Supply chain disruptions continue to be on the rise. As organizations strive to reduce costs while increasing speed, procuring materials, making products, and moving them where needed are more complex than ever.
In addition to material shortages, labor challenges, and pandemic-related limitations, suppliers and manufacturers are now facing rising costs and bottlenecks in transportation.
Organizations must drive collaboration between sourcing and supply chains in this disruptive environment to align decision-making and secure the necessary transportation capacity.
By increasing visibility and sharing information through collaborative technologies, organizations can optimize supply chain design and sourcing with the resilience they need to face disruptions.
Due to the outbreak of COVID-19, supply chains worldwide have been disrupted to varying degrees. Therefore, to improve supply chain resilience and their ability to cope with risks, Nexity Network is focused on solving supply network complexity to enhance supply chain resilience.
The supply chain environment offers a lot of potential for blockchain technology as a disruptive technology. The most significant advantage of blockchain technology in the supply chain is that it improves information exchange and transparency amongst supply networks.
Blockchain can accomplish whole-process monitoring and information traceability in different market verticals.
Similarly, as global supply networks become increasingly complex, information asymmetry and uncertain risks in supply chain increase, which makes it more likely to lead to bullwhip and ripple effects that exacerbate the negative impact of the risks.
An increased number of actors are struggling with the lack of understanding and trust. Blockchain can assure the reliability and transparency of data transmission on the supply network and increase confidence between transaction subjects due to its inherent technical properties.
Why Supply Chain Complexity Management Requires Visibility and Transparency
Visibility makes it easier for companies to respond to supply chain risk incidents; therefore, having a high level of visibility is crucial.
The danger of supply chain vulnerability grows as more stakeholders become involved in today’s society, and risk management becomes increasingly important.
As the supply base of the core firm becomes more complicated, it will need more suppliers to strengthen its ability to respond to threats.
However, as the complexity of the supply base grows, it becomes more difficult for enterprises to control the behavior of actors, and the supply network’s transparency and visibility decrease.
As a result, improving supply network transparency and visibility is crucial to managing supply chain complexity.
What is Nexity Network?
Nexity Network is building a blockchain-enabled, circular, more transparent, and productive world by rethinking how everything is designed, created, used, and recycled, from the food we eat to the clothes we wear and how we do business.
We are creating the next economy to serve as a bridge for the companies and customers to enable transparently, responsible, and secure product & service flows.
The ecosystem is positioned to solve supply chain complexities, focusing on day-to-day operational activity from environmental damages, visibility gaps to trust between parties, and fragmented data exchange.
Nexity Public Relations