Modern technology has had a significant impact on how industries and businesses interact with one another and their customers. Consumers and other businesses now expect greater transparency in how they conduct business, and online connectivity has played a major part in making this possible.
Smart devices and the ability to access fast and secure internet connections have been key to accessing and updating information to provide transparency, and the increased use of blockchain has also helped.
Speaking of blockchain, this technology is used to process crypto transfers providing greater transparency than ever before for many industries. According to Best Crypto Casinos Limited expert Gary McLellan, the casino industry has benefited immeasurably from the transparency provided by crypto casinos. These options give consumers greater transparency as all transactions are uploaded to the blockchain. This allows them to check the validity and fairness of casino operators, and external auditors can also carry out their checks.
Smart contracts relying on blockchain are also used across different industries to facilitate and automate numerous contracting–related operations, with more and more options available for supply chain organizations.
The supply chain industry is one of the latest fields in which blockchain transparency can also offer a variety of benefits that enhance the customer experience and improve efficiency.
Is Supply Chain Transparency the Same as Supply Chain Visibility?
The main difference between supply chain visibility and transparency is that visibility is an internal factor that allows the smooth running of operations.
Supply chain visibility is required so the business is able to see all operations that pertain to compliance, working conditions, regulatory audits, and production activities.
Supply chain transparency is an external benefit that sees businesses share internal visibility with external parties. This allows customers and regulators to see how operations run and to be able to follow processes in real time.
Supply Chain Transparency Benefits
Keeping external parties updated with processes and actions might seem like an unnecessary and time-consuming additional step. However, its benefits can make the process worthwhile.
Customer Peace of Mind
Making every aspect of supply chain practices public can help to give consumers peace of mind regarding how it is made, where it comes from, and whether workers are treated fairly.
Supply chain transparency also helps consumers remain informed about their purchase, and gives them greater confidence in the product and its safety.
Increased Loyalty
One of the best ways to improve customer loyalty is by building trust with your customer base. The key element to trust is being open and honest, and providing transparency in business operations is the best way of doing it.
For example, if two customers order the same item from different businesses and the estimated shipping and delivery date is delayed due to supply chain issues but only one business keeps the customer informed, that customer will have a much better overall opinion.
While both customers have faced the same delays, if one knows about the delay and has been given a reason why, they can prepare for this. The other will be left frustrated and will be unlikely to be a return customer.
Customer retention is key for any business, with the cost of attracting new customers far greater than keeping existing ones. Good communication and transparency help to build trust and loyalty, and can also result in a business being recommended.
Stronger Business Relationships
Business partnerships are another example of relationships that require trust and transparency. Strong business relationships can help to drive productivity and efficiency, resulting in long-lasting partnerships.
It can also make it easier to resolve issues if there is clear communication and everyone can see the full picture.
Improved Service and Competitive Edge
The majority of customer service queries can be resolved quickly and easily, and providing greater transparency on processes can help many customers find the information they need without the inconvenience of phoning, emailing, or live chatting with the customer service team.
Businesses that provide transparency on their processes and operations are more likely to attract and retain customers than competitors who guard their dealings.
Transparency shows customers and other businesses that there is nothing to hide and can be a useful advantage compared with those who choose to withhold information.
