ITECH7413 Supply Chain Operation And Management Assignment Sample
Here’s the best sample of ITECH7413 Supply Chain Operation And Management Assignment, written by the expert.
Introduction
This report is based upon examining about the supply chain management, which comprises of manufacturing and services industries. Furthermore, it has also been noticed that the operations and supply chain management involves of functions of sourcing, materials management and planning of operations that increases the viability of the supply chain operations within the organisation.
This report will also briefly examine about the importance of blockchain that contributes towards the growth of organisation. The report was compiled by two members in the group who took up the responsibility of carrying out the task. During the initial phase of the report, the roles were divided where one member handled over the responsibility of determining the application of blockchain technology and its implication in supply chain, whereas the other team member was concerned with gathering evidence in regards of supply chain industry and its functions and also the application of blockchain. Finally the findings were coherently presented and the report writing section was segregated accordingly and equally.
During the report implication of supply chain management within the business establishment will also be described briefly within the report. As the report progress it will also examine about the viability of blockchain that has onto the overall process of SCM. Finally, the report describes and evaluates about the solicitation of technology known as blockchain that provides benefits towards increasing the overall network and cycle system that is concerned with supply chain processes. Implication of blockchain within supply chain enhances the credibility of the firm towards saving time, expenses and efforts that increases the profitability for the organisation.
Concept and importance of blockchain technology
Blockchain is referred to as the structures that are being upholded by the business organisation for the purpose of storing transactional records that are also known as block. Blockchain technology within the organisation also also aims towards increasing the usage of digital asset that increases decentralisation and cryptographic hasing (Pilkington, 2016). Beside, evidences gathered in regards of blockchain technology within the business establishment also helps in eliminating risk, reducing frauds and bring transparency within the organisation. The application of blockchain technology also maintains scalability that increases the credibility of the organisations towards maintaining higher efficiency and effectiveness towards the business establishment. The implication of blockchain technology within the business enterprise increases transparency that as a result makes it possible for the firm in sustaining their business for long term growth (Ahram, Sargolzaei, Sargolzaei, Daniels, & Amaba, 2017). Transparency through the help of blockchain technology helps the firm in maintaining financial systems and business processes that generates accountability towards the organisation. Furthermore, examining the application of blockchain technology also adds to the productivity along with increasing the efficiency of the business organisation. Besides, it has also been noticed that blockchain also facilitates faster transactions by allowing cross-border transfers that significantly adds towards the growth and productivity of the enterprises.
Examining about the importance of blockchain technology it has been noticed that it increases better security along with record keeping system. Each of the transaction that are being performed through the blockchain helps in encrypted the transactions for the enterprises that increases the credibility of the organisation within the competitive business environment (Xu, Weber, & Staples, 2019). Besides, it has also been noticed that blockchain technologies also restricts flow of information that adds growth and uniformity within the business operations. Examining further it has also been noticed that the importance of blockchain within the business enterprises also increases traceability that aim towards improving the security and eliminating the fraud that disrupt the business operations of the organisation (Lacity, 2018). The integration of blockchain technology increases apprehensive development for the business enterprises to grow their competencies within the competitive business environment.
Benefits of SCM
Supply chain is termed as the process that resonates about the flow of goods and services within the organisation. Furthermore, the implication of supply chain management includes of processes within the firm that transform raw materials along with streamline the activities that aim towards maximise the customer value and gain competitive advantages over their competitors (Hugos, 2018). The integration of supply chain management within the enterprises also seeks towards product development along with information system that are being undertaken by the firm to streamline their activities. Supply chain management within the business establishment also aim towards increasing the productivity along with efficiency that earns higher credibility and profitability for the enterprises.
