This blog talks about the state of visibility in a modern-day global supply chain. The current supply chains are highly opaque and offer challenges that can easily be solved by increasing visibility. Increasing Visibility in the supply chain leads to increased customer trust and loyalty, along with reduced costs. The increased visibility leads to better insights from the data and removes hiccups and bottlenecks far too easily than the traditional supply chain system.
Businesses these days are looking to expand and operate on a global scale, and that means the supply chain will be mapped all across the globe. But with operations spread globally, there arises some distance, time and cultural challenges.
In a survey conducted by Capgemini global consultants, more than half the business managers surveyed, 55%, believed that the role of supply chain management is to provide a competitive advantage to the company. So it may not be surprising then that managers also listed “supply chain visibility improvement” as their top priority.
Supply Chain Visibility
Before starting the discussion about supply chain visibility, we need to understand what it exactly means.
According to GS1, Supply Chain Visibility is defined as the awareness of, and control over, specific information related to product orders and physical shipments, including transport and logistics activities, and the statuses of events and milestones that occur before and in-transit.
Businesses are under constant pressure to cut supply chain costs while meeting customer expectations. The growing size of the supply chain of companies with an increasing number of players exchanging information and physical goods over vast distances:
Challenges with existing supply chains
- Supply chain interruptions are a big headache for any company as it leads to increase in cost and loss of product. With opacity in the supply chain, it isn’t effortless to track the location of the shipment.
- 1/4th of the supply chain managers surveyed by APICS Insights and Innovations indicated that their organizations generally take more than a few months to recognize that they are experiencing chronic disruption.
Poor or Non-Existent Insights
- Modern-day supply chains generate many data, and most of it is segregated in each player’s database. A global supply chain has many players and to create meaningful insights from the data, and there needs to be a collaboration between the players in the supply chain.
- Paper plays a vital part in a modern-day supply chain, from invoices to certificates to Bill of Lading and so on. The use of paper limits the automation of the supply chain, which results in slow performance. Because of little collaboration and communication between the players in the supply chain, the paper is widely used.
Supply chain inefficiencies are costing UK businesses over £1.5bn in lost productivity, According to an analysis by Zencargo.
No Connection with Customer
- Customers are now becoming more aware of their buying habits and are choosing products from companies that are more transparent about their work. It includes being open about their sustainability practices, their supply chain, and governance decisions.
- Companies do not have a direct connection with customers in an opaque supply chain which leads to a decrease in customer trust and engagement.
Benefits of Supply Chain Visibility
- According to a survey by Brand Spark International, about 95% of the customers say brands that provide consumers with detailed information about their product or service earn their trust.
Companies or Brands can provide more information about their product to the consumer with the aid of supply chain visibility. With more information regarding the product in the supply chain, companies can present that information to the consumers to gain trust and increase their brand reputation.
Supply chain visibility matters most to consumers who are empathetic to others’ well being who usually tend to be more skeptical. Information sharing with the consumer overcomes their inherent lack to trust and makes prosocial customers feel like they are patronizing a socially responsible company.
- With the increased visibility in the supply chain, the available data can be analyzed and also used to build predictive models for Machine Learning. This data can be used for inventory and logistics management systems which decrease the inventory levels and make the logistics more efficient.
- According to IBM, Less than 10% of supply chain data is effectively used – and most companies are virtually blind to the 80% of data that is dark or unstructured.
- The interlinking of all these processes streamlines the supply chain and improves the bottom line for any company, big or small.
Along with increasing customer trust and reducing costs in the supply chain, there are a few more benefits of increasing the visibility of a supply chain.
UPS is expected to save $300 million to $400 million a year after the implementation of the new On-Road Integrated Optimization and Navigation system (Orion), according to Mckinsey.
Integrated Process Optimization
- A digital supply chain offers a whole new avenue of automation where financial transactions and processes can be automated, and the time elapsed can be reduced. This aids in the streamlining of the supply chain and reduction in time taken during cumbersome paperwork.
- Increased visibility offers the players in the supply chain to collaborate effectively and freely. For example, – the food processor companies can overlook the farming process, authorities can audit easily, and distributors can be informed beforehand about the shipment automatically.
How to achieve supply chain visibility?
We have discussed the challenges and the benefits of supply chain visibility, but we still haven’t considered how to implement it.
