Blockchain & AI In Digital Supply Chain Management Assignment Sample

Revolutionizing Digital Supply Chain Management: Impact of Blockchain & AI

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Introduction Of Blockchain & AI In Digital Supply Chain Management

Effect Of Blockchain & AI In Digital Supply Chain Management In The UK Retail Sector

The digitization of corporate activities is crucial for conventional firms to participate in the ordinal economy age. In this concern, the acceptance of progressive arrangements and claims such as the “Internet of Things”, “Blockchain Technology”, “Cloud Computing”, “Data Analytics” and “Artificial Intelligence” (AI), in tandem with the growth and development of pertinent ordinal assistances and competences, are essential for the ordinal alteration of companies. Individually, each digital program displays distinct technological benefits and inversely ratifies upon documents and evidence. The research proposal illustrates the review of the literature and distinct methodologies that will be used to perform the research. On the other hand, the purpose of performing the research is also demonstrated briefly in the present research proposal. The process through which data is collected and the data analysis method is also specified in the present research proposal.

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Rationale

The growing competition among retail companies in the UK has enabled several organizations to implement AI and blockchain technologies in the digital supply chain management unit of several retail organizations. However, existing research has not clearly stated the reason for applying AI and blockchain technologies in the retail sector in the UK. The primary purpose of the research is to demonstrate the use of AI and Blockchain technologies to mitigate several issues in the supply chain unit of the UK retail sector. Another purpose of performing the research is to illustrate the challenges that are faced by retail corporations to implement AI and Blockchain technologies in the digital supply chain management unit in the UK retail sector. On the other hand, several audiences and readers are unaware of the operations in the supply chain unit of the UK retail sector. Lack of information and knowledge among audiences and readers is one of the purposes for performing the research.

Aim and objectives

Aim

The research aims to illustrate the impact of Artificial intelligence and Blockchain in the digital supply chain management unit of the retail sector in the UK

Objectives

  • To identify the challenges faced by UK retail sector in enacting AI and Blockchain
  • To determine the drivers for implementing AI and Blockchain in the digital supply chain management unit in the UK retail sector
  • To examine the significance of AI and Blockchain in enhancing supply chain operations of the UK retail industry
  • To analyze the benefits of AI and Blockchain o the supply chain operation

Research questions

  • What are the challenges faced by the UK retail industry in implementing AI and Blockchain?
  • What are the drivers that lead to the implementation of AI and Blockchain in the UK retail sector?
  • What is the significance of AI and Blockchain in enhancing supply chain operations of the UK retail industry?
  • What are the benefits of AI and Blockchain in the UK retail industry?

Brief literature review

Traditional stores' implementation of blockchain technology is behind the times. However, there has been a paradigm change in recent years, with more and more retail companies in the UK seeing the value in this technology. The retail sector in the UK as a whole is undergoing a digital transition, of which this is a component. According to research conducted by Deloitte, consumers demand pricing transparency, convenience, and relevance from brick-and-mortar retailers just as much as they do from online retailers. One apparent use of blockchain technology is in the verification of product authenticity, provenance, and state. AI and Blockchain-enabled sensors may track the temperature of perishable commodities, for instance, and save that information in an encrypted digital ledger. Tsolakis et al., (2022) state that annually, fraud is expected to cost the global economy $5.38 trillion. The value of an unalterable digital ledger in this setting is immediately apparent. Invoices may be stored on the blockchain so that they cannot be altered between the supplier and the customer, which can help retail businesses in the UK cut down on procurement fraud. Having all participants verify a transaction is also useful in reducing fraud. Inventory costs are reduced, orders are fulfilled more quickly, customers are happier, supply chain management is simplified, and forecasts and profits increase as a result.

Integrating artificial intelligence into the supply chain network helps in approximating interior and exterior budgets and expenditures at every level of digital supply chain management in the retail sectors in the UK. AI and Blockchain help in lowering merchandise charges for third-party logistics in the supply chain management in the UK. The implementation of digital technologies helps in enlightening the rapidity, accuracy, and excellence of dealer distributions. According to Cao, (2021), AI and Blockchain also assist in providing improved upstream and downstream preparation for raw material creators, producers, logistics businesses, and other supply chain stakeholders. One of the vital impacts of AI and Blockchain is the technology helps in managing and decreasing the jeopardy for dealers via knowing environmental conditions and other elements.