The importance that supply chain management holds within the organisation includes of increasing the higher efficiency rate that incorporates supply chain and integrated logistic system that paves the path of product innovation and development. Supply chain integration also aim towards predicting the demand as well as determining the product-life-cycle for the organisation. Furthermore, examining the benefits of supply chain within the organisation critical information has been gathered that aim towards decreasing cost by improving the inventory system (Christopher, 2016). Application of supply chain management also adjusts storages spaces for the enterprises that materialise finished goods that seek towards eliminating damage resources. Examining further, useful information has also been gathered that improves system responsiveness in order to meet the actual customer requirements. Further, it has also been noticed that supply chain management also improves the relationship with the distributors and vendors that manages the business organisation in procuring the resources and making use of them in order to increase the sustainability of the business establishment (Mangan & Lalwani, 2016). Therefore, the implication of supply chain management within the organisation plays a vital part in terms of improving the performance and productivity of the enterprises.
Benefits of the supply chain with blockchain in eliminating fraud and errors
The most appealing benefits of using a supply chain with blockchain make it easier for the organisation in sharing information and data with the suppliers and vendors that reduce the risk of delays along with preventing the goods to be struck in the SCM. The integration of blockchain within the SCM also aims towards eliminating the growing challenge of fraud and errors by using RIFD tags (Azzi, Chamoun, & Sokhn, 2019). Using radiofrequency Identification devices within the supply chain process improves efficiency along with reduces the intervention of human errors. The RIFD tags are being placed on the items and or in the shipping labels that mainly comprise of microchip, the chip consist of information that can be read while scanning them. The RIFD chip increases transparency and eliminates the risk of growing fraud and errors within the supply chain process that increases the workflow process in inventory management (Min, 2019). The information that RIFD tags include order number ID, the serial number of products, order status, and location logs. Besides, blockchain within SCM also aims towards eliminating imbalances and reducing the overstock of resources that seek towards improving the integration of activities within the warehouse as a result of which workflow within inventory management are being developed.
Provenance tracking in the blockchain is one of the methods through which it becomes easier for the SCM to embrace growth while eliminating the risk of fraud and errors within the logistics department. Big multinational enterprises comprise different elements of the supply chain that makes it difficult for them to keep track and record every transaction which in turn disrupts the business activities and dilutes the brand name of the organisation (Saberi, Kouhizadeh, Sarkis, & Shen, 2019). Provenance tracking in blockchain benefits the SCM in keeping rightful information of product information right from their origination to their final dispatch location that improves the workflow management and generates the highest productivity within the SCM process. Furthermore, it has also been noticed that provenance tracking within SCM is also being used to detect frauds and eliminate them immediately so that better integration of activities can be performed over the period (Mirabelli & Solina, 2020). Improving inventory management is also a crucial role that blockchain plays within SCM because it facilitates towards eliminating higher cost that is associated with the supply chain. Cost reduction is being facilitated by securing the transactions through the digital mode of payment option along with eliminating the middleman from the supply chain that eliminates fraud and product duplicity.
Benefits of the supply chain with blockchain in improving inventory management
Inventory management has been termed as the process of ordering along with storing within the company’s inventory. Examining further crucial information has also been gathered in regards to inventory management that points out that it includes raw materials to finished products that increase the viability of the inventory management process (Mackie, 2018). Balancing inventory management becomes a crucial challenge for business organisations therefore two of the crucial methods related to inventory management such as Just-in-time along with materials requirement planning are being taken into consideration. The risk that is associated with inventory management includes spoilage, theft, and damages that increases the challenges of maintaining scalability through the inventory management process (Cole, Stevenson, & Aitken, 2019). JIT within the inventory management aim towards lowering down the inventory holding cost that increases the capabilities for the organisation in maintaining better planning of warehouse and eliminate the risk of overhead expenses. As because inventory relies upon customer demand, therefore, JIT benefits in eliminating the risk of the less dead stock which increases the credibility of the organisation towards managing their resource and materials planning.
