In the second quarter, our Sales and Marketing teams have been heavily focused on targeting Enterprise clients and setting meetings. The supply chain blockchain proof of concept program has been of major interest to the enterprises we’ve entered into NDAs with and we are ramping up our efforts towards this part of the business.
Our product, blockchain, and development teams have been very active in refining and rolling out feature after feature that’s dramatically improved the way we work with suppliers and onboard them.
Here’s an update on what’s been accomplished and what we can expect in Q2:
Multiple User Account Team Management Feature
We’ve been rolling out tools to make the lives of procurement buyers even easier with our DApp platform. Based on feedback from procurement teams, buyers are able to invite multiple users under a single company profile with different roles to keep orders moving along faster. This capability is part of a larger user management feature we rolled out. The New User Account Management Feature is essentially two-fold: as an onboarding tool for suppliers, and a way to verify and vet capabilities and quality of suppliers. This allows for higher quality suppliers in our network, and also allows us to better match RFQs that would be of interest to our suppliers based on their capabilities and preferences. Additional benefits are evidenced in higher supplier satisfaction and likelihood to continue using our platform, as well as reducing the burden of matching on our procurement team. Further, we scoped out a new feature set based around RFQ distribution for suppliers.
Supplier Facing Platform for RFQ Distribution
Initially, our focus was on vetting suppliers and logging their capabilities. Now that we have those logged through the Multiple User Team Account Management feature, we focused on best practices for RFQ distribution directly to the right suppliers, as securely as possible and thus the new Supplier Facing Platform was born. We launched this new supplier facing platform in May which distributes RFQ documentation, information and details in a more secure manner.
MFG Wallet & Rewards Upgrade
June will be focused on the overhaul and upgrade of the MFG Wallet to adapt to the newer architecture that the 3.0 system is built on. The rewards system, which supports suppliers with MFG rewards for quoting jobs, will be upgraded to support the latest technology and simplified for ease of use. This includes providing users a place within their profile where they can see their MFGs and receive rewards for certain actions performed. Next, we’ll be improving upon the ability to purchase MFGs and add it to the RFQ for faster quoting and quicker turnaround.
Tokenization of the Supply Chain
To continue the smooth user experience parallel to our robust system development, we’re enabling buyer access to a parts library, where all previously ordered parts will be available for fast and easy re-ordering. In addition, we’re planning the development and deployment of non-fungible tokens or NFT Parts Tokenization, which we describe as Hardware Tokenization™. This additional feature functionality will log manufactured parts in all of their complexity. In this case, each individual machined part would have information including design drawings, 3d models, material information, quality information, version data, part production source, volume, production date, fulfillment date and other data logged and housed within these NFT Tokens. We’ll be preparing a more detailed description of the proposed system feature functionality and the vast scale of benefits it brings to the industry as a part of the world’s first commercialized offering in a future update. To get an idea of the industry impact we target with this new initiative — a typical car is comprised of about 30,000 parts and there are an estimated 1 billion cars on the road. Our aim is to tokenize the production of those parts.
Hassle-Free Production Status Tracking
Production status is no longer a headache for OEM Purchasing Departments who need to plan for contingencies in their supply chain. We digitally capture our partners' information to offer time-sensitive status updates and data regarding the production process. Procurement buyers and purchasing departments are no longer “in the dark” regarding the progress of their Purchase Orders. We eliminated the need for repetitive back-and-forth calls and emails towards suppliers and we are laying the middleware pipeline towards IIoT and Manufacturing Supply Chain 4.0.
All data surrounding the milestones of our progress bar are stored on our proprietary permissioned hybrid blockchain network built in Hyperledger. This allows us to securely and truthfully represent events that happen in the physical world, towards all parties involved in the supply chain of each Purchase Order.
Document Management Feature Upgrade
Based on customer feedback, gathering all relevant documents of a Purchase Order in one place is of utmost importance as the current process of collecting documents from different channels is clearly inefficient and time-consuming. For that reason, we decided to address this issue by enabling users to upload and download all relevant documents within the Purchase Order page. In that way, SyncFab is getting one step closer to becoming the single point of reference and source of truth regarding the progress, documentation, and communication of every Purchase Order.
A lot of progress has been made and feature functionality added for improved usage as our Engineering team continues to surprise and overdeliver. We should have additional product and business updates in the coming weeks and months as our backlog continues to grow so stay tuned for additional updates. We appreciate the challenges and opportunities faced by all of our new and potential clients whose patronage we value greatly. Contact Us to Discuss your Use Case.
Thank you to our community for all of your support communicating the importance of revolutionizing the manufacturing industry with blockchain technology!
Revolutionizing Manufacturing with Blockchain
SyncFab is a distributed manufacturing platform founded and headquartered near Silicon Valley that streamlines the way OEM hardware supply chain buyers procure, manage, and track precision parts production securely using blockchain technology. Learn more about how SyncFab benefits manufacturers.
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