Empowering Supply Chain Digital Transformation with Distributed Ledgers
Cointelegraph Consulting and Insolar jointly published a report on supply chain inefficiencies and hindrances. It shared statistics and best practices of blockchain adoption to bring greater transparency and reduce costs across global supply chains.
The Empowering Supply Chain Digital Transformation with Distributed Ledgers research took place in November 2019 in the USA and Switzerland. Based on the insights from Insolar's practice, the report highlights how enterprises require a pragmatic approach that leverages the best of cloud, blockchain, and data technologies under a single platform to improve supply chain efficiency and transparency.
- Challenges in today's supply chain processes
- Contribution of Industry 4.0 technologies to eliminating the existing inefficiencies
- Usability of blockchain in enterprise scenarios
- Understanding barriers that slow down blockchain adoption in the B2B sector.
In modern business environments, supply chain management runs into challenges that are mostly due to the growing length and complexity of the supply chains. Moreover, digital transformation disrupts established processes and floods the systems with data, making effective information management an essential function of any ERP system.
Poor Traceability70% supply chain visibility gap between initial suppliers and internal clients’ systems
Poor Automation90% of retailers inaccurately forecast demand
Regulatory Compliance Burden45% of supply chain executives say that they are experiencing increased pressure for regulatory compliance and internal compliance to contracts.
Poor Relations Across Multiple Counterparties60% of companies regularly overpay their supply chain vendors.
AI, robotization, IoT and blockchain are here to help, targeting critical areas that serve as a barrier to robust data management in supply chains, including the inability to provide transparent data synchronization, the unclear delegation of rights between stakeholders, and inefficient central data ownership.
The research analyzes five scenarios that blockchain is useful for in supply chain processes and covers the advantages blockchain solutions have over non-blockchain systems. Insolar and Cointelegraph Consulting also offer a five-stage framework for blockchain implementation in commercial applications.
At the same time, this research also examined the challenges hindering blockchain adoption as a new standard for data management in supply chains.
Costly Implementation and Lack of Interoperability
Lack of In-house
Insights from ‘Empowering Supply Chain Digital Transformation with Distributed Ledgers' research will help readers to assess the potential impact from deploying blockchain solutions, create a plan for supply chain digital transformation and navigate the plan's execution.