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As humans, we have a tendency to ignore the small tasks involved in a gigantic project. For example, we might relish the delivery of our new Play Station, but we would never give in a second thought about the fact that how it reached us!
Well, it is not just about the single Play Station, but it's about the initial processing of every single product that's delivered to us. To be accurate, there is a complete chain of several interlinked elements, that take care of delivering the required products to us.
Do you know what this connected chain is known as?
From raw material sources and factories to the complete distribution network, it consists of several elements that interlink the complete process. Now let us get into some details.
What Exactly Is Supply Chain Management?
The proper management of the transferable goods, information, and services, which involves the movement and storage of raw materials, from one place to another is known as supply-chain management.
It consists of well-integrated planning and final execution of several processes. Here are the major 3 things that it consists of:
· Material flow
· Information flow
· Financial flow
It consists of a network of several individual entities, businesses, organizations, and technologies that are involved in the manufacturing of goods or services. The chain usually starts from delivering the raw material to the manufacturer to providing the finished product to the user.
A good flow of supply-chain can result in the generation of great sales and revenue. It is also responsible for the decline in frauds and any additional cost. Last but not least, supply-chain management is also one of the reasons behind the whopping production and distribution.
Of course, it might appear as a piece of cake to you, but maintaining a supply-chain is nothing less than moving a mountain. The interlinking of several elements in businesses slowly becomes very difficult to maintain, as soon as the businesses start glowing. This is the reason why emerging businesses have started to adopt technologies like artificial intelligence, machine learning, and most importantly blockchain technology.
So today, let us see how blockchain is providing solutions to the problems faced bu supply-chain management.
Blockchain Technology In Supply Chain Industry
Let us check out the advanced and automated solutions provided by Blockchain technology to this Industry.
1. Reduced Cost
In supply chain management, the real-time tracking of goods and services, with the help of blockchain decreases the overall costs of moving the items. Apps based on blockchain technology reduces the frauds and scraps the risk of duplicity.
2. Building Trust
The most important thing that is necessary to maintain in complex supply-chain with several participants is trust. The immutable feature of blockchain technology guarantees the same.
3. Provenance Tracking
Gargantuan industries and companies have a lot going on in their supply chain. Which makes keeping track of every record very difficult. With blockchain-based supply chain management, provenance tracking gets a lot easier.
The more we explore this area, the more solutions we would be able to discover. It would be interesting to see what the new decade would bring to the supply chain industry.