In the past decade we have become more dependent on digital processes to replace complex, cumbersome manual tasks. We are now taking it one step forward and using digital technology and processes to revamp business models and other value inducing processes and opportunities. This is called Digitalization.

How does this help? Take digitalization of supply chains. Tracking of counterfeit goods used to be very taxing because so many departments were involved. Management, distributors, suppliers all have to try and figure out when and where in the supply chain it was absorbed. Companies also don’t want their brand image to be tarnished with fake/counterfeit products. So unique QR codes are easy to handle and eliminate fake products. In pharma industry, digitalization of processes will involve quicker research into drug discovery, development and manufacturing. Anticipating market dynamics and awareness of factors like competition, marketing and perception and then forming a strategy with real time data will change the game.

Supply chain is the most vital part of any business and to make it more technologically adaptable will eliminate a lot of manual errors and increase profitability. It also allows a lot of departments to exercise their skillset so that they can improvise and make the supply chain more efficient. Marketing can analyze demand and supply and try to forecast sales for next quarter. Manufacturers and distributors team up accordingly to make sure that enough raw materials are procured to make the products and that it is delivered in time. The more different ways it can change supply chain:

1. Transparency.
Supply chain showing end to end view of the process makes it easy to identify problems from miles away and coordinate with other participants easily.  Transparency is important to know where your asset is at any given time and where it will go in the supply chain cycle.

2.Traceability:
Tracing a product from its delivery to origin allows us to authenticate products easily. Counterfeit products can be weeded out easily and gives doubtful customers enough information about the product and its assembly.

3.Efficiency:
The whole point of digitalization of supply chain is to make every process seamless. Optimizing every phase and automating manual processes is vital to increase profits and reduce errors.

Digitalization also offers brand promotion and customer engagement to another level. QR codes can contain additional information about the company and the product like loyalty programs can allow the brand to engage with the customer closely. It allows companies to get feedback on how they like the product to be delivered and what kind of product do they prefer. Involving ‘smart’ packaging like this allows for the business to sustain themselves in the long run with the changing landscape and gives businesses opportunity to be creative and flourish.
With MSRvantage’s smart solutions and next gen technology, you can transform your supply chain to become more optimal and efficient and take complete advantage of the era of digitalization.