Traceability has long been discussed especially when the conversation is happening in the supply chain sector. ABR recently had a chat with Steve Nguyen, the Managing Director of WOWTRACE on authenticity and transparency of future technology. Before we begin, let’s keep the ball rolling on the importance of traceability, especially when something is out in the public domain for everyone to see and utilise.
When it comes to produces and services, one major aspect to take into account is the complexity of the overall structure of the system. For example, one would ideally be attracted to an item when they know exactly where and when it is being produced and who created it till fruition. Steve stated that being able to trace something back to its source to verify every single step of the production to distribution keeps the notability and prestigious importance of future technology.
“Recorded Documentation” is what Blockchain stands for, especially when the conversation is lining around the supply chain industry. This further indicates that suppliers can determine their source of problem and eventually inform their distributors to remove any menacing products from the shelves. So, by making use of the THREE KEY BENEFITS of traceability features in Blockchain, supply chain visibility surges forward, upgrading the quality control system and putting risks at its lowest peak in the industry.
Since traceability allows businesses to know exactly where an individual product is at any given time and who handles it, it instantly offers the ability to boost profitability, increase employee’s accountability and reduce inventory loss. In fact, timely information is gratefully offered to customers on what they need to purchase again at any given time. Businesses will then know exactly when their products and services are required at any given time, and who will be handling it in the wider scheme of things.
Data is considered as the new gold, because if we use data in the right way, we can build a solid yet flexible business model, which results in increasing revenue and eliminating risks and waste. However, collecting data in all stages of business operations, supply chain is a BIG challenge. The traditional traceability system is the centralised data system that requires operators to input the data, and the data is changeable and can be deleted. This raises the problems with the integrity and transparency of data, potentially making the data a liability to the organisation in question.
To sum up the adoption or application of the characteristics of Blockchain in all industries, the future trend of current business is what shall be centralised and focused on before joining the elite technology bandwagon.
“Blockchain will be the alternative solution for businesses to make their data transparent and trustworthy to use, because the traceability from the technology records every information in business operations for the supply chain,” said Steve.
Every stakeholder in the supply chain industry can update the information relating to an item of product or part themself without the need of an operator. The usage of traceability data will optimise the business processes as well as identifying risks.
Subsequently, the traceability information can also be used to enhance the trust of the customers by providing them with integrity information about the overall product journey. Enterprises can use Blockchain-based traceability as a tool for preventing theft, anti-counterfeiting, and improving customer service. The application of Blockchain traceability is endless and applicable in numerous industries from manufacturing to service sectors of the economy.
The Internet may have only been around since the turn of the millenium, but the virality of the information and usage made it a huge success in society. As businesses in all industries understand the technology to application of future technology, many operations and strategies of any enterprises will level up from there. “SMEs can use Blockchain-as-a-Service because it’s flexible and doesn’t require a huge investment, it’s also easy to apply in their business processes…for big enterprises, they can build a Blockchain solution that is suitable for their processes but it requires a huge investment in time, money, and human resources,” Steve concludes.
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Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
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