal influences like politics and culture.

 

• Focused:- The internal company managers are not that much focused and bound with the entire spectrum of competing obligations their roles entail. Management consultants are focused on only one problem of resolving their client’s problem. The external experts can easily focus on the key issues and try to solve them.

 

• Experience:- Companies have experience in solving issues once only. But, supply chain consultants dealt with the same issues many times in different organizations. It means, consultants have more tools and skills as a result they can easily navigate the issue and provide potential solutions. 

 

• Skills: - They have expertise in supply chain matters and also in management skills required for the successful execution of projects. They have skills that include project management, communication, management, etc.

 

• Quantified change benefits:- They have extensive years of working experience with different organizations so that management consultants can help you in quantify the advantages of changes in the supply chain.

 

For optimizing the supply chain, you need to first understand the existing strategic and operating gaps in your company, vendors, and customers. If you are also looking for a professional supply chain consulting company for your organization then Group50 experts can help you. They are supported by an expert team of supply chain consultants who provide strategic sourcing services as well as design and implement the optimized supply chain in many industries. They have extensive experience and knowledge of best practices and integrate them to design and implement an optimizing roadmap. They will first understand your supply chain with their supply chain effectiveness assessment or distribution assessment. They will work with your senior leadership team to develop an optimized roadmap and implement a continuous improvement program that will generate reduce working capital requirements and reduce lead times. To know more about Group50 services you directly contact them.

 

 

Benefits of introducing blockchain in supply chain

There are many new digital technologies introduced with the promise of developing manufacturers and supply chain management. But, it is a challenge for a management team to choose the right technology that really brings fruitful benefits. Today, blockchain technology is grabbing huge popularity because it can provide solutions for managing the complicated network of the supply chain. Blockchain Technology is based on a decentralized approach for data management and sharing as well as plays well in improving transparency, speed, and responsiveness of this complex ecosystem.

 

A blockchain supply chain works well in recording the price, date, quality, location, and other important information of the supply chain participants in an efficient way. The easy availability of information in the blockchain improves traceability of the material in supply chain, improves visibility and compliance over outsourced contract manufacturing, minimizes the loss caused due to counterfeit products as well as improves the organization's position as a trusted manufacturer.

 

Blockchain ensures outstanding transparency in the supply chain and reduces cost as well as risk across the supply chain. The blockchain supply chain offers various benefits that include:-

 

• Improve traceability of material in the supply chain to meet the corporate standards.
• Reduce the chances of losses caused due to counterfeit/gray market trading
• Enhance the visibility and compliance
• Diminish paperwork and administrative cost of the event
• Ensure time stamping, automating transaction, and tracking for real-time audit
• Eliminate the role of intermediaries like brokers, bankers, and insurers
• Set up a wide range of self-executing contracts for automatic repetitive processes like shipping and billing
• Work well for establishing proof of quality, payment, and provenance
• Eliminate the risk of public relation from supply chain malpractice

 

Blockchain technology plays well in increasing transparency and accurate end-to-end tracking in the supply chain. Companies can digitalize physical assets and develop a decentralized immutable record for the transaction. It can make it easy for tracking assets from production to deliver of products to the end-user. This will improve transparency in the supply chain and provide more clear visibility to both business and consumers. It also helps in reducing the chances of fraud for high-value goods such as pharmaceutical drugs and diamonds.

 

Further, it also enables to maintain control over outsourced contract manufacturing. Blockchain allows all the participants to access the same information that reduces communication barriers or transfer data error. By spending less time, the data can be validated that improve quality, and reduce the cost. Apart from this, Blockchain can prove beneficial in streamline administrative processes and reduce cost by ensuring efficient audit of supply chain data.

 

Group 50- To get professional blockchain supplying consulting services

If you are also planning to introduce blockchain in your supply chain management then hire professional supply chain blockchain consulting services. Group50 is one of the trusted consulting firms which have been dedicatedly engaged in providing blockchain supplychain consulting services. At Group50, they are supported by subject matter experts who have years of experience in working with different industries. They use a holistic approach to optimize the supply chain that includes integration of systems operated by customers, company, consumers, suppliers, logistic companies as well as the strategic needs of the business. Call today to professional blockchain technology consultants services.

 

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.