Indian Coffee Board launches blockchain marketplace to improve supply chain
This week the Indian Coffee Board announced the launch of a new blockchain-powered e-marketplace for coffee. The project was activated by Commerce Secretary, Dr. Anup Wadhawan; Mr. Jose DausterSette, Executive Director, International Coffee Organisation’s (ICO) from Nairobi, Kenya; and Rahul Chhabra, India’s High Commissioner to Kenya.
100% of India’s coffee is grown under shade, handpicked and sun dried. The country’s coffee has a reputation as a premium product, produced by small coffee growers and tribal farmers adjacent to National Parks and wildlife sanctuaries in the Western and Eastern Ghats, which are two of the major biodiversity hotspots in the world.
However, the share of profits seen by coffee farmers is, according to the Coffee Board, very meagre, as there is little transparency from procure to pay. The new blockchain-powered marketplace app is intended to bring transparency to the Indian coffee supply chain, maintaining the traceability of Indian coffee from bean to cup, ensuring that coffee growers are fairly compensated for their product.
The Indian Coffee Board hopes the initiative will help build the brand of Indian Coffee as a luxury, premium beverage, and eliminate the need for intermediaries in the supply chain vertical.
According to a report by CoinTelegraph “the application will initially launch in a pilot phase with a limited number of growers for the next four to five months. Should the test prove successful it will be expanded to all growers in the country.”
Blockchain has, according to CoinTelegraph, already seen adoption by food producers in the US and Europe, in order to create greater transparency and efficiency in their supply chains. Recently, “the National Pork Board partnered with startup ripe.io to test out a blockchain platform for pork supply chains. The new platform will purportedly enable the Board to monitor and evaluate sustainability practices, food safety standards, livestock health, and environmental protections. In February, French President Emmanuel Macron advocated for the use of blockchain to innovate supply chain management in European agriculture.”
Vizibl: The Future of Supplier Relationship Management (SRM)
Even the best procurement team on the planet can only derive so much value from their suppliers by tinkering with spreadsheets or negotiating another half-percent-per-unit from a regular bulk-buy.
The value of relationships count in today’s fast-paced and disrupted business environment, where partnerships, future efficiencies and risk mitigation are just as vital a measure of an organisation’s maturing procurement organisation as overhead reduction.
A recent McKinsey survey into 100 large organisations found that the more cooperative an organisation, the more financially competitive it could become. "Companies with advanced supplier-collaboration capabilities tend to outperform their peers,” it found, but also admitted that this value is not a simple thing to access.
Visibl is a company built from the ground up with the philosophy of ‘delivering mutual value' in mind. Its digital procurement platform is designed to place collaboration at the centre of supplier relationships. Greater transparency for all stakeholders not only simplifies and quantifies contractual obligations, but also provides opportunities to discover and align on common goals and business objectives.
How does Vizibl’s platform work?
Vizibl’s supplier relationship management platform feeds off data. By leveraging data from existing enterprise applications such as ERP, P2P, risk management, or project management systems, all stakeholders can share a central source of truth. The result is greater transparency, visibility and accountability on both sides of a contract. The platform is divided into several focus areas:
- Vizibl Relationships: This system helps organisations move beyond transactional interactions with their suppliers, instead building trust and applying a governance framework that is both scalable and consistent to better support core business objectives.
- Vizibl Workspace: Operating in one virtual workspace removes friction in collaborative endeavours and aligned initiatives. Vizibl Workspace enables partners to drive goals together, whether improved cost-savings, ESG commitments, new product launches or boosting operational efficiency.
- Vizibl Reporting: Measuring results is critical in achieving business objectives, forward planning and risk management. This system helps business leaders leverage actionable data to quantify and drive initiatives, support and mange supplier performance, and understand true ROI.
Key Vizibl customers: Heineken, Vodafone, Astellas
“Gartner lists supplier collaboration as supply chain leaders’ number one focus to solve for agility and resilience”
Speaking to SupplyChainDigital.com earlier this year in June, Mark Perera, CEO and co-founder of Vizibl said: “We work with companies across multiple industries, but regardless of sector, we really see agility and resilience as overarching topic areas in the supply chain. From a resilience perspective, that’s both in terms of operational resilience, but also strategic resilience; we see organisations looking at implementing the desired levels of flexibility and the ability to change with demand, as they look towards the future of their company.”
“Gartner lists supplier collaboration as supply chain leaders’ number one focus to solve for agility and resilience,” he added. “The mindset and process change to switch to a supplier collaboration model will be a challenge for organisations that are falling behind.”