Samsung eyes blockchain technology to cut supply chain costs by 20%
Song Kwang-woo, vice president...
Samsung is targeting the introduction of blockchain technology that could reduce its global shipping costs by up to 20%.
Song Kwang-woo, vice president of Samsung SDS, the Korean multinational’s specialist technology arm, has revealed the company is investigating the possibility of using a blockchain ledger system to ‘fuel its digital transformation’.
By automating channels of communication both internally and with port authorities, it predicts that it will be able to improve efficiency by up to a fifth – potentially saving billions of dollars every year.
- SAP - why drones have a key role to play in the future of procurement
- Three industries ripe for IoT transformation in 2018
- READ THE APRIL EDITION OF SUPPLY CHAIN DIGITAL HERE
“It (blockchain) will have an enormous impact on the supply chains of manufacturing industries,” said Song, speaking to Bloomberg. “Blockchain is a core platform to fuel our digital transformation.”
Samsung works with approximately 2500 suppliers around the world, building relationships around five key criteria: cost competitiveness, human resources capacity, on-time delivery, response to risk and supplier competitiveness. SDS says it will handle around 488,000 tonnes of air cargo and 1mn TEUs in 2018 alone.
Last May, SDS launched a blockchain pilot to track imports and exports of shipments in Korea’s shipping sector, a trial that concluded at the end of the year.
According to a recent report by IndustryARC, the global blockchain in supply chain market is forecast to maintain a compound annual growth rate (CAGR) of over 48% between now and 2023, reaching a total valuation of $424mn by the end of the period.
New speakers announced for Procurement & Supply Chain Live
Two leading executives in supply chain transformation have been confirmed for this year's Procurement & Supply Chain Live event.
Procurement & Supply Chain Live is the perfect opportunity to hear from prominent executives at the world’s leading procurement and supply chain businesses. The event will be streamed live from Tobacco Dock, London via the leading networking platform Brella.
The three-day show, running 28-30 September 2021, is an essential deep dive into the industry, with influential speakers sharing insights and strategies from their organisations, group roundtable discussions, and fireside chats.
We take a look at the latest additions to the already amazing lineup of speakers announced so far, and what they will bring to the flagship event.
VP Global Supply Chain at Macmillan Education Ltd
Shaun Plunkett has over 30 years of supply chain leadership experience in FMCG, entertainment and media sectors, supporting multi-billion euro businesses including Universal Music, EMI, Sony Music, Harper Collins and Associated British Foods. He has a track record of successfully delivering transformational change coupled with award winning operating models and developing and coaching global teams. Plunkett says that challenging the status quo is at the heart of what drives him on a daily basis - and encouraging others to continuously push the boundaries.
Read more about Plunkett’s involvement in Macmillan Education’s supply chain transformation HERE
Digital Transformation Lead, Oracle UK and Board Member, CILT at Macmillan Education Ltd
Vikram Singla is digital transformation director at Oracle, UK. He helps supply chain and finance business leaders leverage technology to deliver meaningful business outcomes for their organisations. He also serves on the board if CILT (Chartered Institute of Logistics and Transport) – UK and is an Honorary Visiting Fellow at Anglian Ruskin University. Singla has more than 25 years’ experience in the technology sector, and in global supply chain transformation, including deploying business transformation programmes for Fortune 500 firms. In his spare time, Singla is a passionate brand ambassador for Cancer Research.
Plunkett and Singla join a growing line-up of speakers, including: Sheri R. Hinish, IBM; Robert Copeland, G4S; Daniel Weise, BCG; Mark Bromley, Mastercard; David Loseby, Rolls Royce; and Ninian Wilson, Vodafone Procurement Company.