What Companies Expect From Transparency of the Supply Chains

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What Companies Expect From Transparency of the Supply ChainsSource: Businesses must protect their supply chainsSource: Blockchain-based cloud automates connectionsSource: FCE uses DLT, clouds, and IoT for transparency
What Companies Expect From Transparency of the Supply Chains
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What Companies Expect From Transparency of the Supply Chains
Supply chain management must change to face the global challenges. The advanced technologies, such as IoT, DLT, Big Data, cloud computing will provide trustworthy transparency of supply chains and make them secure.
As the global economy evolves, the challenges of supply chain management grow exponentially. Companies face a lot of issues, such as employees’ rights and safety, carbon emissions, sustainability, and natural risks such as typhoons, droughts, and hurricanes. Beyond the requirement for accountability and effectiveness for the businesses, consumer awareness plays an increasingly important role in purchasing decisions.

Today's businesses are required to demonstrate the protection of their supply chains to meet demand and remain competitive. Quality and openness of data on the company's activities become both a tool for building a strong and trusted relationship with the consumer and an internal tool for ensuring the safety of production and confidence of the working environment. To use this openness and manage their data properly, companies are transforming to digital logistics. Digitization and blockchain technology are the transparency that provides, validates, and demonstrates security.

Corporate Information Environment

Ensuring visibility and traceability across the supply chain now becomes a prerequisite for all counterparties in the value chain, from the raw materials supplier to the retailer. The transition to blockchain-based cloud services involves the creation of united corporate information and an organizational environment that provides product lifecycle management (PLM) processes.

All participants in the supply chain have the essential information to adjust the time and the volume of deliveries and work smoothly and efficiently. Digital supply chain reveals weaknesses and optimizes business processes quickly. Shared data flows include moments of production, shipment, a number of goods in warehouses, estimated delivery time, origin of raw materials, processing and storage conditions, etc.

A single information environment should not be directly dependent on one of the counterparties in the supply chain. Therefore, cloud services and blockchain architecture are the most appropriate solution. When a cloud provider is just a third party, blockchain decentralizes data flow management. Protected information is high quality and invulnerable, and participants in the supply chain can see confirmation of the reliability, value, and quality of processes.

Transparent Automation of the Communications

The transition to cloud services on the blockchain is a comprehensive solution for high-tech enterprises with many participants in the order execution process. The FCE cloud service has the tools to use smart contracts. These self-executing smart contracts make processes transparent and ensure the safety of the goods throughout the supply chain. The service automatically prescribes and fixes in a distributed ledger - and in Corporate Information Environment - every contract and every movement of the goods. By ensuring transparency in business, reducing corruption and fraud risks, improving security and trust due to the complete automation of the interactions, companies optimize their value, data, and financial flows within the supply chains.
Source: Businesses must protect their supply chains
Source: Businesses must protect their supply chains
Source: Blockchain-based cloud automates connections
Source: Blockchain-based cloud automates connections
Source: FCE uses DLT, clouds, and IoT for transparency
Source: FCE uses DLT, clouds, and IoT for transparency
Cloud Services and Complements

More and more companies are exploring reducing risks and raising the value of supply chains. FCE uses not only blockchain architecture but also cloud technologies and IoT sensors to increase transparency, traceability, and operational efficiency. By adjusting advanced technological trends such as the Internet of Things and Big Data analytics to procurement, companies will accurately identify sources of raw materials, test their suppliers, and improve accountability on the social and environmental impacts of supply chains.

Digital technologies contribute to the invention of new business models, new goals in the economy and commerce, and new opportunities. The COVID-19 pandemic has shown why data and analytics are so crucial when it comes to the supply chain. The world faced a collapse when most of the processes of movement and participants of contemporary supply chains found themselves in a blind zone where it is impossible to recognize what is happening there. This opacity made it extremely difficult to identify problems as well as to adapt to change.

In the future, we can expect to accelerate the adoption of technologies in the supply chain to make them more flexible and demand oriented. Furthermore, the market foresees a more significant increase in the use of artificial intelligence and machine learning in logistics network management and, as a result, data-driven business, and operations. It will significantly advance product output, quality, the efficiency of equipment and personnel, as well as improve compliance with delivery times. Digital supply chains will enable businesses to detect and analyze, respond to, and then use data to keep up with new opportunities in a rapidly changing market.








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