Inventory data is monitored by IoT devices and is fed to the analytics engine, which uses this data to forecast sales and optimize pricing. This in turn, triggers inventory replenishment orders. These orders are processed via smart contracts in a distributed network of store managers, vendors, banks, merchants and Insurance companies
Key Challenges
- Loss of sales/revenue due to incorrect inventory data
- Improper contract negotiations with vendors
- Incorrect data for financial decision making and risk assessment
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The Solution
Real time forecasting, trust and transparency assured
The solution has three architectural layers:
- IoT Layer to collect and monitor Inventory data in real time
- The Analytics/ Big Data layer for processing inventory data and other relevant external an internal information to create forecasting models for predicting sales and optimizing price
- The Blockchain layer to enable multiparty decision making and foster transparency and trust in contract execution
When the inventory level falls below a predetermined level, automated replenishment orders are placed. The smart contract codifies the contract execution terms with the vendors while maintaining adequate amount of transaction privacy.
Bringing trust and visibility across contract execution and risk assessment cycles, enabling accurate sales forecasting and inventory optimization
Benefits
Establishing transparency across value chain
The solution was able to mitigate potential revenue loss by automatically triggering orders
Vendor selection and contract terms were data driven and accurate (reducing dispute)
The solution fostered transparency across financial stakeholders during contract execution and risk assessment
