Drive Agile Supply Chains by Leveraging Blockchain for Better Demand Supply Matching

Supply Chains are often at the heart of some of the biggest challenges organizations face. From commitments around customer experiences to balancing cost and revenues to top-tier decision making, supply chain problems impact almost all parts of an organization’s processes.

At the core, the main issue is an imperfect demand-supply matching process. This was brought to the limelight by the Covid-19 supply chain collapse that showed us how disruptions can affect the entire chain from suppliers/manufacturers to customer-facing retailers. The Covid-19 crisis was an extreme case, but even during more manageable times lack of real-time and transparent visibility across the supply chain can make demand matching a big challenge.

How Blockchain Can Optimize Supply Chains While Keeping Them More Agile?

Better Freight Tracking

With more reliable data feeding the tracking systems, Blockchain can make existing tracking tools more accurate and make it easier for organizations to stick to their customer commitments and drive greater supply chain visibility.

Automate approvals, customs, and similar paperwork

Administration costs – especially in long international supply chains – can increase to become a big chunk of the total overall cost of the transaction.  Using Blockchain to automate and secure some parts of this process and paperwork can improve efficiency, reduce manpower costs and delays, and reduce customs clearance timelines.

Easier and faster vendor onboarding

Blockchain removes another one of the Supply Chain’s big problems by automating and streamlining the vendor onboarding process. With Blockchain built platform sellers, buyers, shippers, and other stakeholders of the ecosystem can interact on a common marketplace like a portal, which is secure and open.

Bring a single layer of secure and trustworthy data across the chain

Siloed and opaque data reduces trust and makes data-backed systems less useful and hinder supply chain decision-making. With Blockchain, organizations can update, secure, and authenticate data and ensure confidence and maintain privacy.A single golden source of information built on blockchain technology will also make the auditing process simpler.

As the economic world evolves rapidly to accommodate changing customer expectations, it’s important to ensure supply chains become an agent for greater efficiency rather than a roadblock. For this transformation to happen, Blockchain is an absolute game-changer.