Blockchain technology with the supply chain aims towards improving inventory management through the help of the bullwhip effect through creating synchronisation. This technology of blockchain enables the SCM in accessing real-time information that helps the management in predicting the demand of the product, which enables the firm in increasing their sales and shrink the threat of stockpiling (van Engelenburg, Janssen, & Klievink, 2018). Connectivity is being established through the help of blockchain in improving the process that upturns the flow of information, tracking product dispatch, and integration of a system that increases the workflow in the inventory management system. Incorporating a smart contract with that of Blockchain eliminates the growing risk of reconciliation that further reduces the cycle stock along with the cost concerned with invoice match failures (Song, Sung, & Park, 2019). Blockchain technology in inventory management also benefits in materials planning by improving the stockpiling activities which as a result earns positive growth for the organisation. Blockchain in inventory management also facilitates a record-keeping system that keeps transparency that further offers better inventory control and integrity within the organisation. Blockchain within SCM also aims towards reshaping inventory management through the help of Modex BCDB (Mattila, 2019). This technology in blockchain facilitates training and fast adaptation to business technology that changes the programming based on the needs of an inventory management system which increases its efficiency and develops immutability and integrity. Therefore, SCM and blockchain increases database management and culminates valuable characteristics within the inventory management system.
Benefits of the supply chain with blockchain to increase consumer and partner trust
Examining the benefits of the supply chain with blockchain further aims towards increasing the customer and partner trust; thereby helps in developing traceability and transparency that lays down the foundation for building blocks of logistics. Blockchain technology within the supply chain increases the visibility of activities that increases the integration of activities and improves the efficiency of activities within the SCM (Kshetri & Voas, 2019). Blockchain technology offers better integration of technological advancement within SCM that makes it possible for the organisation in designing and developing products that match the expectation of the customers. Fulfilling customer expectations makes it easier for the SCM in earning the trust of customers and their vendors. Vendors and suppliers are some of the key partners of SCM as because it assists in procuring the resources and raw materials that increase the credibility of the organisation towards maintaining records of products, a quality specification, and price information. The record-keeping system that is being maintained within SCM through the help of blockchain aim towards eliminating fraud and errors which increases better materials planning (Hastig & Sodhi, 2020). Comprising of all these benefits being offered to the vendors and partner increases their trust and helps the customers in enjoying better product experiences over the period.
Blockchain within SCM also increases vendors and partners trust by eliminating challenges of counterfeit and gray market that further increase visibility and compliance of the organisation as the market leader within the competitive business environment that leads to increase the trust and relationship among the customers and the vendors. In respect of earning customer and partner trust blockchain technology within SCM streamline waste reduction that eliminates the over expenses of cost, eliminates over-stocking, and increases logistic efficiency that increases the productivity of the partners and earns trust and loyalties from their sides (Sheel & Nath, 2019). Further examining the effectiveness of SCM with blockchain towards developing the trust of consumers and partners it points out about meeting the scalability and developing a security system that builds anonymity and leads to fostering trust among the suppliers and partners. Blockchain also facilitates better protection of data and eliminates the risk of data theft that makes it easier for the partners in securing the information and increases the high volume process (Tijan, Aksentijević, Ivanić, & Jardas, 2019). Comprising of all these activities makes it easier for blockchain in culminating higher efficiency and effectiveness within the overall supply chain process that helps the customers and partners in developing their trust based on the experiences they receive from the integration of blockchain in SCM processes.
The concern of implementing blockchain in the supply chain industry
Evaluating the blockchain increases the capability of the organisation to maintain the transparency that develops the capability of the enterprises in growing their overall performance and productivity. Although there are advantages that are associated with blockchain within supply chain management processes there are also limitations associated with blockchain that decentralised the overall productivity and downgrades the network integration system within the SCM process (Zheng, Xie, Dai, Chen, & Wang, 2018). Adopting the blockchain within the supply chain application also faces challenges that include challenges of developing open-source DLT development. Failure in adopting blockchain technology makes it tough for the process of SCM in integrating their production process that disintegrate the overall system management and lacks transparency within the business organisation. Data complexity is a concern that is associated with the blockchain while making usage of it within the process of the supply chain industry (Tasatanattakool & Techapanupreeda, 2018). The challenges that are related to blockchain include higher energy consumption; the application of blockchain technology requires high power consumption to process all the data and information. Lack of high energy makes it tough for blockchain in accessing data files and information that makes it difficult for the supply chain in managing the resources and taking control of the activities to restore growth and productivity.
