How can technology improve transparency in supply chains? 🔊
Technology can enhance transparency in supply chains through tools like blockchain and IoT devices. Blockchain enables immutable records of transactions, ensuring traceability and authenticity of products. IoT devices provide real-time data on inventory, transportation, and environmental conditions, allowing companies to monitor their practices closely. Enhanced transparency leads to increased accountability, fostering trust among consumers and stakeholders. Additionally, technology helps identify inefficiencies and potential risks in the supply chain, promoting ethical sourcing and sustainability. By leveraging these technologies, businesses can improve communication and collaboration across the supply chain, benefiting all parties involved.
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