Supply chain visibility in the modern global supply chain can be implemented with the integration with a couple of technologies which will work side by side. This technology stack would consist of Blockchain technology for the basis of data management, IoT for tracking in the supply chain and for converting physical assets to digital ones and cloud computing for securing the data.
According to Accenture, nearly one in four companies report a financial impact over $30 million for a single recall.
Blockchain technology is beneficial for increasing supply chain visibility because of the immutable nature of the network. Blockchain can prove as the single source of the truth and increase collaboration between the players with information sharing since the Blockchain database is immutable meaning that no data entered can be changed or deleted. This nature of Blockchain brings customers closer to the company and increases their trust and loyalty for the brand.
QuillTrace, a Blockchain-based supply chain solution
QuillTrace is a Blockchain-based procurement platform by Quillhash which makes the supply chain of any business transparent, sustainable and secure by integrating with the existing Supply Chain systems.
Using QuillTrace, companies can report their ESG data more transparently and with data, formats complying to the Industry or International standards. With better data related to sustainability and governance about the company, their score increases which opens more avenues for the investors to look within.
We have made a pdf explaining the present problems in the supply chain and an effective solution for those problems. you can find it here :
The post How enhanced supply chain visibility leads to more revenue appeared first on Quillhash Blog.
Cardano, Ontology, Crypto.com Coin Price Analysis: 19 September
Cardano formed a bearish pattern on the charts as it braced for another dip in its price. The bearish pressure on the crypto-asset abated briefly, but sellers once more stepped in at a level of resistance to effect a slide for ADA. Crypto.com Coin, on the other hand, formed a bullish pattern. Ontology also displayed signs of bullishness.
However, since major altcoins seem to bleed whenever Bitcoin makes a move to the upside or down, another move could invalidate altcoin chart patterns.
Cardano appeared to form an uptrend from its recent lows as it briefly rose past its resistance at $0.097. However, sellers have prevailed since and the price was forming lower highs over the past week.
ADA formed a descending triangle pattern, as shown by the white line. This was accompanied by falling trading volume, also highlighted by the same. Such a bearish pattern signaled an imminent drop in the asset’s price.
The next level of support for ADA, beneath $0.091, lay at $0.085.
Cardano was in the news recently when IOHK announced a $250K public fund for Cardano community innovation, Project Catalyst. “Anyone can bring their idea and create a proposal,” the announcement said. “Through a public vote” winning proposals will begin a development process, it added.
The 20, 50, and 100 SMA (white, yellow, and pink respectively) showed that the past couple weeks have seen an uptrend. Their crossovers also indicated bullishness in the near-term.
Further, the MACD was forming a bearish crossover over the past few days. And yet, the previous week saw every price drop beneath this support being bought up as many candles near the $0.78-support level had significant tail wicks.
The outlook for ONT remained bullish, but a close beneath the support might suggest short-term bearishness.
Crypto.com Coin [CRO]
Crypto.com Coin was forming a bull pennant on its 4-hour charts. The same was evidenced by the white lines which formed the pennant, while the yellow line formed the flag pole of the pattern. The height of the flagpole is generally the upside target for this pattern. Here, the target would be $0.19.
The Parabolic SAR also gave a buy signal. The dots formed by the indicator would be a good place to set a stop-loss, as the pattern would be invalidated if the price closes beneath the pennant.
MyCoinStory is the 1st exchange to list SUN and KLAY derivatives
MyCoinStory is the first cryptocurrency exchange to launch SUN and KLAY tokens derivates SUNUSDT and KLAYUSDT future contracts are the first MCS’s “Colorful Quanto” products This comes as a part of expanding MCS’s portfolio of products Today comes the news of the world first. MyCoinStory (MCS), a global exchange specialized for trading cryptocurrency derivatives, has […]
- MyCoinStory is the first cryptocurrency exchange to launch SUN and KLAY tokens derivates
- SUNUSDT and KLAYUSDT future contracts are the first MCS’s “Colorful Quanto” products
- This comes as a part of expanding MCS’s portfolio of products
Today comes the news of the world first. MyCoinStory (MCS), a global exchange specialized for trading cryptocurrency derivatives, has listed SUNUSDT and KLAYUSDT future contracts.
Both of these products are the very first of their kind in the world. They are also among MCS’s first two offerings in what they call the “Colorful Quanto” group of products.
