What are the 5 stages of a successful supply chain?

The centre of every company is supply chain management. It is the most important pillar of any organization's performance. It covers a broad variety of functions that a company cannot handle on its own. Weak supply chain management has an effect on product delivery and leaves a negative impression with customers. The aim of this blog is to highlight the main stages of supply chain management and how Blockchain can aid in this process.

5 stages of supply chain management

Step 1: Planning- At this stage, the company determines how it will obtain supplies. Products, whether they can manufacture them themselves or purchase them from a vendor. It aids in the execution of the best course of action.

Step 2: Sourcing- This stage of supply chain management is concerned with the acquisition of raw materials and other components for the production of goods.

Stage 3: Make – Production activities are the focus of this level. It also involves product testing, packaging, and dispatching.

Stage 4: Deliver- The supply chain's ultimate goal is to get the commodity to its final destination. This will include a large number of individuals as well as intermediaries. A trial duration or contract period is included in the delivery stages. Companies must also handle finished product import and export specifications.

Stage 5: Returns- The business must also handle inventory returns. It should develop a consistent plan for handling product returns and inventory management.

The basic steps of supply chain management are as follows. It is important for the organisation to invest aggressively in developing a seamless supply chain system in order to provide effective customer support. The supply chain mechanism, however, becomes sluggish due to the existence of so many intermediaries. Furthermore, product monitoring is extremely difficult. Despite the fact that we now have a digitised framework that makes the supply chain system even more efficient, it is critical that you choose an alternative that makes the supply chain system even more efficient.

The new technology: Blockchain

Blockchain is a groundbreaking new technology that is ushering in a new era of innovation. It has served as the foundation for decentralised information sharing and data storage. This open system is much more accessible and clear. Furthermore, Blockchain technology cryptographically encrypts all data, ensuring full data safety and protection. All of this makes it easier to trace the past of goods. These Blockchain features aid in improving the efficiency of the supply chain system.

What's next?

The widespread adoption of Blockchain across a wide range of industries has made it one of the most common career options and a lucrative career opportunity. Companies are recruiting Blockchain experts who can help them use the technology to expand their business. If you, too, are a stalwart of Blockchain and want to advance your career in this sector, you can contact the Blockchain Council right away. It provides the best industry-specific certification programme and will help you advance in your career.