“Every company, city, and country is becoming digital, navigating disruptive markets, …(and the) role in the digital transformation has never been more important.” – John Chambers, Former Chairman and CEO of Cisco Systems.
The era we live in today is a digital age where all industries have embraced and entered this digital world in some way. Industries get to harness the potential of digitization in various shapes and forms, thus making the best of this evolution.
The supply chain industry is no different and today, they rely heavily on digital technologies to ensure accurate data to help with deliverywhile optimizing resources.
Digital Transformation and the Supply Chain Industry
Managing the supply chain is a large and complicated area, which is chaotic and filled with multiple challenges. There is a lot of manual work which costs time and money and in a way is a futile exercise with excess paperwork.
Each stakeholder would want to manage their own paper work, ledger and data which could make things more complicated and in order to make sense of this data, a third party would need to be involved especially for bookkeeping.
Digital transformation is best explained as implementation of new technology to accelerate operations, sales, customer service, back office productivity and business growth. Each organization has its own processes and supply chains. Management of this supply chain has improved, due to advancements in:
Digital technology is enabling companies to improve performance at a modest cost. This technology is being integrated into all aspects of business from backend payroll to production management and even security. The appeal of these technologies has led to many companies hastily implementing changes and new projects.
In all honesty, companies would fare better and reap greater benefits if they create a vision and a comprehensive plan prior to undertaking a digital transformation. A long term road map would need to be outlined and accordingly implemented.
Blockchain technology has taken over the world with its unique features of safety and a shared public ledger that doesn’t involve the third party. There have been more than a million transactions on the Blockchain platform from all over the world. Corporations are now looking at adopting the Blockchain in one of the biggest industries, i.e. the supply chain. But you might think why would a well established supply chain look to adopt a new technology like Blockchain? Well the answer to that is for better coordination among various organisations.