SUN token in SUNUSDT futures is widely considered to be the most acclaimed experimental Decentralized Finances project run by the TRON Foundation. As a reminder, TRON Foundation is the company behind TRON Protocol.
KLAY token is the native currency of the Klaytn blockchain behind which is the Ground X. This company is the subsidiary of the largest South Korean mobile platform, Kakao Corporation.
MyCoinStory offers quanto futures
Quanto contracts are special derivative instruments that are not settled in either base or counter currency of the pair. Instead, they are settled as a different asset. In the case of these two products, settlements are in bitcoins.
MyCoinStory has announced that it will continue to focus on introducing new unique quanto contracts products. This they hope will preserve their position as leaders in the market.
There is a wealth of different cryptocurrencies on the market, and often they show a high frequency of fluctuations. With quanto features, MCS is striving to increase the diversity of products they offer on their trading platform.
What is MCS?
MyCoinStory or MCS is a brainchild of financial and blockchain experts. It’s a trading platform centered around bitcoin derivative products.
As their mission, MCS states the curation of a democratic trading platform for cryptocurrency derivative. One where anyone can trade with disregard for their location of level of expertise.
For this purpose, MCS has partnered with custodian BitGo, one of the leaders in the digital assets custody industry. Based on the customers’ feedback, MyCoinStory continually improves its trading platform and diversifies its products’ offer.
Etherum Fees Double In a Week As DeFi Heats Up
The average fee for transactions on Ethereum has reached its second-highest level ever, after setting the record earlier this month.
- The average Ethereum transaction fee rose to more than $11, more than double last week’s figure.
- Daily average fees still haven’t dipped below $2, continuing a record-breaking streak.
- More hash power is being added to the network.
Ethereum fees remain at historically elevated levels, as miners scramble to add capacity and profit from record-breaking network activity levels.
Average transaction fees on the Ethereum network have more than doubled since last week, rising to $11.61 on September 17 and maintaining a streak of prices above $2 that’s now lasted for more than a month, far longer than any previous stretch at those levels.
The Ethereum blockchain hash rate—the amount of computational power that supports the network—has also increased to levels unseen since 2018 as miners add capacity to their operations, signaling market activity on both the supply and demand sides that have (almost) never been higher.
Fees paid by users to send tokens or interact with smart contracts on the Ethereum network serve as a measure of network activity, with higher averages translating to more transactions on the network. The average fee of $11.61 was the second-highest daily average on record, only falling short of the record $14.58 average daily fee set a few weeks earlier on September 2, according to blockchain data provider BitInfoCharts.
The total amount of mining power helping process transactions on the Ethereum blockchain has also been on the rise. Ethereum miners use ‘rigs’ of connected computer graphics cards (GPUs) to produce blocks for the Ethereum blockchain, adding ‘hash power’ to the overall pool. In return, miners receive a small and gradually decreasing block reward of ETH, as well as mining fees paid by users to use the network.
With fees at some of their highest levels ever, miners have been adding more and more hash power, increasing the total close to 250 terahashes per second—that’s 250 trillion tries to find the right mathematical computation to find the next blockchain block. That figure is up 30% since the start of July according to blockchain explorer Etherscan, and the hash rate has only ever been higher during a period from February to November 2018, when the hash rate peaked at more than 290 terahashes per second.
Record activity on the Ethereum network is being driven by DeFi, a system of decentralized applications enabling non-custodial, crypto-based lending services and fees for users providing liquidity for trades on decentralized exchanges. DeFi aims to replace centralized rent-seeking financial institutions with protocols offering the same services, but in the hands of the community of supporters and users.
With average fees at some of their highest levels ever and Ethereum miners gearing up for even more network activity, it seems like ETH prices, still off from a recent September 1 peak of more than $480, could be headed skyward, too.
Blockchain3 weeks ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
The US Post Office Files a Patent for a Blockchain-Based Voting System
Blockchain4 months ago
How to Identify the ‘Third Wave’ of Cannabis Investments
Blockchain2 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics
Blockchain2 months ago
Top Five Most Advanced Cryptocurrencies
Blockchain3 months ago
5 Tips to Interest the Press in Your Cannabis Business
Blockchain3 months ago
Top 5 Most Effective Cannabis Marketing Strategies
Blockchain8 months ago
What is Litecoin? | A Complete Beginners’ Guide