Blog Post
The supply chain rebooted & re-envisioned: The green supply chain
Adapt Ideations • Aug 05, 2019
In today’s day and age, we constantly find ourselves surrounded by ongoing change.
In today’s day and age, we constantly find ourselves surrounded by ongoing change. It’s only a matter of time before you walk into a store and you see the technology that is used. For example, this might be to track an item within the store or locate an item that may be available elsewhere. It is a no brainer that technology is changing the way we do business. This has given rise to the notion of supply chain 4.0, the holy grail of supply chain where we can see this idea of the supply chain becoming digitalised by the use of IoT, advanced robotics, analytics and big data just to name a few.
One may ask, how does this make a supply chain green. This idea of blockchain is the ultimate game changer for the industry enhancing the supply chain in multiple ways including sustainability, visibility and reducing human errors and labour. The power of blockchain as suggested within a recent World Economic Forum Report
conducted in 2015, states that around 10 percent of GDP by 2025 will be stored on blockchain and similar technologies. Blockchain to explain simply is a distributed ledger that is transparent and immutable allowing for only various entities to update the ledger in order to keep an accurate record of a transaction. Blockchain can be identified as a tool allowing for change to occur.
The ability of blockchain to create a greater sense of transparency in my opinion gets overlooked due to blockchain’s full capacity not being realised at this point of time. A greater element of transparency is no longer a choice for manufacturers and suppliers in recent times where consumers are increasingly expecting further knowledge of their products whether it be where the product was made or where the materials have come from. An article by Supply Chain Dive
has pointed out that blockchain has created an era of the ‘conscious consumer’. Consumers are continuously now taking a stance on their expectations and realising if companies do not meet them by having a sustainable and ethical focus in their practices. Blockchain unlocks the potential for companies to be able to demonstrate their ongoing duty to consumers by greater transparency to their consumers.
Transparency created by a blockchain not only benefits consumers but also a company’s employees while enhancing their business model and integrity of the company. Through greater transparency, companies employing the use of blockchain can develop and forge a relationship between their company, workers and consumers building a deeper sense of trust. Through greater transparency companies can also reduce cases of fraud, reduce pollution, human right violations and other inefficiencies. WHO
believes that the counterfeit industry alone generates an estimated 75 billion annually. The benefits of using blockchain to enhance transparency is endless. Blockchain not only provides companies with greater profits but also enhances social purpose.
Due to consumers holding manufacturers and retailers responsible for their products and actions, companies have realised that there is a greater interest in sustainable products highlighting the underlying notion that they need to change. One aspect of sustainability and efficiency promoted by blockchain is the digitalisation of documents. With the use of the ledger of a blockchain, it takes away the need for manual document handling therefore eliminating human error. Many supply chains today are prone to human error simply by mistake and many of these mistakes go unnoticed until too late where a product may not be able to be sold.
Some further benefits are highlighted by companies that are utilising blockchain in order to optimise their supply chain, improve inefficiencies, free up working capital and making their goods and services more accessible and readily available at a much faster rate. This essentially reduces the impact on the environment by far not to mention improving and working towards better human rights and fair work practices. With the use of blockchain, companies are now able to more accurately track their products including identifying potential product recalls much earlier which, in turn decreases greenhouse gases from producing these products and transporting them. Ultimately there is much more work to be completed in this space before fully utilising the power of the green supply chain. Think about it for a second, if 50% of companies where able to use blockchain to create a green supply chain and promote their use of this to consumers, profits would rise dramatically while also significantly reducing impact on the environment.
Here at Adapt Ideations
we pride ourselves at being at the forefront of technology. We utilise IoT and blockchain together to create unique state of the art smart business solutions. No one solution is identical as we develop our solutions based around our potential clients every need. Being a one stop shop aggregator in this industry, we are a proudly unique company leveraging technology that is at the forefront of its time.
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Related Articles.
