This Los Angeles startup aims to disrupt the supply chain industry with blockchain
Are we ever going to get tired of hearing about Blockchain? Probably not! The blockchain revolution is just getting started. We are only just beginning to scratch the surface. As we mentioned in this post, Blockchain is a revolutionary technology that is poised to transform every industry as we know it. The supply chain industry is ripe for disruption. At the end of 2017, the supply chain market was estimated at $13 billion. It is on pace to exceed $19 billion by 2021, according to a forecast from Gartner. Just like Eximchain, Omnichain is a new startup that is aiming to disrupt the supply chain using Blockchain.
Omnichain Solutions (Omnichain) is a Los Angeles, California-based supply chain technology startup that is leveraging the power of Blockchain to distrup the supply chain industry. The startup plans to make its debut as an ALPHA startup on Thursday, May 3, at Collision 2018, America’s fastest growing tech conference.
Founded by global supply chain expert Pratik Soni and software innovator Ray Young in 2018, Los Angeles-based Omnichain Solutions (Omnichain) provides intelligent, end-to-end supply chain technology solutions. Its demand-driven, Software-as-a-Service (SaaS) platform provides real-time transparency, trust and efficiency from source to shelf using Blockchain technology. The holistic platform simplifies store-level forecasting and replenishment, optimizes manufacturing planning, eliminates lost sales, and reduces carrying costs, while driving supply chain transparency, accuracy and accountability.
Pratik Soni, co-founder and CEO, Omnichain, said, “Global supply chains cross country borders, traverse technology networks and touch countless supply chain professionals when moving products from suppliers and manufacturers to warehouses and retailers. This complicated web of technology and distribution networks creates too many opportunities for human error, data silos, and supply and demand imbalances, resulting in lost sales. With Blockchain technology, real-time transparency and seamless data flow, global manufacturers, vendors and retailers will know exactly when products arrive at each check point, when payments clear and if inventory gets low, driving trust, accuracy and accountability across the value chain.”
With a combined 40 years of supply chain experience, Soni and Young possess a unique understanding of the challenges and intricacies of supply chains. Soni brings a wealth of knowledge in supply chain design, implementation and business strategy, having led numerous startups as well as Fortune 500 companies like i.am+, Apple and Beats Electronics. Widely recognized as a thought leader in supply chain technologies and innovation, Young has held many key positions in corporate IT management. He launched groundbreaking systems for product demand planning and replenishment, which were adopted by companies like Disney, Paramount, Sony and Motorola. The two innovators founded Omnichain with the vision to leverage the same Blockchain technology that is transforming FinTech to drive operational excellence across the supply chain.
“Traditionally, organizations have relied on enterprise resource planning (ERP) systems to manage production and inventory based on market demand. But, 80 percent of in-market ERP solutions only provide planning to the warehouse level. The remaining 20 percent don’t factor in store-level demand, resulting in inefficiencies both upstream and downstream in the supply chain. We wanted to develop a solution that provides complete data transparency from source to shelf. Using Blockchain technology, we can build trust for our customers with an irrefutable ledger of transactions and complete visibility to support business decisions,” Ray Young, co-founder and CTO, Omnichain, said.