Fundamentally, supply chain management refers to the management of the flow of goods, products, and services, including data and finances.
The activities also span across areas like procurement, product lifecycle management, supply chain planning, logistics, and order management.
The SCM can also stretch to the processes for global trading, like the management of global suppliers and multinational production activities.Benefits of Supply Chain Management SystemHigher Efficiency RateReduce Cost EffectsRaises OutputRaises Your Business Profit LevelBoosts CooperationLowers Delay in ProcessesEnhances Supply Chain NetworkHow does blockchain help in SCM?With blockchain technology-powered distributed ledger, it is possible to optimize the efficiency of supply chain management for diverse industries.
At Oodles, our blockchain experts suggest that blockchain solutions can address several challenges residing within complex supply chain processes and provide benefits like:Reduce errorsAvoid product delaysEliminate fraudulent activitiesImprove managementIncrease consumer/supplier trustSupply Chain Management Challenges that blockchain applications or solutions can addressData visibility and consolidationChallenges: Manual, paper-based record-keeping and reporting systems often lead to scattered, incomplete, and unauthentic manifests, bills of lading, certifications, etc.Opportunities: With blockchain record-keeping solutions, all supply chain stakeholders can securely and simultaneously store and share this information.Tracking, transparency, and trustChallenges: It is difficult to track the source of flawed parts and trace the provenance of previously shipped products.Opportunities: Blockchain SCM can have a product’s entire geographic flow.
However, blockchain-based SCM can provide solutions to resolve these issues in real-time.
As per the occurred issue, it can instantly trigger actions like supplier substitutions or price adjustments.Use CaseAlice wants to buy a rare and costly medicine for cancer treatment from a medical store.