TEMCO- Optimizing Supply Chain Management

The phrase ‘’Supply Chain Management’’ can simply be defined as the management of the flow of goods and services. The main aim of supply chain management is the coordination of all activities from supplying raw materials to the delivering of finished goods, also with the aim of minimizing cost and keeping conflicts to the barest minimum. With all I have stated so far, the process might sound really simple but in theory, getting it right couldn’t be more complicated.

Ill like to describe a real life scenario that shows the flaws of the present supply chain management system. This occurred in the South-western part of Nigeria in the year 1996. Throughout the month of September, about 16 deaths were recorded after consuming beans, which earned the beans its nickname, ‘killer beans’. This led to widespread fear of beans consumption throughout the whole nation which greatly depleted beans sales in general. Like with every other sector in the country, all we got from the Federal Ministry of Health was silence which greatly deepened the puzzle. The truth of the matter was that no one could tell where the beans originated from or how it got contaminated. This goes a long way to show the flaws with the existing supply chain management systems as it fails to address such concerns. The existing systems do not provide for monitoring of goods along the supply chain. The issue with this is that there is usually no way to understand the stage at which a problem occurred or even how to solve it if need be.

Introducing TEMCO

Temco is intended to be a public supply blockchain system which will use Smart contracts to bypass the existing limitations of the prevalent supply chain management systems and to enable customers have access to information in real time on the supply chain process. The exposure of the limitations of the supply chain management systems over the past few years has nessecitated the need for transparency and systemization of supply chain processes. The rise in income levels and an improved IT infrastructure has led customers to demand an improved quality of products. I, personally, would like to purchase goods that have passed through a supply chain process that I can trust. Many companies also seek to elevate customer trust by by enhancing their service levels to enable more efficient management capabilities. In response to a change in customer demands, larger corporations are developing private supply chain management systems but this is pretty difficult for small to medium businesses as they may lack the resources to implement this particular system.

Through the Temco platform;

• Customers can choose products that have gone through standard supply chain standards.
• Businesses will have the choice of increasing efficiency by streamlining supply chain processes and structure.
• Businesses will also be able to increase profitability by optimizing product sales strategy using supply chain information within the blockchain.
• SMEs will be able to reduce the cost of developing supply chain management infrastructures as the only cost they have to incur is for execution of Smart Contracts within the ecosystem.
• Privacy is prioritized as the advantage of the private blockchain is capitalized upon to keep confidential information undisclosed.

Conclusion
From all that I have been able to state above, it is obvious that the present supply chain management system is greatly flawed. Temco has the potential to be the long awaited project which will bring about much needed efficiency in supply chain management through the introduction of blockchain technology.

If you intend to learn more about the Temco Platforms, I have provided some links below;
Official Website- https://temco.io
Medium- https://medium.com/temcolabs
Facebook- https://facebook.com/TEMCOLABS
Twitter- https://twitter.com/TEMCOLABS
Telegram- https://t.me/temcolabs

Bitcoitalk Username- tbossmitche
ETH Wallet Address- 0x6f54F652c650Cc6A7bed4C355B8Ce728C026C23E