The digital transformation has enhanced the curiosity of consumers as they want to know a product from its provenance to the destination. Transparency has become the key to the success of a supply chain company.
Supply chain companies handle a product from its origination to the destination. The cycle of supply chain primarily consists of 3 functions, which are the procurement of raw materials, transformation of these materials into products, and distribution of these products to customers. An efficient supply chain management which has a perfect blend of people, procedures, and technology can add significant brand value to an organization.
A product without any traceability can invite counterfeit products into the system, increasing the risk of contamination for food and beverages many other products. The traditional processes of the supply chain can drive inefficient practices, which can hamper the growth of an organization. End-To-End visibility and transparency can work wonders for the brand value of a company.
An innovative and efficient supply chain management can add significant value to the organization. For example, by actualizing lean assembling, companies can reduce the number of inventories. An association with the raw material suppliers and other service providers can help companies in gaining easier procurement of the materials at a reasonable expense.
Technology has a major role in the transformation of the supply chain industry. Recent technologies like IOT, blockchain, and many others have played a vital role in enhancing the levels of transparency and visibility. These technology tools allow customers to keep track of their products from the provenance to their destination. Supply chain companies have started using technology tools to control and monitor internal as well as the external environment and execute decisions almost independently. Companies have also begun using technology tools for predictive analysis. Many supply chain companies have started using automation to complete their repetitive and redundant tasks.