Northern Block recently published the first report of its Blockchain Supply Chain Thought Leadership Series. The report has a fresh and unique take on how a fully transparent supply chain can boost brand image and top-line figures for consumer goods companies. It adopts a forward-looking view while laying out the practical steps a brand can take today in order to obtain a long-term, sustainable competitive advantage.
The Weakest Link: Lack of Transparency in the Global Supply Chain
Consumer brands are under greater pressure than ever before to demonstrate supply chain transparency. The uncomfortable truth is that many trusted consumer brands simply do not know enough about the provenance of the goods they make and sell.
As a result, brands are becoming increasingly vulnerable to supply chain related risks as their global connections increase. Anyone of these leads directly to expensive recalls and damage limitation expenses. This is a risk companies underestimate. But all too often in our socially connected world, they also lead to catastrophic reputational damage and PR annihilation-destruction of the brand equity of consumer trust.
Understand Blockchain Technology and Benefits
The nature of blockchain – immutability, decentralization, public key cryptography – determines a supply chain solution driven by the technology will have inherent benefits of greater transparency, better traceability, increased speed & efficiency, and unprecedented security.
Everyone Benefits from Blockchain
It has been clear that a blockchain solution can help a brand and its partners reduce supply chain risks and operational cost while making it easier for regulators to monitor and examine compliance practices. However, one tends to ignore the immense upside unlocked by a fully transparent supply chain. Brand enhancement and top line growth, along with increasing consumer trust and loyalty.
The Perfect Blockchain-Driven Solution
Blockchain is already in use to solve supply chain issues. Brands will need a blockchain solution that is 1) technology agnostic and flexible; 2) covers your full supply chain; 3) facilitates compliance adherence; and 4) prevents fraud.
Genuine Transparency: the Challenge for Brands
Genuine transparency is not easy to achieve; brand owners will need to 1) gain internal buy-in by resolving the dilemmas visibility brings; 2) ensure successful implementation by investing in organizational changes; and 3) have supply chain partners join forces by convincing them of the benefits.
Taking Action on your Supply Chain Opportunities
It might require initial investment beyond a software implementation. However, the changes it will drive within the entire enterprise will be beneficial in unanticipated ways. It will yield a highly sustainable competitive edge. Because even when this level of transparency becomes the standard in every industry, lasting brand equity results from long-term perception.
Those leading the way and set the standard in each market will be viewed as trusted trailblazers. This is a priceless outcome which supersedes all possible costs, and outweighs all the operational benefits.
Will your brand lead the way?
Get the full report at: https://www.northernblock.ca/supplychainreport