With the aid of automated technology, Artificial Intelligence can analyze massive amounts of data efficiently and effectively, resulting in actionable insights for retail businesses in the UK. In digital supply chain management, AI and Blockchain have established influence through distinct innovative operations and techniques. According to Mahmoud et al., (2020), combining AI and Blockchain with SCM streamlines decision-making, boosts productivity, and maximizes the use of available resources in the retail sector in the UK. Better choices and decision-making have been made throughout the supply chain management in the retail industry in the UK with the use of artificial intelligence by large corporations, small companies, brands, and retailers.

Artificial intelligence has made formerly labor-intensive processes more efficient, rapid, and smart in the retail industry in the UK. In the digital supply chain management in the retail industry retail companies operate effectively with different operations in their working environment. The use of AI and Blockchain in digital supply chain management allows organizations to identify information and data of clients, drivers, and vehicles, and it utilizes this data to plot the most efficient routes and ensure on-time deliveries.

Having access to real-time images of available stock has added another layer of complexity to inventory management in the digital supply chain management in the retail industry. According to Riahi et al., (2021), AI and Blockchain provide inventory in retail with a wide range of cutting-edge tools for bettering the management of stock levels. With the use of AI and Blockchain, retail organizations can maintain records of proper quantities of products available in the warehouse, and the right number of finished goods can be produced. This aids in maintaining an appropriate inventory level in the warehouse and avoiding the pitfalls of either overstocking or understocking.

Artificial intelligence systems boost production and lessen the need for human labor in the retail industry in the UK. Weber & Schütte, (2019) depicts that the use of artificial intelligence has several benefits, one of which is improved supply chain efficiency. With automation and artificial intelligence, tasks may be performed more reliably and over longer periods with fewer errors. Compared to human workers, robots in a warehouse are faster and more accurate.

Artificial intelligence software detects the trend, makes recommendations for action, and replaces almost depleted supply to keep the customer's order on track in the UK retail business. Multiple issues in the warehouse can be solved by AI and Blockchain technologies. Wamba & Queiroz, (2020) states that by promoting sustainability and expediting organizational activities including distribution, order fulfillment, payment for intermediate items, and information transfer, blockchain technology has the potential to dramatically revolutionize present corporate operations in logistics and SCM. Poor supplier channel management stunts the development of this sector. The payment procedure, which includes verification and processing, takes a significant amount of time for shipments. On the other hand, many providers may be put off by the long procedure and fail to deliver on time. Consequently, it may also result in substantial financial losses for the shops.

However, one of the strongest components of blockchain in retail use cases is the "smart contract". Many businesses in the retail sector may employ "smart contracts" as payment assurance. With this option, they can guarantee payment in a matter of minutes. In this way, the suppliers will be encouraged to complete the cargo on time. In the present times, when consumers are concerned about sustainability and want to know where their goods originate from, many retail businesses are planning to integrate blockchain technology to improve their customer experience. According to Subramanian et al., (2020), the ability to trace and authenticate items offers businesses the data they need to tell customers where their purchases come from, which increases credibility and sales. If they want to succeed in the present and future retail landscape, merchants will need to use blockchain technology for the transparency and validation it gives, as well as for the increased cooperation, trust, and reduced risk it brings.

Many retail businesses have loyalty programs in place to encourage repeat business and new customers. Coalition loyalty programs are a common kind of this since they allow consumers to earn and spend points at various stores. By eliminating the need for middlemen in the typical administration of such initiatives, blockchain facilitates their efficiency. Costs might be cut and all coalition members would have access to up-to-date information in the same way if this were to happen. According to Ghadge et al., (2022), the actors in a blockchain supply chain may keep track of important data like cost, date, location, quality, and certification. Access to this data inside blockchain may boost material supply chain traceability, reduce losses from counterfeit, raise perceptibility and agreement for subcontractor agreement production, and establish a company as a leader in responsible manufacturing.

By using contract manufacturers, retail firms can keep a closer eye on the production process. By ensuring that all participants in a supply chain management have access to the same data, blockchain has the potential to greatly reduce the occurrence of communication or transfer mistakes. More time and resources may be put into providing products and services, either by enhancing their quality or decreasing their price, and less time and resources can be spent confirming data. Sodhi & Tang, (2019) illustrates that Blockchain may provide an efficient audit of supply chain data, which in turn streamlines administrative procedures and lowers expenses. A distributed ledger of all essential information might shorten processes that need human checks for compliance or credit that may presently take weeks.

