McKinsey-TT Club: Blockchain Key to Supply Chain Future
Supply chain providers will have to fully utilise blockchain and data technologies if they are to remain competitive in the next 25 years, according to a report by international freight insurer TT Club.
In the ‘Brave new world? – Container transport in 2043’ report, TT Club and Management Consulting firm McKinsey claim the industry is currently in a period of “incredible experimentation”, with digitally enabled services becoming more influential as the container industry faces a series of significant challenges.
The report has suggested that by 2043, the fundamental drivers behind value creation will be data and analytics, with companies that are able to utilise blockchain technology being able to outcompete their rivals.
It has also examined a possible future for the industry that it calls the ‘Digital Reinvention’, a scenario that will require companies to utilise six potential means of value creation, which range from logistics flexibility to automation and environmental performance.
Commenting on the report, Charles Fenton, TT Club’s CEO, said: “The container transport industry faces a complex future. The industry experts in this research are generally agreed that the physical characteristics of the industry won’t change radically.
“However, automation holds enormous potential; digital, data and analytics will be central to competitive dynamics, and the business models of industry leaders in 2043 could look very different from today.”