Logistics has been witnessed as a link between the manufacturing and marketing operations of a company. The kind of transportation employed by an organization is a strategic decision based on the geographic area covered, required level of risk exposure and customer service profiles, etc. Transportation not just serves the purpose of product movement, but storage as well. Time spent for delivery means time saved for warehousing, and lot of times the cost to offload and reload shipments can be more than the cost of letting the goods be in the transportation vehicles itself.
The Internet of Things as mentioned in this video offers a powerful solution to traceability problems such as asset tracking. IoT helps us to bring meticulous component tracking and data acquisition tools that weren’t possible using traditional manual tracking methods. The potential applications for these tools can be considered as infinite.
Blockchain nevertheless is a decentralized process of recording and verifying information. Every time a new “block” is added to the “chain,” that information has to be verified by each system or each stakeholder involved in the chain. Digital auditing of this kind guarantees that each block is recorded accurately and that the data contained within cannot be modified or rectified by any single entity in the chain. It of course also works to ensure trust and accountability.
Mr. Venkat Srinivas took to our channel CXOTV to share his thoughts on challenges faced in Supply Chain Management, logistics and the new technologies which can become the key to a successful business.