Track and Trace solutions to revolutionize conventional manufacturing

November 1, 2021 5:38 pm

“Blockchain technologies blended with IoT can certainly create significant impact for supply chain organisations.”

What are the segments in digital supply chain traceability? 

Blockchain is the new buzzword which the entire industry is quite familiar with. Besides cryptocurrency and Bitcoin etc, Blockchain technologies can be significantly leveraged in many industries. The supply chain is undoubtedly one among them. Large OEMs would require resilient global supply chain models focussing on tracking and tracing several consignments in real time. 

MSRcosmos Track and Trace solution can capture all the crucial aspects of a product -right from its raw material description and manufacturing to consumers. Track and Trace provides comprehensive visibility of all consignments, mitigates fraud, ensures product safety, aids in efficient supply chain analytics and increases customer engagement and trust. 

What is the extent and scope of traceability solutions market? 

The traceability solutions market has been increasing significantly and spreads into an extensive variety of industries such as manufacturing, automotive, retail, pharmaceutical, logistics, etc. According to an article shared by marketsandmarkets.com, the global traceability solutions market is projected to reach $7.3 Billion by 2026. Blockchain-enabled traceability solutions can enhance the brand value and keep the brand reputation intact by detecting counterfeits and fraud. 

Our state-of-the-art Track and Trace solutions enable all the end users by offering them a detailed overview of the product’s origin and its journey. For example, Traceability solutions help manufacturers monitor- where the products are being delivered to, while the companies and end-customers can understand where the products have come from. Thus, bringing credibility factor to the brand instilling brand trust. 

Post pandemic, what future prospects do you envisage for the IoT based technologies applicable for traceability in the supply chain? 

With the serious consequences of the pandemic, large organisations and OEMs are embracing digitalisation and transforming themselves very quickly, this has caused a up to a 60 percent increase in internet traffic. As a result of this there has been a significant improvement in online shopping, sales, services, etc. 

Blockchain technologies blended with Internet of Things (IoT) can certainly create significant impact for supply chain organisations. With the advent of new generation IoT devices, the traceability of goods and consignments can be established and thereby sharing the same within the blockchain framework. 

Employing sensor-based technology is seen for IoT-led traceability solutions, monitoring manufacturing and warehouses. Do you think track and trace solutions and opportunities are splurging for new market entrants? Yes, opportunities for Track and Trace solutions are splurging up across all industry segments. According to an article published by World Trademark Review it states that in 2016, counterfeit products held a revenue of around $500-$600 billion. Track and Trace solutions are going to revolutionise conventional manufacturing which will disrupt all the existing technologies in terms of supply chain management. 

Which among the various traceability solutions command major market share? 

In the existing supply chain models, certainly several technologies are in use. However, most of these conventional technologies do not have the capability to provide a comprehensive track and trace solution and counterfeit management. At MSRcosmos we are committed to deploy these solutions which can boost productivity and efficiency in the smartest possible way. 

What is your say on global demand and supply chain challenges for Track and Trace solutions? 

According to a recent article by marketsandmarkets. com, the worldwide track and trace solutions market is expected to grow at a CAGR of 12.1 percent to USD 7.3 billion by 2026, up from USD 4.1 billion in 2021. 

To combat the existing supply chain challenges and traceability, the conventional models are proven to be very expensive, besides being time intensive. Hence, with our innovative Blockchain and AI-enabled Track and Trace solutions, we are committed to help all component manufacturers, OEMs, build state-of-the-art traceability solutions which can keep track of your raw materials, manufacturing processes and entire supply chain.