Enhancing Inventory Management capabilities in Supplychain through blockchain technology

Below mentioned is the current scenario of a standard process of document and material flow with respect to inventory management in most companies. The process is a standardised one and the same is followed in most companies irrespective of the industry domain. As you can see, the process involves a lot of repetitive paperwork and clerical jobs. This not only creates confusion but also creates delay in the process.

Our Proposed Solution

Imagine a platform wherein we can have our vendors and customers together, the vendor is intimated when we receive a sales order from our customer and the requirement is planned based on the Bill of Materials. In case, there are more than 1 vendor supplying the same material, the visibility can be customized and the permissible level of each party in the supply chain can be controlled. Critical data like the prices or project details if any can be chosen to have selected visibility for relevant parties only.

Blockchain is a technological platform which had achieved significant business benefits in the industry over the past many years. Greater transparency, enhanced security, improved traceability, increased efficiency, increased speed of transactions and reduced costs are few of the standard benefits the technological platform is capable of providing.

How the proposed solution will benefit the vendors?

The vendor gets to know the stock status of the material they are supplying and can arrange for the material when the stock status falls below a mutually agreed level, moreover he gets to know the requirement as soon as the Material requirement planning is done.
Secondly, the solution helps in warding off all the paperwork and the document can be prepared, approved and processed in the same portal. Even the payment can be automated through the smart contracts which are prepared based on the contract agreement between each party in the supply chain.

How this solution will help the supply chain process?

In short our solution prepared on the blockchain platform makes the process faster, brings in more transparency, reduces the dead stock considerably thereby helping the party to have more liquidity, records all the data and keeps the data immutable. Most importantly the solution brings in the quality of trust between all the partners in the supply chain.

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