Source sequence applications are the most mature and widely used use case for blockchain in the business world. This is because blockchain's database-like qualities, along with its traceability and security advantages, make it an ideal tool for cutting costs and guaranteeing that a firm delivers on its brand promise concerning merchandise obtaining or superiority. To date, the trade source sequence blockchain experiments have mostly been conducted behind closed doors. Cole et al., (2019) state that businesses are developing proprietary blockchain systems for usage only by themselves and their source sequence partners. Blockchain technology has the potential to help retailers save costs in their supply chains, get access to funding, and guarantee product quality and traceability. Making a financial commitment at this early stage may provide substantial returns later on.

Brief methodology

The researcher plans to use the Saunders Onion model for the study's methodology. The researcher's "research philosophy," "research design," "research method," and "research strategy" will all have a role in the study's execution. The researcher will adopt an interpretive stance in their investigation. The researcher will have a deeper appreciation of the study's foundational elements and context with the help of this philosophy. By doing so, the researcher will have a deeper understanding of the role of AI and Blockchain in shaping digital supply chain management in the retail sector of the UK (Mishra & Alok, 2022). Interpretivism research philosophy will aid the researcher in gathering different views and perspectives of individuals in the same context. Different organizations in the retail sector in the UK experience different outcomes and consequences with the enactment of AI and Blockchain. This will allow the researcher to gather clear and concise information about the research topic.

Hypotheses for this study will be created using an inductive methodology (Zhang, 2022). To better understand the significance of AI and Blockchain in the supply chain management of the UK retail sector, the researcher will compile a wide range of facts and information to formulate a comprehensive theory. This method will aid the researcher in formulating a hypothesis about the impact of AI and Blockchain in the digital supply chain management of the UK retail sector. The inductive approach will enable the researcher to focus on the context more closely (D?wigo? & D?wigo?-Barosz, 2018). The close focus on the problems and issues will allow the researcher to develop hypotheses clearly and transparently. This approach will allow the researcher to narrow down the context which will give precise focus on the core elements of the research study. The goal of inductive reasoning is to draw broad conclusions from narrowly focused data. In contrast to deductive reasoning, which starts with broad assumptions and narrows in on a particular conclusion, inductive reasoning starts with specific examples. The two kinds have their applications. The power of inductive reasoning lies in its ability to establish the likelihood of future events or to forecast possible outcomes. For this study, the researcher will use an exploratory research design. With the use of an exploratory research design, the research will be able to gather more precise information for performing the investigation. The exploratory research design will also enable the researcher to gather knowledge and ideas which have not been previously investigated. Critical research issues might be presented via exploratory and elaborative designs. Once the concerns have been laid out, the researcher is bound to gravitate toward delving into the issues that are most vital in the present research. By using exploratory designs, The researcher can quickly identify and solve these issues. This method, on the one hand, helps the researcher keep his or her attention on the issue at hand, while, on the other, it guides the researcher toward the scientifically sound collection of data necessary for a successful study (Bairagi & Munot, 2019). This study plan will allow the investigator to delve deeply into the many factors that drive the application of advanced tools in the supply chain unit of retail business in the UK. Effective implementation of AI and Blockchain depends on several factors such as the financial stability and potential of retail organizations and the skills and knowledge of the employees and workers of respective corporations in the retail sectors in the UK, which may be explored using an exploratory research methodology. A qualitative investigation scheme will be used by the investigator in the current investigation (Gupta, A., & Gupta, 2022). The qualitative investigation scheme will allow the researcher to gather knowledge on the experience of the employees and workers and the events that occur with the enactment of AI and Blockchain in the digital supply chain unit of the retail industry in the UK. With the applications of qualitative research strategy, the researcher will be able to identify and gather information on the retail market in the UK. The number of organizations in the retail industry in the UK that have implemented AI and Blockchain and the number of corporations that have gained success through the use of digital tools in the source sequence can be gathered through using qualitative research strategy.

Data collection

In the present research, the researcher has decided to perform the research through the use of secondary sources and information. Therefore, a secondary data collection process will be used by the researcher for the present research. The secondary sources of evidence will be collected from various academic sources such as Google Scholar, ScienceDirect, and ProQuest (Melnikovas, 2018). Along with the academic journals and articles the researcher will be also focusing on newspapers, articles, and magazines to gather information on AI and Blockchain and their impact on digital supply chain management in the retail industry in the UK.

