Question
Your company is one of the largest player in the toy industry In light of the large variety and large amounts of products, your company has adopted the many supplier strategy for sourcing some modules/components The CEO understands the safety of toys and any issue with quality can be detrimental. Last year, your company has collaborated with a tech firm that provides the block-chain technology . When it comes to different data received, which one of the following would you consider most important? Data about the origins and authenticity of modules components Data about the volume of sales across product variety Data about future demands for your products Data showing whether the production lines in different countries are running efficiently
Answer
4.5
(208 Votes)
Geraldine
Expert · Tutor for 3 years
Answer
All the data mentioned above is useful in different contexts of business operations. Yet, focusing on the concern raised by the CEO – the safety and quality of the products, the most important data for your company would be "Data about the origins and authenticity of modules/components". The reason lies in the fact that partnering with a blockchain tech company will augment the robustness of the supply chain by ultimately providing thorough visibility on every constituent module of your toys. The assurance of genuine products (ensured by using blockchain principles) could further ensure superior quality control resulting in increased consumer trust. Other factors that make this data extremely important include: varying rules and regulations for different geographical makers on what's permitted in a toy, safety rules limiting the risk of injury from physical & mechanical hazards, and the demand for authenticity claims because they resonate with consumers making relationships stronger apart from the broad corporate responsibility and compliance activities they necessitate. That said, data about the volume of sales across product variety, future demands, and the efficiency of production lines do bring value, but are primarily aimed at cost-optimization, stock management, market trend analysis, strategical planning, etc. Please note, if quality control is ensured with "Data about the origins and authenticity of modules/components", the processes perfectly in place will inevitably lead to easier ways of handling, recording, and then acting on other forms of sales, demand, or efficiency data.
Explanation
|The concerns expressed by the CEO indicate that the top priority is quality. Therefore, it stands to reason, to focus on the data that promotes product quality. By using blockchain technology that aggregates information from all layers of the manufacturing/executive processes, your company not only secures and isolates the areas threatening the product safety norms but reinforces the trust between the customer and the product your company builds. Thereby, data regarding the origination of structures/components provides insights regarding the legality and quality of every part. This, paired with sound strategic assessment based on parameters like market planning for sales enhancement, investing in R&D, SCM optimization, slashed variable and/or actual operational prices would not just heighten product safety and quality but also amplify returns across fields making gains consistent and sustainable.