Tips to Stay Ahead of the Developments Occurring in the Manufacturing Technology
Trust binds the manufacturers and their distribution channel partners to honor their commitments, but the manufacturers are witnessing a decline in revenue growth; thus, they are striving to keep up with the demands.
FREMONT, CA: Blockchain has proved to be an effective salve for the dwindling the trust in today's supply chains over the past few years. It provides a network-wide protocol, which helps reduce the 'trust tax,' or the expense of maintaining the trust. The cryptographically hashed, consensus-driven information stored on the blockchain throughout multiple nodes gives immutable provenance and audit trails, a single source of truth that becomes a foundation of trust.
The trust that blockchain-based manufacturing applications can generate will be vital this year as the sector continues to mature and innovate. In order to make this transition more comfortable to manage, numerous companies are offering blockchain solutions as a service to the manufacturers in the ecosystem.
Here are some tips to get ahead of the changes coming to blockchain in manufacturing.
1. Join or subscribe to a trusted service- Do not allow the scope of building a blockchain network to diverge the user from entering the sphere. Instead, focus on joining the apt blockchain-based service offerings. Either they must join an existing blockchain network for broader collaboration or sign up for a blockchain service solution that's specific to a company, distribution network, product, or customer base.
2. Use coopetition data to guide future strategies- The data the users share with friendly competitors on the blockchain is useless until it enters a strategic decision-making process. Using AI-enabled analytics to the standard data shared throughout the supply chain, they can seamlessly analyze activities from any corner of the network. This will facilitate and improve the evidence-based policymaking and clearance procedures.
3. Build a map toward the top of the pyramid- Possessing the access to specific blockchain solutions can be a double-edged sword. Companies may implement one or more solutions to benefit from the bottom of the pyramid's data foundation. Still, they usually get stuck with no path forward—the most disruption occurs when smart contracts and new business models enhance processes.
4. Invest in and plan the path you map out- Historically, organizations followed top-down pyramids and functional-unit structures to centralize the decision-making. Digital transformation, mainly in blockchain and AI, flatten the traditional organizational structures. The users will have to drive cultural change and invest in the necessary talent and infrastructure. A road map will keep them on track to the business-model innovation.