MSRvantage develops an enhanced traceability system, using IoT sensors combined with blockchain for the supply chain industry which requires security and accuracy at every step. By implementing these solutions businesses can garner several advantages such as regulated temperature requirements, accurate tracking, elimination of counterfeit possibilities, security and safety in supply chain management.
Industries have faced unprecedented uncertainty post the pandemic making it difficult for enterprises to plan their operations. Introducing technology to digitize the supply chain process, will enable the use of real time data to anticipate major events with great accuracy aiding in decision making and planning.
IoT has completely transformed Supply Chain Management both in terms of its operational efficiencies and revenue opportunities by making it more transparent.
“Sudden demand changes, margin erosions, visibility shortages and any irregularities arising in the supply chain make it really difficult for companies to monitor and manage. Here data often flows through tiers creating potential risk of security related incidents including counterfeiting. IoT can be a formidable transformative force to address these issues and improve efficiency and traceability overall paving way for innovation,” Sivagopal M, Founder and Chairman, MSRvantage.
“A supply chain mishap can dent the reputation of companies costing them severe losses. Besides, customers are certainly becoming more conscious towards notions of transparency, fair trade and sustainability. This makes it imperative for businesses to introduce technologies like IoT to solve significant glitches in the supply chain system, in traceability and provenance challenges,” adds Sivagopal.