Blockchain and IoT in Supply Chain Management

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Questions and Answers

What is the primary benefit of blockchain technology in supply chains?

Increasing inventory levels

Reducing production costs

Enhancing customer experience

Improving supply chain performance (correct)

What is the purpose of implementing IoT functionality in supply chains?

Improving product quality

Reducing labor costs

Automating manufacturing processes

Collecting data from different stages of the supply chain (correct)

What is required to capture the potential of blockchain technology in supply chains?

Only data standards

Only governance rules

New permissioned blockchains, data standards, and governance rules (correct)

Only new permissioned blockchains

What is the expected outcome of equipping supply chains with IoT and tracking functionality?

Improved supply chain efficiency Signup and view all the answers

What is the primary advantage of using analytics in supply chain optimization?

Optimizing supply chain operations Signup and view all the answers

What is the recommended approach to developing a digital supply chain?

Taking a patient and incremental approach Signup and view all the answers

What are the primary objectives that supply chains must meet?

High level of customer fulfillment, profitability targets, and resilience to disruptions Signup and view all the answers

What is a key aspect of a responsible supply chain?

Guaranteeing safe and environmentally friendly production and transportation systems Signup and view all the answers

How can analytics benefit supply chain management?

By allowing companies to optimize their supply chains and achieve multiple goals simultaneously Signup and view all the answers

What is a potential application of IoT in supply chain management?

Collecting data on supply chain operations and performance Signup and view all the answers

What is a key benefit of blockchain technology in supply chain management?

Improving supply chain visibility and traceability Signup and view all the answers

How can companies measure the success of their digital supply chain initiatives?

By evaluating the effectiveness of their supply chain operations and identifying areas for improvement Signup and view all the answers

What is the primary goal of aligning data tables from temperature sensors and inventory scanners in a fulfillment center?

To learn what units of inventory were stored at what temperature for what duration Signup and view all the answers

What is the role of blockchain in the supply chain of a consumer products firm?

To source palm oil from sustainable deforestation-free farming Signup and view all the answers

What is the benefit of using temperature data from fulfillment centers in predictive analytics?

To predict how soon a food product will ripen or spoil Signup and view all the answers

What is the primary challenge in using data from IoT devices in a supply chain?

Data storage and interpolation of missing values Signup and view all the answers

What is the purpose of combining data from various stages of the supply chain with the bill of materials?

To completely trace the inputs in each batch of finished products Signup and view all the answers

What is the ultimate goal of using analytics in supply chain management?

To optimize supply chain operations and improve overall efficiency Signup and view all the answers

Study Notes

Objectives of Supply Chains

Supply chains must achieve a high level of customer fulfillment, profitability targets, and resilience to disruptions.
They must also ensure safe and environmentally friendly production and transportation systems, obtain raw materials from sustainable sources, and ensure fair wages for workers.

Role of Blockchain, IoT, and Analytics

Blockchain, IoT, and analytics can help achieve supply chain objectives by making them more efficient, transparent, and sustainable.
IoT enables organizations to collect new types of data from different stages of their supply chain.
Blockchain can greatly improve supply chain performance, but requires new permissioned blockchains, data standards, and governance rules.

Steps to Strengthen Supply Chains

Add IoT and tracking functionality to supply chains to collect data from different stages.
Equip supply chains with the ability to track individual units of components and finished-goods inventory.
Develop capabilities in data storage, interpolation of missing values, and descriptive analytics to make sense of the collected data.
Develop predictive and prescriptive analytics to make informed decisions from the data, such as predicting when a food product will ripen or spoil.

Importance of Data Standards and Governance

Data standards are necessary to align data tables together and make sense of the collected data.
Governance rules are required to ensure that the collected data is used effectively and efficiently.
Capabilities in data storage, interpolation of missing values, and descriptive analytics are necessary to make sense of the collected data.

Benefits of Blockchain in Supply Chains

Blockchain enables the complete tracing of inputs in each batch of finished products.
It can be used to source raw materials from sustainable and environmentally friendly sources.
It can help ensure fair wages for workers and safe working conditions in manufacturing and logistics facilities.

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Description

Learn how blockchain technology and Internet of Things (IoT) can improve the performance of supply chains. Discover the benefits of using permissioned blockchains, data standards, and governance rules to enhance supply chain management. Test your knowledge on the applications of blockchain and IoT in this field.