Temperature-controlled logistics is a crucial aspect of global supply chains, particularly in the pharmaceutical industry. Maintaining the correct temperature during transportation is not just a logistical issue but also a critical factor in ensuring the safety and efficacy of life-saving vaccines and other temperature-sensitive products. As the demand for temperature-sensitive products like vaccines and biologics continues to surge, ensuring their safe transportation is paramount. Any deviation in temperature during transit can compromise the efficacy of these products, leading to significant financial losses and potential health risks. This blog delves into the evolution of temperature-controlled logistics, critical challenges faced in this sector, and groundbreaking innovations that address these challenges. With a focus on real-time monitoring through IoT solutions, we aim to showcase the advancements that contribute to the efficiency and compliance of global pharmaceutical supply chains. Evolution of Temperature-Controlled Logistics Temperature control has undergone a remarkable transformation in the last two decades. Stringent global regulations, customer demand for new temperature ranges, emerging markets with extreme temperatures, and the growing value of drugs like biologics have been essential driving forces. These factors have spurred the evolution of temperature-controlled logistics to meet the demands of a rapidly changing world. The landscape of temperature-controlled logistics is evolving, thanks to technological advancements. Trends include the growing availability of prequalified shippers simplifying the validation process, sophisticated supply chain services, a rising interest in reusable packaging, and advances in temperature-monitoring technology. These innovations contribute to the industry's ability to adapt and thrive in a dynamic environment. Temperature-controlled logistics involves managing the flow of products through a cold chain. Divided into food and pharmaceutical sectors, the global market size of cold chain logistics is projected to grow significantly. From USD 242.39 billion in 2021 to USD 647.47 billion by 2028, exhibiting a CAGR of 15.1%, the industry is expanding rapidly, reflecting its critical role in modern commerce. 3 Key Challenges in Temperature-Controlled Logistics Compliance Issues Stringent Regulatory Standards: Global temperature-controlled logistics operates within a framework of strict regulations set by health and safety authorities. Meeting diverse regulatory requirements across international borders poses a significant challenge for companies in this sector. Documentation & Reporting: Compliance involves meticulous documentation and reporting of temperature-sensitive shipments. Keeping up with the evolving documentation standards requires streamlined processes and robust systems. Validation & Qualification: Ensuring the validation and qualification of equipment and processes according to regulatory standards is an ongoing challenge. The need for continuous validation adds complexity and time constraints to logistics operations. Risks of Temperature Deviations Product Integrity: Temperature-sensitive products, especially pharmaceuticals and biologics, are highly susceptible to temperature deviations. Even brief exposure to temperature breaches during transit can compromise the integrity and efficacy of these products. Financial Implications: Temperature deviations can lead to significant financial losses for companies. Replacing or disposing of compromised products and potential legal repercussions contribute to financial challenges. Supply Chain Disruptions: Temperature deviations can disrupt the entire supply chain, leading to delays in product availability. This not only affects businesses but can have critical implications for healthcare providers and patients relying on timely access to medications. Security & Theft Concerns Value of Cargo: Temperature-sensitive cargo, such as pharmaceuticals, vaccines, and high-value perishable goods, can become a target for theft. The significant value of these products heightens security concerns throughout the supply chain. Vulnerability During Transit: The vulnerability of cargo during transit, particularly in unsecured areas, poses a constant risk. The potential for theft during transportation adds complexity to securing temperature-controlled shipments. Need for Tracking & Monitoring: Ensuring the security of temperature-sensitive cargo requires robust tracking and monitoring systems. Integrating security features, such as real-time location tracking and tamper-evident technologies, is essential to mitigate theft risks. In navigating the intricate landscape of temperature-controlled logistics, companies must address these multifaceted challenges to uphold compliance, safeguard product integrity, and ensure the security of valuable shipments. Innovative solutions, such as advanced monitoring technologies and comprehensive security measures, are crucial in overcoming these challenges and fostering a resilient and efficient supply chain.
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