What If Your Supply Chain Had Jedi Powers?
Visibility in transportation while managing customer expectations (and how blockchain fits in)
Real-time visibility and centralized data is crucial for optimizing supply chains. This kind of transparency helps organizations improve inefficiencies and gain data-driven insights to bolster on-time performance, customer service, sustainability, and predictability.
With state-of-the-art operations, on-time delivery, inventory management, and customer experience, Verte provides maximum resilience for the next supply chain disruption. The Verte platform delivers visibility, full shipment lifecycle, and workflow automation capabilities.
As companies ramp up shipping efforts and requirements to meet customer expectations and demands, what does that mean for carriers? Shippers who wish to have more reliable services must start by working with their carriers and service providers to adopt standards that will create a foundation for timely exception handling, driven by reliable, real-time data that is consistent across carriers. With these standards in place, shippers can have instant access to the information they need to make informed, data-driven decisions about inventory management, helping to establish trust among all stakeholders. Once trust through transparency is established, real innovation can occur—innovation that will enable transparent, reliable, easy, secure, and environmentally friendly container transportation services:
- For Every Mode
- In Every Geography
- In Real Time
- Order, Line, & SKU-level Visibility
- Multi-Enterprise Accessibility & Visibility
Managing Customer Expectations
Verte’s data-first approach gives you the insights to mitigate supply chain risks and make informed decisions in real-time, using dynamic ETAs, automated exception detection, and proactive alerts.
Verte supports retailers, 3pl’s, forwarders, and shippers. We provide a platform that allows systems to talk to systems, a requirement in today’s world to manage customer expectations from the moment an order is placed to the moment it’s delivered. The subsequent extracted data gives insight into order-level, warehousing, and transportation
Manage your supply chain with precision and efficiency, especially in the face of disruptions. Improve inventory predictability and exceed customer expectations.
Meet expectations at the lowest possible cost – ensuring products are available when your customers need them while maximizing throughput, minimizing production downtime, and reducing inventory levels.
Improve Inventory Management
Make smarter decisions about inventory management, planning, and exception handling, using tracking based on: purchase order, line item, or SKU. These insights let you free up cash while streamlining operations.
Reduce Shipping Costs
Eliminate costly manual processes. Avoid late fees and penalties when you act on predictive ETAs and configurable alerts that let your team know if you’re at risk of excessive dwell times or missed dock appointments.
Predictive Tracking and ETAs
Continuously track shipments, purchase orders, line items, or SKUs to improve inventory management, resulting in more reliable, predictable deliveries.
Single Source of Truth
Access transportation data and delivery ETAs with one platform for a single source of truth into your global supply chain.
Examples of Mismanaged Orders Leading to Unhappy Customers:
- A big rug retailer sends a customer a rug with tracking.
- The tracking does not get updated and the retailer doesn’t communicate the delays.
- The frustrated customer reaches out to customer service 3 times.
- While she waits, the customer receives a message from the retailer to share her “love” for the rug (that she still hasn’t received) on Instagram. What a huge disconnect from the retailer!
- Now the customer is even more frustrated…
- A customer orders a sofa from a big furniture retailer.
- The order is delayed and there are no updates provided to the customer.
- The customer reaches out to customer service 5 times in 2 months.
- The cost and the headache prompts the customer to warn others about shopping there.
- The customer finally receives an email for scheduled delivery. The email doesn’t come from the retailer, but from the 3rd party shipper company.
- This lack of connection leads the customer to have even less trust in the retailer…
VerteChain, one of Verte’s proprietary offerings, enables enterprise supply chains to gain more visibility into inventory and shipping, leverage blockchain technology to simplify their processes and improve their business. Below are some ways VerteChain, and Blockchain in general, can help your supply chain organization.
Blockchain in the Supply Chain
Blockchain’s ability to provide decentralized storage and an immutable distributed ledger has opened up a wide range of opportunities, especially in the eCommerce and Retail supply chain ecosystems. Blockchain allows for a single unified view of product attributes, inventory movements, and real-time allocation of resources. Below are some ways that blockchain can further improve the supply chain:
Supply Chain Finance — Reverse Securitization
Using blockchain, procure-to-pay, notarization, and financial processing become so much easier. Transactions are authenticated and validated in real time and blockchain, with its hash-based algorithm, guarantees authenticity and prevents tampering or manipulation of data.
