Blockchain in Supply Chain Management: The Next Frontier in Innovation
Overcoming the ‘how to implement blockchain in supply chain’ hurdle
Adopting blockchain in supply chain management enables faster, transparent asset lifecycle management with complete visibility into each step. A three-step framework aids successful implementation:
- Assess value chain maturity: Divide the value chain into separate value blocks, map them to business drivers, and use qualitative and quantitative methods to evaluate them. Thereafter, compare results to industry benchmarks and global best practices.
- Identify focus areas: Identify areas that need immediate attention by listing all relevant use cases in each value chain and map them to probable business impact. Next, check the feasibility of implementing a blockchain-based solution and use the Analytical Hierarchy Process (AHP) methodology to finalize key focus areas.
- Build execution strategy: Create prototypes and select a pilot location for implementation that represents the global business scenario.