Modern-day customers demand exceptional delivery experiences. They want to ensure better visibility, traceability, transparency, and sustainability regarding parcel movements. In fact, customers are willing to move on to alternatives if their beloved brand cannot deliver on these expectations.
Clearly, a lack of visibility into supply chain processes will no longer suffice. So, how can supply chain leaders address the growing concern over the lack of trust and transparency in complex supply chains?
Blockchain, a decentralized, distributed ledger that prevents tampering, is an ideal technological solution for improving supply chain traceability, security, transparency, and trust. Let’s have a look at how blockchain enables this.
Facilitating Operational Excellence
Logistical processes involve multiple participants, locations, and other elements. Regularly engaging with numerous such factors can introduce inefficiencies, data inaccuracies, and improper integrations across management operations.
Blockchain enables digitization and automation on shared network infrastructure, fostering more productive communication and collaboration. It significantly reduces manual processes and ensures transparency over export-import processes by automating and auditing them. It also helps mitigate the risk of duplicate orders and accounting fraud during invoicing. If process prerequisites are met, smart contracts automatically execute agreements, enabling faster, more timely, and more accurate cash reconciliation.
Continue reading: https://inc42.com/resources/how-blockchain-tech-can-build-trust-transparency-in-supply-chain/
Clearly, a lack of visibility into supply chain processes will no longer suffice. So, how can supply chain leaders address the growing concern over the lack of trust and transparency in complex supply chains?
Blockchain, a decentralized, distributed ledger that prevents tampering, is an ideal technological solution for improving supply chain traceability, security, transparency, and trust. Let’s have a look at how blockchain enables this.
Facilitating Operational Excellence
Logistical processes involve multiple participants, locations, and other elements. Regularly engaging with numerous such factors can introduce inefficiencies, data inaccuracies, and improper integrations across management operations.
Blockchain enables digitization and automation on shared network infrastructure, fostering more productive communication and collaboration. It significantly reduces manual processes and ensures transparency over export-import processes by automating and auditing them. It also helps mitigate the risk of duplicate orders and accounting fraud during invoicing. If process prerequisites are met, smart contracts automatically execute agreements, enabling faster, more timely, and more accurate cash reconciliation.
Continue reading: https://inc42.com/resources/how-blockchain-tech-can-build-trust-transparency-in-supply-chain/
