Streamlining the supply chain operations and maintaining a healthy inventory level has been a dream of every business for ages. From the outside, inventory management might seem like a simple business process involving loading, unloading, and maintaining desired inventory levels. However, entrepreneurs and supply chain businesses understand that things are more complex than meets the eye.
For this very reason, businesses implement new strategies and invest in supply chain management solutions to address critical supply chain issues like dead stock, inventory shortage, human errors, etc.
However, these inventory management software solutions effectively address most issues related to inventory management. The shortcomings in traditional software solutions are resolved with the introduction of blockchain-based solutions.
Blockchain inventory management solutions enable businesses to automate operations, enhance transparency, and maintain healthy inventory levels.
Are you planning to develop your own customized blockchain inventory management solution? Then, connecting with our experts at RisingMax Inc. might be a good idea. Our software development team has successfully developed and deployed blockchain-based supply chain solutions for our clients. Leveraging our domain expertise, our development team can build customized blockchain inventory management solutions for your businesses. Connect with our experts to learn more about our blockchain inventory management solutions.
The supply chain is a complex sector where a lot of monitoring and coordination is required to ensure that the end product reaches its desired location. Since the COVID-19 pandemic, things have been going down south for the supply chain industry and are likely to continue in 2023. We have listed down some biggest challenges for the supply chain industry in 2023.
In 2023, the shipping industry needs to create more warehouse spaces to meet the growing demand and invest in long-term solutions. According to The New York Times, there's been a four percent increase in ships stalled at U.S. ports since the start of 2022, and the trends are likely to continue in the future.
However, the good news for the shipping industry is that the Biden administration will pump $550 billion in federal investment into strengthening transport infrastructure. However, the changes might take time to come into effect; till then, the limited number of warehouses will continue to hamper the overall industry efficiency.
The worldwide lockdown amid the Covid-19 pandemic resulted in a change in consumer behavior from offline to online shopping. The rise in eCommerce sales has pressured the industry to meet the growing demand and maintain a supply of goods and services. The increase in demand has resulted in increasing freight costs even after the pandemic, and trends are likely to continue in the future.
According to a recent survey, the shipping industry has seen an exponential rise in the freight cost from $3,000 to $15,000 per container. And trends are likely to continue in the future as well.
The next big challenge for the supply chain industry is the ongoing workforce shortage highlighted by American Trucking Associations’ Chief Economist Bob Costello. The report suggested the driver shortage has risen to 80,000 and is likely to reach 160,000 by 2030. Like the trucking industry, warehouses and manufacturing sectors are facing workforce shortages posing challenges to the supply chain industry to streamline its operations.
Extreme weather conditions make it difficult for the supply chain industry to streamline operations and maintain desired inventory levels. Climate change will continue to become the biggest challenge for the supply chain industry in 2023. On top of it, the mission statements issued by the decision-makers in the supply chain industry clearly indicate where businesses will invest in 2023.
According to reports, the shipping industry loses most of its revenue due to the shipment of the wrong inventory. Five percent of the total shipping cost is lost due to the wrong inventory shipping. Supply chain businesses need to invest in blockchain-based or other inventory management software solutions to tackle these wrong inventory shipping challenges in 2023.
The changing political scenarios and regulatory norms often hinder smooth business operations. Non-compliance with the changing regulatory norms of a country results in unexpected delays and, in some cases, shipment returns. Changing legal space and regulatory norms will continue to become a pain area for supply chain managers and businesses even in 2023.
The above sections gave you a clear idea of the biggest challenges for the supply chain industry and where they need to focus in 2023. This is where changing tech trends can prove beneficial for the supply chain industry in streamlining its operations and addressing business challenges.
Blockchain is a revolutionary technology that’s transforming how businesses carry out their day-to-day operations. The inherent properties of blockchain technology, like decentralization, transparency, immutability, and security make it inevitable for businesses to integrate within business processes. Businesses worldwide are investing in blockchain inventory management solutions due to the following benefits it provides;
With blockchain-powered inventory management solutions, supply chain businesses can address the shortcomings within the system and streamline processes. Blockchain technology stores information in blocks, with each block containing a time stamp and stored on the decentralized database.
The decentralized nature of data makes it easy for everyone within the network to view stored information. Thus, creating an enhanced collaboration and transparent environment for supply chain partners.
