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In an ideal world, every agency involved in turning raw materials into goods, selling them, and distributing them to business customers or consumers would collaborate, thus maximising supply chain cost-effectiveness and reliability. As yet though, that degree of collaboration is more likely to be the exception than the rule.
Ultimately, blockchain can increase the efficiency and transparency of supply chains and positively affect everything from warehousing to delivery to payment. Blockchain provides consensus – there is no dispute in the chain regarding transactions because all entities on the chain have the same version of the ledger.
As more organisations recognise the need to collaborate, a whole new culture is evolving. This is why collaboration has become such a familiar buzzword in the supply chain world. But true collaboration is not an easy state to arrive at. Boundaries of mistrust must be broken down and conflicting objectives must somehow be transformed into aligned goals.
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In my experience, successful Supply Chain Collaborations that involve two or three separate initiatives in a category boost margins by 5% in the affected category, through a combination of increased sales and reduced costs. It should be clear by now that successful supply chain collaboration is neither quick nor simple. But is it worthwhile? The answer has to be an emphatic “YES.”