Benefits
- Transparency and traceability: Every step in the supply chain is documented with an immutable audit trail, making recall investigations and compliance audits straightforward.
- Efficiency: Real-time visibility into inventory levels and production stages eliminates manual stock checks and reduces planning delays.
- Security: Tamper-proof records prevent unauthorized changes to supply chain data, ensuring accuracy for regulatory reporting.
What changes with Midaz
| Without Midaz | With Midaz |
|---|---|
| Material tracking spread across ERP modules, spreadsheets, and emails | Every material movement is a ledger transaction with full audit trail |
| Recall investigations take days of cross-referencing multiple systems | Query the ledger for the complete journey of any material — instant traceability |
| Inventory counts done manually or through periodic reconciliation | Real-time balance queries show current stock at any stage (raw, in-production, finished) |
| Supplier disputes lack authoritative records | Immutable transactions provide tamper-proof evidence of every delivery and movement |
| Regulatory audits require weeks of data preparation | All records are audit-ready by design — export any time range on demand |
Using Midaz
- Assets: Each item in the supply chain, from raw materials to final products, can be set up as an Asset with unique identifiers.
- Portfolios: For each supplier and warehouse, create a portfolio that will be used to manage and track the flow of materials and goods.
- Accounts: Within each supplier’s and warehouse’s portfolio, create accounts for different stages of the supply chain. For example:
- Raw materials Account: Tracks the amount of raw materials supplied or held in the warehouse.
- In-production Account: Monitors materials currently in the production process.
- Finished Goods Account: Records completed products ready for distribution.
- Shipment Account: Tracks items in transit to customers or other warehouses.
- Transactions: Use transactions to update accounts as materials move through each stage of the supply chain:
- Receiving materials: When raw materials are received from a supplier, a transaction moves the entry from the supplier’s “Raw Materials” account to the warehouse’s “Raw Materials” account.
- Production: During production, materials are transferred from the “Raw Materials” account to the “In-Production” account.
- Production completion: Upon completion, items are moved from the “In-Production” account to the “Finished Goods” account.
- Shipping: When goods are shipped, transactions move items from the “Finished Goods” account to the “Shipment” account.
- Reports: Use Midaz to generate detailed reports, covering current inventory levels, production output, and shipment status. These reports can assist in maintaining stock levels, planning production schedules, and managing logistics.
- Compliance and audits: Midaz’s immutable ledger ensures that supply chain records are secure and ready for audits, meeting regulatory requirements and standards.