MFG Token and Blockchain for a More Responsive Supply Chain
The Problem
In today’s manufacturing environment, one of the most vexing problems for both vendors and buyers is the speed with which ordering moves. The big boys have no trouble getting replies to their RFQs or filling their production queues, but smaller companies have trouble competing. If you are a small to medium-size manufacturer or purchaser, you may feel ignored sometimes.
MFG Tokens Provide Incentives
The Smart Manufacturing blockchain marketplace helps to level that playing field by providing incentives in a market that has never before had them. The blockchain is permissionless to join, but permissioned to edit through Smart MFG Tech’s MFG tokens. Participants in the blockchain can purchase tokens and trade them to one another in various ways, and use tokens to create and use smart contracts to conduct supply chain transactions.
The Smart Manufacturing blockchain gives small and medium businesses better access to the supply chain marketplace, and MFG tokens allow them to incentivize transactions with one another.
Buyer Incentives
For buyers, MFG tokens can encourage speedy replies even to smaller orders. Too often, manufacturers set small RFQs aside to address larger proposals. By the time the vendor get back around to them, buyers have lost valuable time and may even have to push their release dates.
Buyers in the Smart manufacturing marketplace can incentivize their vendors with MFG tokens. A new RFQ can offer an MFG token “bounty” to any vendor who responds before a preset deadline. Since tokens are the key to participating in the marketplace, vendors have a good reason to move those smaller RFQs along.
Seller Incentives
Sellers can also offer incentives that they couldn’t before. Keeping their production queue flowing is a major goal for any manufacturer, and one key to that is reorders. MFG tokens allow vendors to offer a “bounty” to buyers who repeat an order, or place a different order, within a preset time. Tokens can also be used as incentive to encourage faster replies to a vendor’s bids, much as buyers might incentivize their RFQs.
Automated and Streamlined Transactions
All of these transactions will add no overhead to your purchasing or customer service departments, because it’s all automated through the Smart manufacturing blockchain. When you post an RFQ or fill a customer’s order, you can configure the blockchain with your incentive dates and your offer in MFG tokens. When customer or supplier meets the contract conditions, the tokens will be transferred automatically as part of the contract execution. You can review your contract transactions through the blockchain at any time.
Incentivized Market, Incentivized Transactions
The Smart manufacturing supply chain marketplace offers value to buyers and sellers by giving them ready access to a community of business partners. That value is realized through MFG tokens, which thus hold a value themselves that lets small and medium businesses incentivize their business transactions. This leads to a more responsive supply chain and better business for everyone