Moreover, blockchain’s Smart Contracts help purchase order clearance, settlement, and business processing. This ability, with real-time data and immutable storage, enables access to accurate inventory receipts, which, in turn, assists financial institutions with supply chain financing. Blockchain seamlessly supports all types of business processing, invoice factoring, and reverse securitization — inventory finance, pre-shipment finance, receivable purchase, and approved payable finance.
Blockchain’s Smart Contracts effectively solve the cross-border exchange of trade policies and contracts in a secure and trusted manner, which reduces paperwork, accurately tracks the movement of goods, and automatically adheres to predefined standards. ASN’s can be seamlessly transferred in real-time, not only across distribution centers or from manufacturers to distribution centers, but also to any financial institutions or other participants with pre and post ASN receipts for Invoice and ASN factoring.
Blockchain helps mitigate the ‘bullwhip effect.’ Blockchain manages supply and demand requirements and inventory needs by reducing safety stock levels, optimizing lead time management, and increasing the just-in-time process. It also enables Inventory Audit Management/Audit Transparency; distributing across networks through the real-time immutable ledger tracker simplifies or eliminates the need for a physical count or regular cycle program.
As defined by Paul Brody, in the most basic form, a specific inventory cannot be available or maintained in two different places. Blockchain provides a framework to validate and trace the movement of stock. It’s an essential attribute for high-end and expensive products that require a serial number, trace, and tracking. The ability to enforce and trace recalls and compliance validation is a big game-changer.
Counterfeit Management and Reduction
Blockchain’s decentralized and distributed ledger systems enable participants to check and validate the authenticity of a product, activate or validate the product across the global supply chain, and determine fraud. It also maintains the visibility of refurbished products with multiple returns traceability, visibility into the number of changes of hands, and any services. This could be a potential value-added system to track high-end electronics like mobile phones.
Blockchain enables sustainability gains through integrated technology. Social causes are enforced from source to destination, factoring environmental, labor laws (e.g., Child Labor), recycling of products, and destruction of inventory and products like electronics, etc. as per ecological guidelines. The technology enforces distributed ledger tracking and real-time, fast access to any participants, including regulatory agencies, governmental bodies, and auditors. This speed and transparency allows agencies to certify compliances and agreements immediately.
Retail Connection and Brand Loyalty
Blockchain enables direct connection of network manufacturers and fashion designers to the end buyer/users through the execution of transactions by retailers, online marketplaces, and distribution channels, all captured by immutable distributed ledgers. These capabilities directly differentiate and disrupt the ecosystem for the OEM’s, manufacturers, and designers, allowing them to get direct feedback from the end customers and introduce brand loyalty rewards to the end-users, irrespective of the channel or mode of the purchase.
It’s a game-changer for retailers as well, allowing them to enhance the sale, validate loyalty cards and coupons for authenticity, and align brand loyalty across the network. Retailers could offer a process of co-branded gift cards, discount coupons, and validation of usage across the entire supply chain in a decentralized distributed network with access to all participants.
eCommerce Crypto Payment and Wallet
eCommerce is set to hit 4.9 trillion dollars by 2021. The payments on eCommerce go through a traditional financial model via credit cards or debits cards, which unfortunately include high transactional fees, fraud, and delayed payments. There is an increase in eCommerce chargebacks due to various conditions, invalid credit cards, purchases with a stolen card, etc. However, crypto payments built on blockchain technology drive a paradigm change in the eCommerce business with minimal processing fees, higher security, and reduction in chargebacks due to real-time, fast, secure, accurate, immutable distributed data for validation and confirmation.
Robotics Asset Management
eCommerce and Retail distribution centers are quickly adopting Supply Chain Automation and Robotics, which leads to a new opportunity for leasing and a secondary global market for Flexible Robots to be implemented in warehouse operations. Blockchain enables a decentralized, asset-based database to track the performance, activation, efficiency, and maintainability history of the robots used in the supply chain.
Blockchain can help provide logistics-driven information, like weather conditions, fuel charges, traffic patterns, and conditions, with real-time and scalable access of data across community-based side-chains.
For more information about VerteChain and to learn how to use VerteChain for your business, visit our VerteChain site.