Novel Data Capture for More Powerful Supply Chain Management
Every supply chain decision, no matter how small, can have macro-level effects on efficiency and value. Because every element of the chain is interconnected, the only way to make appropriate decisions is to have complete-picture visibility. In the past, inference was a key aspect of decision making. Today, with the benefits of open blockchain solutions, we have access to ever-more-detailed streams of data from throughout the supply chain. In addition to clearer pictures of existing data streams, blockchain unlocks novel avenues for data capture and insight.
The benefits of open blockchain for retail supply chain are shared by every participant – suppliers, retailers and customers. Having product-level visibility and traceability can create unprecedented trust in the system. Customers no longer have to simply take a retailer at that word, because they can independently verify supply claims, such as ethical labour, sourcing and standards.
The adoption of blockchain solutions for supply chain data is a reality for the retail industry. Not only does it create a competitive advantage for the players who lead that adoption, but it also creates consumer-driven pressure against those retailers who fail to offer the transparency that customers are increasingly demanding.
Knowledge is power.
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Opportunities in Retail Supply Chain
Supply Chain Responsivity
Historically, supply chains have been remarkably not agile. Even with new information, making meaningful changes has been difficult and costly. Blockchain allows supply chain managers to learn from consumer data efficiently, enabling faster adaptation to improve user experience and better prediction of user behaviour.
Automation and Smart Contracts
Available supply data previously has often needed to be inputted manually, greatly limiting the amount of data actually captured and unnecessarily inflating labour costs. By combining blockchain smart contracts and IoT systems, we can integrate and automate supplier and retailer data streams.
Instantaneous International Payments
At any given time, there is more than USD 4 trillion sitting inactive in the global supply chain, with average payment settlement times are more than 40 days. That stagnation causes productivity to plummet. Blockchain enables instant international payments, eliminating payment intermediaries and freeing up significant capital for reallocation and investment.