There are few industries for which supply chain management of some sort is not essential. The reality that 78% of respondents in one survey reported manually counting inventory in at least one stop along the healthcare supply chain provides a clear picture that plenty of progress updating supply chain management remains to be made. Supply chain managers who embrace technology may see an exponential growth effect, because digital business planning solutions can lower product innovation costs by 10%, in turn reducing new product lead times by 30%. Managers who are willing to bite the bullet with regards to the one-time cost of implementing blockchain technology will eventually find that their processes are more accurate, cost-effective, and efficient. And that’s a big deal, considering that 70% of respondents in one survey categorized their supply chain as either “very” or “extremely” complex.
Some ways that the blockchain can benefit supply chain managers and their companies include greater transparency and accountability between suppliers; near-immediate transactions using smart contracts; a tamper-proof ledger of manifests, departure and arrival times, etc.; and a reduction in human error across the board thanks to more widespread automation.
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