Blockchain opens up possibilities to expedite and streamline the processes you already use every day to run your business. The beauty of blockchain for supply chain management, specifically, is that it not only simplifies your procurement or precision parts selling process, but it also makes the method safer, faster, and less expensive.
Manufacturing and Industry 4.0
According to J.P. Morgan, global manufacturing is off to a solid start this year, supported by increasing order volumes. Accelerated growth is being experienced across the globe with the U.S. composite growth index reaching a 34-month high. The time is right to reduce unnecessary costs and cumbersome processes to keep this trend going.
Industry 4.0 is the natural next phase for industrial organizations that have adopted increasingly automated manufacturing systems, more sophisticated IT, robotics, and the overall growth of connectivity in plants. The new generation of smart factory production lines will integrate constant streams of data from connected systems to better understand supply chains, inventory, production trends, quality, distribution, and more.
Deloitte describes the potential of the smart factory as:
Smart factories can operate within the four walls of the factory, but they can also connect to a global network of similar production systems, and even to the digital supply network more broadly.
While Industry 4.0 can feel out of reach from some smaller manufacturers, don’t be intimidated. By utilizing technologies available today, like blockchain, manufacturers can save tremendous time and money to differentiate themselves in this changing world.
Best Bets for Blockchain
For small to medium-sized manufacturers, precision parts suppliers, and small businesses innovators, here’s what you need to know about what blockchain can do for your business:
- Cut procurement costs and production time by zeroing in directly on the right suppliers who can create the correct, high-quality parts
- Speed prototype evaluation to test and modify design before production at a more competitive cost
- Work with local, ISO 9001, and pre-certified precision parts suppliers and CNC machine shops to procure more in less time
- Eliminate supplier evaluation time, expedite orders and lower risk with suppliers automatically identified with needed technical expertise, location, machinery, design capability, and capacity
- Custom RFQs or automated blanket RFQs for ongoing part needs simplify part orders, avoid production delays, and help manage profitability
- Purchasers and parts manufacturers begin working together immediately on order fulfillment with instant review of qualifications and equipment and without wasting time on background and credit checks
- Increase parts and supplies quality control by comparing, reviewing, and approving qualified CNC machine shops and precision parts suppliers
- Get real-time insight and transparency into parts fabrication, production, and delivery
- Improve supply chain efficiency with automated RFQ management, instant notification of quotes, and only approval and payment
- Orders, designs, fabrication, and production intellectual property is secure and provides protection not always afforded to smaller manufacturing firms or suppliers
Your business aims to manufacture goods, whether end products, bespoke solutions or precision parts, of the highest quality, for the best price, with the greatest technical support and according to agreed timelines. To succeed, you need to do this as cost-effectively as possible.
SyncFab’s Smart Manufacturing Blockchain decentralized application provides the first, peer-to-peer blockchain network for smaller companies and manufacturers to connect and collaborate through improved supply chain and procurement processes.
SyncFab’s Smart Manufacturing Blockchain decentralized application is an easy-to-use, objective, and secure platform that enhances trust among manufacturers and suppliers to do business. Learn more about how blockchain will transform your business, ahead of the competition.
