The Key Potential of Blockchain for Supply Chain Management and Its Flexibility A supply chain plays a significant role in the end-to-end system for creating products and services and delivers them to the customers. The supply chain consists of various components that include:
Materials Natural resources Finished goods Parts and ingredients Retail
Supply Chains Also Work In Reverse Direction The supply chain also works in reverse direction that means if a customer wants to return the purchased product and need a refund for it then the supply chain should also process for the return, recycling or reuse. No doubt, the supply chain is playing a key for the business but currently, it is struggling with various issues that directly impact their performance like difficulty in tracking, quality & procurement costs, corruption, and globalization. This is a reason why businesses required a solid supply chain management that works well in managing the flow of goods, information, materials, and services. Apart from this, it also works for the distribution and fulfillment of goods. The well-developed supply can benefit the complete process as well as allow for:
Enhance the quality improvisation Augment sales by minimizing the cost and complexity of the manufacturing process Boost up the production and distribution
Blockchain technology can help to resolve the current issues of supply chain management and boost the efficiency of supply chain operations. How Blockchain Supply Chains Enhance Customer Experiences? Blockchain and supply chain management are complementing each other and its pain points can be addressed easily with professional supply chain blockchain consultant services. The integration of blockchain in supply chain management eliminates the problem of time delays and human errors. Let have a look at how digital supply chain management with blockchain technology brings outstanding benefits to the supply chain parties:
Minimize the delivery time because it enables the shippers to identify the product location immediately which ultimately saves the cost of shipping and overall time consumption on delivery. This will help to change the shipment origin to a location that is near to the destination. It will also benefit from reducing the shipping cost. When the travel time of shipments will be reduced then it will impact on lower down the shipping cost and encourage the customers for more purchases. Next, digital supply chain technology will impact on improving the order accuracy and prevent the shipment of counterfeit products. The blockchain supply chain management is capable of self-validating the information which helps in eliminating the volume of inaccurately fulfilled orders. Consumers can easily track the products “where it is” and know the exact location where their product is located. This will improve the tracking system with the help of a blockchain that can be integrated with notification to offer real-time location of the shipment. Help the customers to know the life expectancy of the product. Blockchain enables the customer to trace the average lifespan of the product which is also applicable to manufacturers too. Minimize the risk factor in the supply chain. It provides your more detailed information for better risk management. Supply chain blockchain makes sure that the customer service representative can easily locate the customer or quickly get the information. On the other hand, if any order fulfilled with an incorrect
product the customer can easily contact their customer service department. Blockchain supply chain consulting for SMBs If you also want to boost your business productivity by applying blockchain supply chain management then you should first approach the professional supply chain blockchain consultant services from trusted consultants like Group50. This business consulting has come up with a proprietary Scioebc supply chain which is an IoE plug-n-play solution designed by the supply chain subject matter experts and seasoned developers. They provide services for a wide range of industries including healthcare, manufacturing, retail, food & beverages, manufacturing, etc. So, contact the experts of Group50 consultants to get professional consulting services on blockchain Digital Supply chain technology.
Visit: www.group50.com