What are the 5 stages of a successful supply chain?
Supply chain management forms the core of any business. It is the strongest pillar in the success of any organization. It encompasses a wide range of functions, which handling alone for a business cannot be easy. The poor supply chain management impacts the product delivery and creates a bad impression in the eyes of the customer. The focus of this blog is to highlight what are the key stages of supply chain management and how does Blockchain help in this.
5 stages of supply chain management
Stage 1: Planning- In this stage, the business realizes how they will procure. Products, whether they will be manufacturing it themselves, or they will be buying it from a supplier. It helps in executing the right plan of action.
Stage 2: Sourcing- This stage of supply chain management deals with the procurement of raw materials and other components to manufacture products.
Stage 3: Make — This stage deals with production activities. It also includes testing of products, packaging and then dispatching.
Stage 4: Deliver- The end objective of the supply chain is to deliver the product to its destination. This will involve a lot many people and intermediaries. The delivery stages involve a trial period or warranty period. The companies must also manage the import and export requirements of finished products.
Stage 5: Return- The company must also manage the return of products. It should formulate a clear strategy for the return policy and managing inventory of return of products.
These are the basic steps of supply chain management. For efficient customer service, it is important that the company must actively spend in establishing a seamless supply chain system. But because of the presence of too many intermediaries, the supply chain system becomes slow. Also, tracking of products is very tricky. Although we now have a digitized platform that makes the supply chain system far more effective, it is important that you must choose an alternative that makes the supply chain system even more efficient.
The new technology: Blockchain
Blockchain is a new revolutionary technology that is paving the way for a new set of developments. It has formed the base for the decentralized exchange of information and data storage. This open system is far more transparent and easy to access. Also, the Blockchain technology encrypts all the data cryptographically, thereby ensuring complete safety and security of data. All this makes tracking the history of products easier. These features of Blockchain are helpful in making the supply chain system more efficient.
The growing use of Blockchain across the different spectrum of the industry makes it one of the most popular choices and a lucrative career opportunity. Companies are hiring Blockchain experts who can leverage Blockchain technology for the growth of their business. If you, too, are one of the stalwarts of Blockchain and want to make professional growth in this zone, then you must connect with the Blockchain Council today. It offers the best industry-oriented certification program and will be helpful in making your career grow.