According to recent surveys, nearly three-quarters of consumers rank transparency as one of the main factors they’ll consider when shopping for a product or choosing a new brand. At the same time, manufacturers are facing an unprecedented dilemma: expanding the supply chain to meet increased product demand or focusing on a simple and transparent end-to-end product journey. Luckily, thanks to new technologies such as blockchain, Non Fungible Tokens (NFTs), and the Metaverse, producers no longer have to choose between meeting the market demand and providing unparalleled levels of transparency.
Here is why introducing a radical transparency strategy into your company will give you a unique competitive edge and win over the hearts and minds of your consumers.
Originally introduced by Bridgewater Associates in the early 1990s, radical transparency refers to a company’s management ethos and framework that focuses on making available as much company data and information as possible to the public.
Radical transparency allows a company’s employees to make well-informed decisions based on immediately accessible company data and ensures that consumers make conscious choices when purchasing a product.
What’s more, when adopting a radical transparency mindset, industry leaders can make stakeholders and shareholders aware of the company’s mission, future goals, and performance.
In today’s fast-changing economic environment, consumers are looking to find companies willing to provide transparent data about a product’s sourcing, manufacturing, and distribution process. In turn, this makes it more important than ever for companies to switch to a radical transparency ethos.
However, in order to deliver such transparent, accurate, and up-to-date information to shareholders, companies must first collect and store this data.
While this might have been a straightforward process with simpler product journeys, i.e.: “farm to table” products, the complexity of today’s supply chain makes it all the more difficult.
This is where emerging technologies such as blockchain, NFT, and the Metaverse can help.
These interrelated systems work together to deliver authentic and real-time information about each product on the supply chain. Smart packaging solutions and NFTs help companies create a digital twin of each product, which then allows for the recording of each transaction on the blockchain. Due to the blockchain’s nature, each record is immutable and impossible to be tampered with.
This system, which is replicated on the Metaverse, allows manufacturers to gain visibility into each step of the supply chain, and help consumers confirm the brand’s authenticity claims.
When working with product authentication specialists, you can obtain a tailored radical transparency system designed around your company’s unique needs, which can yield benefits such as the ones below. Visit https://authena.io/radical-transparency/ to understand more about how companies are winning through radical transparency.
Today’s sprawling global supply chain and the advent of eCommerce have triggered a surge in fake goods sales and fraud attempts. Aside from significant financial losses, the circulation of fraudulent goods under your brand name can cause major reputational damage, customer loyalty loss, and public health risks.