Solutions that utilise smart contracts have the potential to speed up production onboarding and checks and offer new opportunities to reduce sourcing risk, decrease administration cost, and improve stakeholder engagement.
In an increasingly digitised world, emerging technologies, such as blockchain, afford organisations the opportunity to drive business value by streamlining production onboarding and checks.
Re-inventing supply chains and processes across industries is made possible by leveraging blockchain technology. The use of smart contracts allows organizations to improve and disrupt existing silos and speed up production. We now have safer and more efficient ways to connect with business partners as well as to track and exchange any type of asset.
The ability to deploy blockchain technologies to create the next generation of digital networks and platforms will be a key element in business success
Production onboarding and checks have historically been a cumbersome task for organisations of all sizes
In most cases, the onboarding process sees employees watch several training videos and be overwhelmed with boatloads of information, only to start the actual job a few weeks in and never learn anything new after that.
Incorporating smart contracts into the process along with new digital technologies can result in greater levels of production onboarding and checks. Blockchain is an enabling technology, which is most effective when coupled with other next-generation technologies such as the Internet of Things (IoT), robotic cognitive automation or smart devices.
One way organisations can implement innovative methods to streamline their production onboarding is through the selective adoption of smart contracts. Platforms like Trakti support the entire life-cycle of your contract, allowing for negotiation processes with no limitations. Companies can thus increase team collaboration and productivity, reduce administrative costs and sign more contracts in less time.
Smart contracts will speed up production due to their unique capabilities and benefits to provide greater information transparency
At its core, blockchain is a distributed digital ledger that lives on the internet and records transactions and events. The technology relies on well-established cryptographic principles and operations. This makes it perfect for evolving consumer demands and efficiency optimization.
As consumers demand more transparency and the complexity of contractual obligations increases, companies need an effective and inexpensive way to trace contract terms and execution to build corporate confidence. Solutions that utilize smart contracts have the potential to speed up production onboarding and checks and offer new opportunities to reduce sourcing risk, decrease administration cost, and improve stakeholder engagement.
Many organizations are already experimenting with blockchain solutions to fulfil their needs. Implementing blockchain solutions can help participants to record price, date, location, quality, certification, and other relevant information to effectively manage the supply chain. The availability of this information can
- increase traceability of contract execution
- lower losses from poor production onboarding
- standardize checks
- improve visibility and compliance over outsourced contract manufacturing
- potentially enhance an organization’s
Furthermore, businesses can maintain more control over outsourced contract manufacturing. Blockchain provides all parties within a respective third party with access to the same information, potentially reducing communication or transfer data errors.
Finally, smart contracts can streamline administrative processes and reduce costs by enabling an effective audit of data.
Visit the feature’s page of Trakti’s website to learn of ways to improve the speed of transactions, and reduce costs. If you’re curious to learn more about Trakti, book a free demo by clicking here.