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4 Ways Blockchain Technology Impacts Supply Chain Management

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September 29, 2020
9.29.20
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Many companies have infused digital technologies into their supply chain management systems. From centralized data in Enterprise Planning Resource software to digital shipping systems and RFID scanning, internal intelligence has arguably never been greater.

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Bringing together leaders in industry and technology to drive innovation.
Matthew Wright
Founder & CEO
About Matthew
Matthew Wright is the founder & CEO of Specright, the first cloud-based platform for Specification Management. Specright has been recognized as a Gartner Cool Vendor, received the Salesforce Innovation Award and was named one of the Top Places to Work by the OC Register and Built in LA. Wright is also a published author and his book, “The Evolution of Products and Packaging,”was named to the Amazon Hot New Release List for Industrial Relations Business and has a five star rating.

Prior to founding Specright, Wright spent more than 25 years in the packaging industry, holding leadership positions at International Paper, Temple Inland, and rightPAQ — a packaging company he co-founded. He has also been involved in leading multiple M&A deals in the packaging industry and sits on the Packaging Advisory Board at Cal-Poly San Luis Obispo.
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4 Ways Blockchain Technology Impacts Supply Chain Management

Many companies have infused digital technologies into their supply chain management systems. From centralized data in Enterprise Planning Resource software to digital shipping systems and RFID scanning, internal intelligence has arguably never been greater.

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Blog

4 Ways Blockchain Technology Impacts Supply Chain Management

Many companies have infused digital technologies into their supply chain management systems. From centralized data in Enterprise Planning Resource software to digital shipping systems and RFID scanning, internal intelligence has arguably never been greater.

Posted on 
September 29, 2020
9.29.2020
Tuesday
Ayman Shoukry
CTO, Specright
RegisterRegister
Download Presentation

Many companies have infused digital technologies into their supply chain management systems. From centralized data in Enterprise Planning Resource software to digital shipping systems and RFID scanning, internal intelligence has arguably never been greater.

Ayman Shoukry

Many companies have infused digital technologies into their supply chain management systems. From centralized data in Enterprise Planning Resource software to digital shipping systems and RFID scanning, internal intelligence has arguably never been greater. However, companies are still limited in visibility when it comes to tracking products and components throughout the supply chain. Disparate systems and a lack of insight outside of the organization creates knowledge gaps and inefficiencies that complicate supply chain management. As more companies and consumers are pushing for greater transparency, blockchain is providing a solution for untangling the communication threads throughout the supply chain. Here’s a closer look at blockchain and supply chain management.

1. Procurement Visibility and Savings

Blockchain’s model as a single thread of data offers companies a powerful competitive advantage in terms of procurement and securing volume discounts. With blockchain, ledgers are updated in real time, allowing you to see, at a glance theglance, the volume of a particular product, regardless of who initiated the purchase. This visibility allows you to take advantage of volume discounts without disclosing actual volume data to other subsidiaries. Also, it removes the traditional manual approach to auditing orders to find volume discount opportunities.

2. Improved Traceability

End-to-end traceability is also more easily achieved with blockchain technology. By digitizing assets and creating a decentralized record of transactions that is linked at every touchpoint, organizations can trace a product’s journey from production to delivery, and every step in between. That data includes important sustainability information, as well as source and freshness data.Businesses and consumers alike can benefit from this greater level of transparency. As consumers are putting more pressure on businesses to source ingredients or products from ethical and trustworthy sources, companies can better deliver on their commitment to quality and ethics with data-backed proof. Information is also readily available for sustainability claims and traceable for product recall needs.

3. Data Integrity

Data is the holy grail of effective supply chain management. Companies rely on data to gauge demand, place orders, and control costs, especially when products or materials can vary by vendor or location. When companies end up with too much inventory, it can cost them as much as 20-40% of its value per year just to hold onto it.Master data management with blockchain technology ensures the highest level of integrity. Once an entry is created, it cannot be changed without also affecting all subsequent ledger entries. Companies can spend less time validating data and trust they have the most up-to-date information.

4. Reduced Paperwork and Admin Costs

With greater supply chain transparency, companies can organically reduce the tedious administrative costs associated with paper trails, research initiatives and data input. Assets are digitally tracked in real time, allowing companies to conduct faster, more effective audits without extensive manual labor. Exact information is also readily available for budgeting efforts and new product or product extension opportunities.

Specright’s Impact on Supply Chain Management

Specright’s data management platform leverages blockchain technology and all of its advantages to bring more value to supply chain management. By increasing visibility at the spec level and encompassing all moving parts of the supply chain, companies can improve the speed and results of their decision making and gain greater peace of mind. To learn more about Specright’s Blockchain Network, be a part of the beta trial, or book a meeting with our team.

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About 
Ayman Shoukry

Ayman is Chief Technology Officer at Specright, where he leads the product and engineering teams. Before Specright, Shoukry was part of the eCommerce platform team at Amazon. Before Amazon, he was CTO at HireRight, a world leader in background screening, where he was part of the executive team that drove the company’s successful exit. He began his career in the Microsoft Developer Division, where he spent over 15 years in various leadership positions. He holds a master’s degree in software engineering from the University of Newcastle in Australia and an undergraduate degree in Computer Science from the American University in Cairo. He lives in Irvine, CA with his wife and two daughters.

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