The concern that is also associated with blockchain within the supply chain management procedure includes scalability challenges that increase the challenges of the centralised payment system. Issues in scalability within blockchain also increase challenges of centralised architecture that disintegrate the overall process and increases lead time to perform the overall SCM activities. The challenges identified with blockchain architecture take high validation and several time that disintegrate the transaction system (Andoni, et al., 2019). Complexities in the form of application development are also a challenge that arises within the blockchain which weak streamlines SCM activities. Lack of scripting languages is also a challenge that arises within blockchain which fails the organisation in identifying the shortcomings and developing new tools that comply with the SCM system (Lin & Liao, 2017). Lack of proper understanding and knowledge is one of the challenges that increase complexities for the individuals to take control of the activities through which activities of the supply chain process can be performed. Lack of a programmer is one of the challenges that arise within the SCM process due to blockchain. Lack of skilled workforce to understand the application of blockchain within SCM increases the risk of slow business processes that disintegrate the overall function within the business organisation (Kumar, Liu, & Shan, 2020). Security challenges that include product duplication are also a challenge within the blockchain as because if proper tagging and labeling of products are not being done through RIFD technology than it increases challenges of substandard quality and risk of product duplication.
Legal consideration of applying blockchain in the supply chain industry
Examining the legal consideration within blockchain which are then applied with the supply chain industry includes eliminating the risk of data theft and security concern to foster better SCM activities. Legal consideration within blockchain includes of maintaining The Uniform Commercial Code and Statute of Frauds, to maintain anonymity within blockchain technology under which agreements are being maintained so that risk of frauds and issues can be minimised (Liu, 2020). The Uniform Commercial Code Stature also includes maintaining lease contracts, maintaining agreements related to the security interest. Besides, the legal consideration that is being maintained within blockchain includes eliminating security challenges of glitches, code of errors, and data breaches. Data privacy is also a legal consideration that is being maintained within the blockchain while performing supply chain activities. General Data Privacy Regulation (GDPR) within blockchain technology also ensures transparency and immutability that enforces the better application of blockchain within the system integration of supply chain management procedure (Ifc, 2020). Examining the legal consideration that is associated with blockchain includes eliminating the risk of cyber-attack that increases the capability of maintaining a better information system so that overall performance and productivity can be sustained (Voss, 2016). Furthermore, the legal guidelines that are being maintained within blockchain while using the technology with the supply chain include storing and documenting key information for sustaining and improving the overall performance and productivity of Supply chain management processes.
Recommendation
Supply chain industry concerns with managing materials handling, taking control over inventory and warehouse management along with determining strategic planning that increases efficiency and productivity. The implication of blockchain within supply chain industry foster growth and performance which are as follows;
- Blockchain helps in maintaining all records and movement of goods that can be traced through the help of NFC and RIFD tags and vastly improved the safety securities.
- The integration of blockchain within supply chain industry also helps in building and operating a centralised system across the supply chain process that reduces complexities of actions and barriers.
- Blockchain also facilitates procurement system within the supply chain industry as through digital ledger system it incorporates data that provides relevant information and directs the purchasing activity that increases the competencies and work structure.
- Blockchain also improves the digital payment system that increases transaction process as a result of which relationship between suppliers and customers develops that strengthens the supply chain activities.
Conclusion
The report explains the usage of blockchain and how it improves the supply chain industry, the determination of the report has briefly examined the importance of blockchain technology within the organisation that makes it easier for the organisation in improving the performance and productivity. Supply chain management improves the integration of activities for the vendors and suppliers that improve the product development process and operations within the enterprise. During the report viability of blockchain within supply chain industry explains about maintaining higher standards of security system that maintains data and information system and seeks towards improving the overall efficiency of the organisation. Traceability and scalability are two of the most important factor that adds towards culminating and adding values to the overall integration of the supply chain process. General Data Privacy Regulation as legal consideration is being maintained within the blockchain to integrate the supply chain management procedures.
Reference list
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