You’ve invested in CNC machining, ramped up prototype capabilities, secured quality certifications, and identified target customers. While the operating plan is in good shape, how can you increase orders to fill production capacity and grow the business?
SyncFab Smart Manufacturing Blockchain technology offers an easy way for suppliers to get noticed in an otherwise crowded manufacturing supply chain. Plus, blockchain delivers real benefits to buyers that only increases the value innovative suppliers can provide.
Supply Chain Struggles
According to Harvard Business Review, legacy supply chain management is being disrupted by blockchain, and other technologies, and the traditional function as we know it may be obsolete in 5-10 years. Why? Because supply chain operations are manual, cumbersome, and often inefficient for businesses.
Spare parts management, assemblies and component production, and aggregating data for better parts inventories are just some of the responsibilities of manufacturing buyers. On top of this, buyers must manage logistics, track projects, assess disruption risk, and deal with suppliers.
Supply Chain Dive highlights the impact of Tesla’s supply chain issues, one of the most advanced of companies. The article quickly zeroes in on the potential impact and needed company focus, “Fixing the supply chain must be a No. 1 priority if the company is ever going to turn a profit.” If high-profile, leading-edge manufacturers have supply chain problems to deliver products, imagine what it feels like to be a medium or small-sized manufacturer.
Manufacturers know change is coming, but it doesn’t make it any less daunting. Between trying to produce goods, fulfill orders, contain costs, and stay ahead of the competition, buyers benefit from supply partners who can become part of their internal technology revolution.
Stand Out with SyncFab
As manufacturers get to grips with Industry 4.0 and its inevitable business impact, the supply chain process is going to change. Suppliers that proactively introduce process improvement for buyers can help build a partnership that is part of their supply chain solution, not the problem.
SyncFab uses blockchain technology to add value to any manufacturing supply chain. Suppliers that become part of the SyncFab network help promote their capabilities and secure business, while helping buyers transform their supply chain challenges.
- Buyer Challenge: Order delays and disputes
As an open, distributed ledger, blockchain technology provides manufacturing traceability not previously possible for supply chains.
Suppliers part of the SyncFab network enable buyers with real-time tracking of orders during the production and shipping process. Improved transparency facilitates better logistics, manages delivery expectations, minimizes disputes, and enhances supply chain efficiency.
- Buyer Challenge: Trusting suppliers
Procurement personnel and buyers are an important part of any manufacturing organization. In fact, supply chain management can impact the success or failure of products and the business overall. The partnership built with suppliers is an essential component of assuring success.
Suppliers that differentiate using the SyncFab platform are part of a growing network of certified and pre-vetted advanced machining, precision parts, and CNC machine suppliers. Coupled with improved traceability of each order and the inherent security of blockchain, buyers that partner with SyncFab suppliers can expect orders to be delivered to the quality sourced, in the time stipulated, and to the agreed cost.
- Buyer Challenge: Controlling costs
Developing, submitting, reviewing, and communicating RFQs is time-consuming and an inefficient use of resources. It can also breed an environment of complacency or, at a minimum, a desire to stick with the traditional supplier list and not open up opportunities for other suppliers.
Using the MFG utility token and Smart Contracts, new and more competitive SyncFab suppliers have the opportunity to break into new markets and differentiate through price and guaranteed quality. Suppliers are incentivized to place faster quotes and competitive pricing, which result in more value for buyers and more orders for suppliers. Once goods are received and quality assured, payments are automatically released.
For precision parts suppliers, CNC shops, and parts manufacturer suppliers, using blockchain to bid for, win, and fulfill orders can result in added value for buyers and is a way for suppliers to stand out.
Suppliers looking to differentiate their production capabilities and win new business can do it with the SyncFab blockchain platform.
The SyncFab Smart Manufacturing Blockchain is an easy-to-use, objective, and secure platform that delivers immediate trust among manufacturers and suppliers to do business. Learn more about blockchain will transform your business, ahead of the competition.