In an article on Retail Info Systems, CTO Ray Young shares how Blockchain can help retailers and brands accurately forecast demand and replenish inventory.
Supply chain visibility with Blockchain
While originally developed to track cryptocurrency exchange, Blockchain has found wide applications in industries from finance and government to healthcare and entertainment. Blockchain offers a way for businesses to digitize their transactions in a permanent, connected and secure ledger. These records are centralized and accessible, providing the transparency needed to make business decisions and allocate resources accordingly.
In the supply chain, Blockchain can ensure every level works together like a well-oiled machine. Blockchain eliminates data silos, enabling proactive inventory planning driven by demand. All parties are connected through an end-to-end ledger of goods movement from source to shelf, and can view in real time what is being manufactured, shipped and sold.
Companies can tap into that data to perform accurate store-level forecasting, manufacturing planning and retail-space optimization based on channel demand. This ensures the right amount of product is always available to the right demographic, driving cost savings, boosting profitability and facilitating growth.
Leveraging Blockchain as a service
Access to data across the supply chain can be a problem for companies of any size. Many businesses may believe Blockchain technology is solely reserved for large enterprises and requires high capital investments and extensive infrastructures. However, the days of massive implementations are behind us. Software-as-a-Service (SaaS) Blockchain solutions are available that offer rapid, cost-effective deployment. Using a SaaS model, companies of all sizes can attain the visibility, trust, and transparency of Blockchain to make sound business decisions in planning and replenishment and gain a competitive edge.
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