How to make the supply chain resilient and secure using QR code and blockchain technology?

Introduction:

What is a supply chain?

Supply Chains are the nexus of enterprises that tend to the product design, quality, logistics and safe delivery from supplier to the customer.

Why is there a need for a secure supply chain in a business?

In recent years, around 30% of organisations confessed to being hunted by supply chain frauds. This resulted in infected products, poor quality control, insufficient third-party management clarity, etc. Thus, leaving businesses with collapsed infrastructures, impecunious profits, and bruised business relationships.

Despite all the available countermeasures, 26.8% of enterprises could not afford to escape or dismiss the fraud adversities. This elevates the need for executives to look for early warning signs and red flags while dealing with supply chains. Most of them are caused by internal feuds, ghost or illegal employee identities, deceitful vendors, etc.

The road to a secure supply chain requires enterprises to counterattack the lacks in their systems or external counterfeits by taking preventive measures. Their focus should rely on driving transparency, security, and efficiency with advanced technologies.

Benefits of a secure supply chain:

The leading companies like Starbucks, Amazon, Flipkart, etc., have flourished through the years and gained the trust of millions of customers to benefit from regulated supply chains. Behind every leading brand or product, there are supply chain professionals devising strategies to raise the brand or development of the century.

For nascent business and the ones looking to raise the bar, the following factors are crucial to comprehend and implement:

• • • Effective Collaboration: As brought to our attention by Oracle, 76% of organisations contain a fragmented flow of information which makes them lose prospective sales opportunities. Therefore, to remove bottlenecks and escalate the transparent yet seamless flow of information among the internal workforce and external entities, supply chains can make well-formed decisions.

• • • Strong quality control/ controlled cash flow: These quality issues fall under rule 10, stating that the finances to repair or replace an item elevates by tenfold. Thus, it backfires the company’s ability to achieve a controlled cash flow. Robust quality control can be achieved with enough time devoted to on-time delivery, online complaint resolution, frequent supplier quality and final product assessments. On the contrary, an end to end monitored supply chain will increase the market attention of the product and profits.

• • • Increased efficiency rate: This factor depends on the manufacturing aspect of the supply chains. The condition of raw materials, sourcing materials, backup plans, no manufacturing delays, early shipments, inventory management, stocking supplies are the prominent factors to keep your businesses up and running.

• • • Risk Alleviation: Business should not avoid any risk, however small it may be. Malware, Phishing emails, document counterfeits that are ignored at first can result in the fall of businesses quickly.

• Few other privileges of a systematic supply chain are
  1. Truncated overhead costs.
  2. Optimised Shipping and faster product deliveries
  3. An effective response to financial constraints during scenarios like demonetisation.
  4. Quick Response to customer complaints

How RightCliQ Solutions uses Blockchain technology to build resilient supply chains, and what is its benefits:

Addressing the issues of weak supply chains in businesses, RightCliQ has designed robust solutions that have been found with incredible functional qualities. The products invented are embedded with blockchain technology that has gained massive popularity within the early years.

From developing coherent apps to transforming the entire ecosystem and providing advisory at each step of the process, RightCliQ products never fail to impress.

Critical Components of Blockchain Technology powered by VeriDoc Global:

• • • Batch Manager: This world-class solution can generate batch and item QR Codes installed with unique hash codes, batch number, product characteristics and stock-keeping units. This prevents the inventory details from emanating from the business.

• • • VeriDoc Mobile App (QR Scanner): Another intent to supply chain risks is this dual-purpose app. It enables the executives to trace each step of the chains and customers to track the validity and legitimacy by scanning QR codes marked on the product/documents. This has proven to be the most secure option for enterprises.

• Analytical Dashboard: This dashboard helps customers and suppliers gain insights into QR codes’ usage, scanning locations, and the time the users have spent on the verification page.

Benefits of Blockchain for supply chain:

Blockchain technology is rapidly becoming a reliability factor for all businesses. This market has been forecasted to grow to $20 billion in 5 years. It has seen tremendous growth in more than 20 countries, and 70% of tech-savvy professionals have realised the potential it possesses.

Therefore, RightCliQ solutions have been quick to install this technology to garner perfect solutions to business goals. A blockchain network has been created to keep data secure and ensure its seamless flow within the organisation.

This has been exceedingly beneficial for supply chains in the following ways:

• Product Source Traceability: Build traceability in manufacturing processes.
• Network Leak Identification
• Product recalls: Fine Solutions for poorly managed food supplies
• Prevention of document counterfeit: Document Verification and Validation with real-time scanning
• Decentralised database
• Robust Cloud-based platform in the B2B workspace.

Conclusion:

To safeguard supply chain management and help business hop on hot market trends, RightCliQ has coupled its solutions with Blockchain technology. Now businesses can say goodbye to conventional and manual orders that build inefficiency in their goals.

The cutting-edge technology has offered honest and transparent future predictions to businesses around the world. Food and product recall, manufacturer information and history, true certified products and documents, easy customer and supplier interaction, are the factors that businesses are now ready to look after.

These solutions have accredited the power of businesses to:

• Personalise promotions and offer timely discounts.
• Gain the trust of buyers by keeping stock clearance strategies transparent.
• Real-time order arrangements
• Fulfilled stocks.

Now give your businesses an edge to display the fair of entrepreneurship and gain the much-awaited recognition in the marketplace.