Amid countless technologies that continue to present promising opportunities to the supply chain industry, blockchain has emerged as a critical innovation, with the potential to revolutionise digital supply chain management. With supply chains growing more complicated by the day, using blockchain technology can help organisations record relevant information more efficiently, making way for improved transparency, better traceability and reduced costs. What is blockchain? In simple terms, blockchains mean digital information (the blocks) stored in a public database (the chains). A particular party does not own the data stored in a blockchain but instead is collectively shared by everyone who is a part of the whole network of blockchain. The core of this technology being immutability, i.e. while multiple stakeholders can access the recorded data, no record can be erased, thus ensuring transparency. Key areas where using blockchain can help you drive supply chain efficiencies: Transparent transactions at all times Blockchain technology helps speed up transactions and brings greater transparency as there is no other intermediary such as a bank involved in the process. Moreover, the ledger gets updated automatically, making the process faster and easier. To ensure that the payment is visible only to the authorised participants, payment conditions can be set accordingly beforehand. As each transaction is immediately apparent to the authorised party, there is no scope to tamper any information added to the blockchain. Improved traceability Blockchain can help supply chain professionals effectively record price, location, date, quality, quantity, source and other relevant information. With all this information stored in the blockchain, the traceability of materials in a supply chain can be improved and increased by several folds. An outcome of this can be reduced losses from the counterfeit and black market, enhanced visibility over the functioning of your supply chain and more. Trustworthy channel, safer payments With...
Freight Tech
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June 18, 2020Ongoing global disruption has pushed the supply chain industry into a phase of unparalleled transformation. Everything from the present pandemic, rapidly changing supply-demand dynamics, and technological advancements have accelerated radical change. Supply chain resilience has become increasingly valued as organizations look to prepare themselves to face the unexpected. Today, we are looking at building supply chains that don’t merely survive disruptions but have the capacity to flourish amid the chaos. As your organisation navigates through 2020 and prepares for the future, here are some trends that will continue to dominate supply chain management in the years ahead: No slowing down for technology Companies today are leveraging technology more than ever and will continue to do so in the future. The recent spike in demand for integrated supply chain solutions that automate operations, increase efficiency and profitability, has shone a spotlight on the need for businesses to turn to technology to help them ride through a crisis. While fortifying your supply chain resilience, be mindful of the fact that the digital-first mindset is here to stay. The future is cloud-based, automated solutions, whose innovations in machine learning, internet of things and artificial intelligence are rapidly reforming supply chain management. By adopting these technologies you will not only be able to capture weaknesses in your system but also reveal hidden opportunities in your business model. The big data buzz We are living in the big data era where supply chain management is data-driven and automated analytics demand the attention of supply chain professionals. To stay relevant in the market, ensure that you gather business intelligence by processing the data that your supply chains generate regularly and leveraging the insights gained. Unlike before, the availability of advanced algorithms has not only simplified the complexity of data science but has made converting data into...
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April 30, 2020The lack of data in your freight management process is disrupting your supply chain and leaving your logistics team in the dark. Read this blog to find out the benefits of integrating data and freight analytics into your freight process.