Data analysis

Thematic data analysis will be used by the researcher for the present research. By performing a thematic analysis, the researcher will be able to connect the study of theme frequency with a single piece of material or the whole body of work. This will ensure precision and strengthen the overall significance of the study. Conducting qualitative research involves learning about and gathering information on a wide range of topics and phenomena (Gupta & Gupta, 2022). The researcher may get a broader perspective on any topic via the use of thematic analysis. With the development of several themes, the researcher will be able to accomplish and answer the investigation queries and objectives stated in the research.

Ethical consideration

While conducting this study, the researcher will act ethically. Authorial integrity is an important ethical concern for contemporary researchers. The study benefits from the researcher's extensive collection of relevant data and materials. An author's name will be highlighted when a selected section of an article or journal will be used in the study. So, the researcher has done the right thing by putting the author's name front and center in the publication. The researcher will store the collected data and information in a secure area that can be accessed by respective individuals.

Limitation

Some areas will hamper the efficacy of the present study. The approval of the ethical process is one of the constraints that will reduce the study's efficiency. The study could not get underway until the ethics form was approved. A volume of data and evidence will be amassed for the present study. The researcher must sort the data and evidence according to how reliable they are and how useful they will be to the present study. Due to this, the researcher had a hard time dividing up the study's data and materials.

Conclusion

Digitization of the source sequence in the retail business of the UK has created effective competition among the organizations in the relevant sector in the country. It can be concluded that AI and Blockchain have played a vital role in enhancing the digital supply chain management of the real sector in the country. It has been found that the use of secondary data in the present research has enhanced the variety of information that is collected and illustrated in the present research. The findings also illustrate that thematic data analysis allows the creation of themes that help in addressing the research question of the present research.

References

  • Bairagi, V., & Munot, M. V. (Eds.). (2019). Research methodology: A practical and scientific approach. CRC Press.
  • Cao, L. (2021). Artificial intelligence in retail: applications and value creation logics. International Journal of Retail & Distribution Management.
  • Cole, R., Stevenson, M., & Aitken, J. (2019). Blockchain technology: implications for operations and supply chain management. Supply Chain Management: An International Journal.
  • D?wigo?, H., & D?wigo?-Barosz, M. (2018). Scientific research methodology in management sciences. Financial and credit activity problems of theory and practice, 2(25), 424-437.
  • Ghadge, A., Er, M., Ivanov, D., & Chaudhuri, A. (2022). Visualisation of ripple effect in supply chains under long-term, simultaneous disruptions: a system dynamics approach. International Journal of Production Research, 60(20), 6173-6186.
  • Gupta, A., & Gupta, N. (2022). Research methodology. SBPD Publications.
  • Mahmoud, A. B., Tehseen, S., & Fuxman, L. (2020). The dark side of artificial intelligence in retail innovation. In Retail Futures (pp. 165-180). Emerald Publishing Limited.
  • Melnikovas, A. (2018). Towards an explicit research methodology: Adapting research onion model for futures studies. Journal of Futures Studies, 23(2), 29-44.
  • Mishra, S. B., & Alok, S. (2022). Handbook of research methodology.
  • Riahi, Y., Saikouk, T., Gunasekaran, A., & Badraoui, I. (2021). Artificial intelligence applications in supply chain: A descriptive bibliometric analysis and future research directions. Expert Systems with Applications, 173, 114702.
  • Sodhi, M. S., & Tang, C. S. (2019). Research opportunities in supply chain transparency. Production and Operations Management, 28(12), 2946-2959.
  • Subramanian, N., Chaudhuri, A., & Kay?kc?, Y. (2020). Blockchain and supply chain logistics: evolutionary case studies. Springer Nature.
  • Tsolakis, N., Schumacher, R., Dora, M., & Kumar, M. (2022). Artificial intelligence and blockchain implementation in supply chains: a pathway to sustainability and data monetisation?. Annals of Operations Research, 1-54.
  • Wamba, S. F., & Queiroz, M. M. (2020). Blockchain in the operations and supply chain management: Benefits, challenges and future research opportunities. International Journal of Information Management, 52, 102064.
  • Weber, F. D., & Schütte, R. (2019). State-of-the-art and adoption of artificial intelligence in retailing. Digital Policy, Regulation and Governance.
  • Zhang, Y. (2022). Research methodology. In Assessing Literacy in a Digital World (pp. 51-71). Springer, Singapore.
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