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Once the product is made and is ready to be delivered it has to pass through the supply chain. The supply chain is the network between a company and its suppliers to produce and distribute a specific product to the final buyer.
Supply chain management is a crucial process because an optimized supply chain results in lower costs and a faster production cycle.
A component of supply chain management , inventory management supervises the flow of goods from manufacturers to warehouses and from these warehouses to the end point of the chain. A key function of inventory management is to keep a detailed record of each new or returned product as it enters or leaves a warehouse. Perhaps the most critical role that inventory plays in supply chain is that of facilitating the balance of demand and supply , to effectively manage the forward and reverse flows in the supply chain.
These opportunities and the markets where they are taking place however have created and encouraged the growth of counterfeit goods and theft. These unwanted activities result in consumer dissatisfaction and revenue loss. These can also lead to health issues and threats to brand name. The supply chain is one of the most important areas that brands need to invest in order to eliminate counterfeiting and to protect their brand name and image.
7% of small businesses that have inventory doesn’t track their inventory at all and 15% use pen and paper , another 24% use a spreadsheet. Only 33% use an inventory management system such as QR codes scanning system. One of the top ten reasons startups fail is poor inventory management. A shocking amount of capital is tied up in inventory. Inventories world wide has tied up $1.1 trillion in cash. An example of counterfeiting in the supply chain of pharmaceutical chain occured in US in 2012 , related to Avastin ,an injectable medicine used to treat cancer. A Canadian supplier sold counterfeit Avastin that did not contain any of the active ingredients required for the medicine. One of the techniques that can be used to tackle this problem is the use of smart and intelligent QR codes. Quick response codes or QR codes are becoming more and more popular in and out of warehouses and storage facilities. In supply chain management, QR codes are important tools for inventory management. Organizations use QR codes to track more than names and prices of products. QR codes can be used in inventory management for items accountability where unique QR code is placed on each item and operator can use this code to quick check in and check out process. When code is placed on the shipping package , operator will scan it and a system will enter that location into the database. So QR codes act as good inventory management system.
Genuine Mark can play a vital role in safeguarding your brand name. The main aim of Genuine Mark is to end counterfeiting and for that it has designed a brand protection technology that ensures the delivery of fresh, unadulterated and authentic products right from the manufacturers to the tail of the supply chain.
Genuine Mark offers printed labels on the product including intelligent QR codes that gives details about the product and its specifics. It also offers scratchable holograms that ensures two level security of your product. In supply chain also , you can get full information of where the product is , where it has come from , where it will be heading and the terminals within the supply chain. It ensures the authentication of the product and bans counterfeiting.
So, implementation of smart methodologies such as GENUINE MARK in the supply chain inventory management system is the pressing need of the hour so that the products we use or consume could be made original and duplication could end.