Blockchain inventory management software solutions are often referred to as panacea solutions when it comes to tracking goods movement. The decentralized nature of the stored data makes it easy to break the data silos and swiftly share information among different supply chain parties involved. Real-time tracking of goods empowers the supply chain industry to smoothen transit, and warehouse operations and optimize inventory management.
The decentralized nature of blockchain technology allows everyone to swiftly access information and make well-informed decisions. With enhanced communication, real-time data access, and every supply chain partner working towards the same goal. The businesses involved in the supply chain can expect swift shipping of goods, reduced waiting periods, and streamlined movement of goods.
The blockchain-based inventory management solutions can be integrated with tracking technologies like WiFi, Barcodes, and RFID tags for shipment traceability. This will allow businesses to address the challenges associated with the origin of shipments backed with valid data. Implementing these software solutions makes it easy for everyone with the system to automate the product traceability process and accelerate the port clearing process.
Finding a perfect balance between inventory levels and freight costs has been the top priority for businesses worldwide. For this very reason, businesses are integrating blockchain inventory management software solutions to automate inventory levels and reduce overall costs. Automating inventory ordering processes results in streamlining processes and maintaining desired inventory levels.
Businesses prefer blockchain inventory management software solutions over traditional software as it is secure overall operations. The decentralized nature of blockchain technology makes it impossible for anyone to tamper with or delete the data stored. In addition to this, businesses can create permissioned data access to limit or restrict unauthorized access.
Our blockchain-based inventory management solution assists in streamlining business processes and maintaining healthy inventory levels. Leveraging our blockchain inventory management services, we strengthen the supply chain system and pave the way for better management. Intriguing features of our blockchain inventory management solution include the following;
Our blockchain inventory management solution makes creating and maintaining supplier databases easy. Important details related to suppliers, such as material, cost, estimated delivery time, supplier rating, quality rating, and other parameters, are easily available.
Get instant quotes from the supplier with automated smart contracts and place instant orders to maintain healthy inventory levels. Order the best products or items at the right price with integrated price & quality evaluation tools.
Integrated smart contracts make it easy for businesses to automate the entire ordering process. Our smart contract-integrated inventory management software effectively maintains desired inventory levels.
Our blockchain inventory management software makes it easy for businesses to manage documents like PO, supplier quotes, transit receipts, or any other legal document.
There is no need to go through a large document database to find previous supplier costs. Our blockchain inventory management software allows tracking history and managing suppliers’ quotes based on price and date
Our blockchain inventory management software comes with an integrated PO management solution. Businesses can streamline every process with our blockchain-powered inventory management solution from creating orders to viewing purchase order history.
Businesses can leverage our blockchain-based inventory management tool to generate receipts for every transaction with an integrated smart contract.
Our blockchain inventory management software is well capable of automated payment systems. Integrated smart contacts create a transparent and secure environment for swift automated payments.
Regarding blockchain inventory management software, there’s no fixed cost that you will find over the internet. The biggest reason for this is the business needs and types of inventory management solutions available in the market. Thus, it is difficult to even for an experienced blockchain development company like RisingMax Inc. to share an exact quote without understanding project requirements.
Connect with our experts if you are looking for a customized development quote for your blockchain inventory software solution. After carefully understanding your business needs and blockchain project requirements, our team will share an exact development quote ASAP.
Avail of our FREE consultation call and get customized blockchain inventory management software today. Manage every aspect of inventory management with our highly advanced blockchain inventory management solution.
Leading factors that directly impact the blockchain inventory management solution includes the following;
All these factors directly impact the cost of blockchain inventory management software solutions. And most blockchain development companies share customized quotes based on these factors. Blockchain development companies in the USA charge $30,000 to $40,000 for a blockchain inventory management solution with basic functionality.
RisingMax Inc., as a leading blockchain development company, assists clients in different business verticals to integrate blockchain-powered solutions and streamline business processes. Our team understands that no two business requirements are the same, thus leveraging its domain expertise to build tailored products for our clients. Leveraging our expertise in blockchain development, we easily tackle complex development challenges, empowering us to build cost-effective yet powerful business-oriented solutions.
Here’s why you should hire us:
It's time to stop reading and start discussing your blockchain inventory management solution with our experts.