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The Power of Supply Chain Data
The Power of Supply Chain Data

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The current pandemic has underscored the need for up-to-date supply chain data. Amidst lockdowns, social distancing measures, changing trade regulations, traffic jams in the Suez and dynamic buying patterns, it is the companies with access to relevant supply chain data that can quickly adapt to changing market conditions. Not only are they able to better withstand rapid changes in supply chain dynamics but are also able to remain competitive in a sustainable manner.

Let us look at how this looks in the real world, with a simple example:

A large retailer sponsors a Bordeaux wine event every February for wines originating from the various appellations within Bordeaux. As the event date approaches, products are confirmed, and purchase orders are issued.

But, a week before the event, this retailer is notified that the Chateau Pichon Baron has not yet arrived for the event. The crisis begins. Teams search through a myriad of reports and various siloed legacy applications as they try to discern how to satisfy buyers who anxiously await one of the great vintages in recent years.

Where is the product? It turns out that the wine missed the original ship date, while the next planned ship is stuck in the Suez Canal. Icebergs are slowing down traffic in the St Lawrence river and a strike blocks delivery to the retailer's main distribution centre. If only they had a single source of truth, which would enable them to pivot based on powerful actionable supply chain data.

A blockchain powered supply chain

Imagine for a moment that a $5 billion dollar retailer has a single source of truth. A retailer whose omnichannel distribution consists of 1200+ brick and mortar locations, e-commerce deliveries, restaurants, and bars. A product that is purchased from 80 countries located around the world. Imagine for a moment where 80% of your supply chain data is managed by 20% of your supply chain partners. The power of collaborative supply chain data for operational decision-making and financial settlement is key to enabling businesses to work more efficiently and to ensure supply chain teams are working with the right data at the right time.

Distributed ledger technology enables a secured single source of truth with global door-to-door audit and traceability for 80% of all operational transactions and financial transactions. With 80 % of your supply chain data managed by 20 % of your vendors, the vision of real-time data, real-time event management and real-time decision making is possible across constantly changing global supply chains.

Author — Jeff Albert, DLT Labs

About Jeff Albert: He is a Senior Business Analyst with DLT Labs, and has an M.A in Leadership from the University of Guelph. A graduate of the CITT and CIFFA programs, he has instructed the Principle of Transportation and Logistics for the Purchasing Association of Canada MAC (now Supply Chain Management Association).


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