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Right Time to Invest in Block-chain Technology for Your Supply Chain Business!

Nowadays, technology is not limited to educated and white-collar employees. A basic literacy level is sufficient to bring in the technology required to upgrade the business. It is well accepted that the world is going to be high tech soon, where all operations will take place on the digital screen. It is more evident through the fact we have witnessed during the lockdown and, probably, some of the patterns that we have started to follow as a substitute may find themselves a stable place in the daily activities after it all gets over. Like a newcomer batsman grasped himself a spot while playing as a replacement for an accomplished batsman.

One thing that we have learned or comes to the fact that technology is an indispensable part of the business. Businesses who have already invested in the IT infrastructure are now successfully working from remote locations, whereas the impact on the companies who were not tech-friendly is very harsh and can be witnessed as the after-effects of COVID-19. Technology in business serves you, it is like an employee or a business associate who takes care of the business and renders all required outputs that are deciding to run and at the same time to develop the business.

Now, there are a lot of things present in the market you can opt to implement in your business as per your needs. Many consultancy companies guide the ERP selection and related tools required to run the operations successfully. There is no limit in IT implementation, hence care must be taken while choosing the best suitable tools, resulting in better output with lesser expenses and maintenance issues.

How to utilize the lockdown period for identifying the requirements?

For enhancing the business, you must identify the parameters which require automation. Surprisingly this is the best time to do that. Or even you have been doing this unknowingly since lockdown.

Here are some ideas you can utilize to recognize the areas, which on implementing technology gives the desired output.

  1. Note down anything which you think is missing while working from a remote location.
  2. Make a list of KPI’s that are most significant and should be noticeable at any point of a given time.
  3. Recognize the processes in which physical interaction was needed in normal scenarios but can be done smoothly without getting any person involved.
  4. Eliminate any hardcopy which appeared essential earlier, but now softcopy is accomplishing its job perfectly.
  5. Experiment on reporting mechanisms for various departments and illustrate a rigid and at the same time smooth method for remote reporting.

In this way, a road map can be prepared for all the essential processes and required outputs and it will become easier to identify whether it is a suitable time to invest in technology.
Blockchain is one of the most reliable technologies available and embraces all the issues mentioned in this article.

What is Blockchain Technology?
There are several definitions and articles on the internet explaining Blockchain. But I would like to keep it in most layman terms, it is a decentralized and distributed ledger that is accessible to all the concerns at the same time and all the changes made in it are recorded, which are transparent and unalterable.

Benefits of using Blockchain in SCM:
Considering the enormous size of Supply Chain Business, it becomes imperative to implement a solution that can present all the required important figures accurately. Covering the whole operation without the help of efficient technology is only possible in words, practically it is not possible to achieve the desired efficiency in such scenarios, and hence Blockchain fulfills the gaps to furnish the following outputs:

  • Reducing Cost
  • Improving Efficiency
  • Strict Monitoring
  • Fraud Reduction

Transparency in Transactions: Authentication of involved stakeholders and verification of the permanently retained historical data provides a closed-loop of a transaction and renders a secure and trustful platform to perform the activities.

Refrain from Data Leakages: Blockchain provides a secure space where physical, digital, and financial operation merges and results in the output which can be analyzed to identify the source of leakage including performance inefficiency, process inefficiency, and monetary leakage, data misuse, etc.

Rigid Policies and Robust Processes: Digital blocks ensures that no data manipulation or corruption can be done. Trustful and secured information is saved digitally and can be used to analyze the transactions in the future. 

Overall, Blockchain brings transparency and accountability in routine operations. It helps the process to be accessible and trustful. All the standards can be maintained and implemented successfully with more prominent efficiency and accuracy. This is the time to experiment, analyze, and infuse new ideas into your business, to make it future-ready more than ever before.

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