In recent years, there has been an increase in the interest shown by companies worldwide for improving their supply chain systems. The advent of 2019 has also proved to be a wake-up call for several brand owners about how under-equipped their supply chain systems are in dealing with unexpected disruptions. Studies show that 30% of CFOs are prioritizing the changing of their supply chains at present. Naturally, a supply chain system in the current times can become sufficiently efficient only when the right kind of technology is incorporated into it.
Why is an intelligent supply chain necessary in the first place?
Customer outlook about a company can often make or break its performance. Even large companies have made errors in managing their supply chain, which has caused inaccurate information to be communicated to customers. Instances like these can negatively affect the reputation of a company. An intelligent supply chain can make dealing with such issues easier by recording and predicting accurate information.
Customers are also demanding for increased transparency of supply chains worldwide, so that the ethical implications of each company are made clear. A smart supply chain can improve transparency without causing any additional hassles to brands. Moreover, an intelligent supply chain can offer analytics regarding customer shopping behavior, prevent issues like counterfeiting and forgery, make business activities more time and cost efficient, and much more. Experts predict that tomorrow’s supply chains will be connected and self orchestrated ecosystems.
The features that make a supply chain intelligent
A supply chain can be considered intelligent when it has been incorporated with technology and able to perform the following functions:
- Create digital identities for products: Blockchain technology makes it possible for companies to create unique digital identities for their products, and thereby make them traceable right to their origins. Data is immutably stored using the digital identities, and therefore next to impossible to tamper with.
- Offer real time insights and analytics: Supply chain efficiency can be improved upon by using data collected from customers. An intelligent supply chain system offers real-time analytics and insights regarding product demand and customer response. In the end, customers will be subjected to a better user experience, while companies will be able to work more productively than before.
- Enable transparency of the supply chain: Supply chain transparency is the need of the hour, as the counterfeiting and forgery cases of luxury goods are becoming increasingly common. A smart supply chain system rules out the chances of products getting duplicated or tampered with to a significant extent. Transparency of the supply chain will provide reassurance to brand owners that their authentic products are reaching customers. Customers can also confirm that their purchases are completely authentic.
- Enhance customer experience: Customer satisfaction regarding a company is bound to increase when there is an efficient, transparent and trackable supply chain system in place. A smart supply chain system enables customers to track their product and to trace the product back to its origin.
- Improve the trackability of goods: Products might go through different stages during their life cycles. Using traditional supply chains, products may not be as trackable as companies want them to be. When products become more trackable, companies will become more efficient in managing their orders as well. An intelligent supply chain system allows companies to track their products in real time, and make the right decisions as and when required.
How Authlink’s Brand Panel improves supply chain intelligence
Authlink’s Brand Panel is an innovative venture which allows companies to make their supply chains intelligent in several ways. Apart from making it easier to track and trace goods along the supply chain, the Brand Panel enhances user experience for end customers as well. The Brand Panel also assigns unique digital identities for products, and sufficiently manages provenance data without fail. Supply chains are made easy to maintain, monitor and improve upon in Authlink’s ecosystem.