Why a reinvention of global supply chain is relevant and important?

Dec 16, 2022


These previous few years have been hard for supply chains. The pandemic’s sudden tamp down and then the world subsequently getting back on its feet has been hard for supply chains to cope with. Transportation issues have also choked easy running supply and this has caused shortage in products which means their price skyrocket.  

Even before the pandemic, supply chains were riddled with problems. Businesses had already figured that streamlining supply and management activities will increase their productivity and profits so they were looking for solutions that enhanced these features. After the pandemic and the ongoing Ukrainian war has only highlighted these cracks. Low supply of raw materials, breakdown of logistics, uncertain planning and labor shortages have proved to be a challenge. Supply chain models as of now are seldom equipped to deal with uncertainty.  

One way to get the ball rolling would be to introduce blockchain technology into supply chain management. Blockchain is a distributed ledger that participants in the shared network have access to. Its decentralized and the data recorded is hard to tamper with. Participants in the network can access data and see which phase the product currently is in. Blockchain stores data in blocks that are linked together via cryptographic chains.  

    1. Data flow:
Since being able to forecast surges and dips in demand- supply is very crucial to supply chains, having a good data flow is essential. A lot of key decisions and analytics will be made on the data recorded, risks will be taken, so having a secure method of storing information and using it to predict a lot of what ifs will give businesses a lot of edge.

   2. Transparency:
Having a complete overview of your supply chain process that is available to the participants involved in the chain is a game changer. It allows them to prepare for any out of ordinary happenstance while also giving complete info about the state of the product and which stage it is in. Transparency together with accurate data helps decision makers take swift and correct decisions in times of crisis.

   3.Security:
Since there are a lot of participants, multiple transactions are happening across the platform and blockchain ensures that each participant has a unique signature. The transaction data is immutable and can be verified on either ends which makes it trustworthy.

   4. Rapid execution of tasks:
A lot of manual tasks will be digitized in supply chain with blockchain. It will make the entire supply chain process faster and streamlined. With Smart Contracts, the logic is programmed into it so when the conditions are met, it self-executes. Automation of a lot of time-consuming tasks will make supply chains more efficient. 

Recent events around the world have exposed and highlighted cracks and problems that have plagued supply chains for years. Businesses are incorporating latest technology to optimize costs and enhance productivity at the same time. Along with this, supply chains have to be risk tolerant and meet customer requirements/expectations. Sustainability and efficiency will give companies the desired competitive edge in this industry along with meticulous planning, sourcing and delivery. With MSRvantage, we will cater to your supply chain needs and create a supply chain that is future ready. Our next gen supply chain solutions will be powered by blockchain and make the entire supply managing process seamless and easy to execute. A reinvention that is at par with the rapidly changing world. 

 

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