Target

Adopting Blockchain Technology in Target’s Supply Chain
Student’s Name
Institutional Affiliation

Abstract
Target is yet to adopt blockchain technology in its supply chain, which implies that it is lagging behind competitors, such as Walmart, which have already implemented the technology. Therefore, this reduces the competitiveness of Target because it cannot process its inventory fast with efficiency and effectiveness observed in Walmart. Even though it is researching on avenues to make the current supply chain faster, from research, it is clear that blockchain technology is a game changer in logistics and supply due to its effectiveness in managing resources in multiple geographical locations. Therefore, Target should adopt the technology, which will be essential to provide more visibility in the supply chain and inventory management system. Target has numerous store locations, and therefore, would benefit from the application of the technology in bettering its supply chain, which will help the company manage its stores in multiple locations more effectively and efficiently, hence allowing the supply chain to be faster, an aspect it currently lacks.

Adopting Blockchain Technology in Target’s Supply Chain
Introduction
The chosen organization is Target, which was chosen because it lags behind in the application of blockchain technology in the supply chain management system compared to competitors, for example, Walmart. For instance, Walmart patented its “Smart Package” blockchain tool that it uses in tracking its package contents, location, and environmental solutions that have facilitated supply chain efficiencies (Partz, 2018, para 2).

Needs Analysis
Need for Effective Supply Chain
The researcher first investigated the application of blockchain in supply chain management. Then an analysis of what companies have already implemented was done and those that are yet to adopt blockchain technology identified.
Benefits
Target is one of them and would benefit from the application of the technology in bettering its supply chain, which will help the company manage its stores in multiple locations (Marr, 2018, para 1).
Existing State
Target has a supply chain management system that is not fast enough, which is why it is experimenting with ways to make it faster and effective in managing its inventory (Slovak, 2018, para 1).
Future State
Vision
The vision is that three to five years after the study’s submission, Target’s supply chain management will be more effective and efficient compared to the current state.
Effective Supply Chain
The company will be able to digitally track product origination details, processing data, storage temperatures, as well as shipping details more effectively, just like its competitor, Walmart (Craik, 2017, para 2).
Recommendations
Blockchain Technology in Supply Chain
It is recommended that Target should adopt Blockchain technology in its supply chain management, which will allow more visibility to the supply chain (Supply Chain Drive, 2018, para 1).
Integration Plan
Project Management Plan
The recommendations can be integrated into Target’s enterprise system through a project management methodology, which entails initiation, planning, executing, monitoring, and project closure with effective training of the supply chain managers (Tesch, Kloppenborg, & Frolick, 2007, p.67).
Control Process
Expectations
This will entail comparing the desired expectations of the blockchain technology in terms of efficiency and effectiveness, for example, whether the resulting supply chain is faster.
Modifications
Modifications can be done to ensure that the most optimal performance is reached, such as inclusion of tracking the raw materials of all its products.
Conclusion
In conclusion, adopting blockchain technology in Target will be vital in making the supply chain faster, a goal that the organization is currently researching on. Target has been left behind in the technology, which is why it should adopt it to improve its competitiveness.
References
Craik, D. (2017). Case study: How Walmart uses blockchain. CIPS. Retrieved from https://www.cips.org/en/supply-management/analysis/2017/june/case-study-walmart/
Marr, B. (2018). How blockchain will transform the supply chain and logistics industry. Forbes. Retrieved from https://www.forbes.com/sites/bernardmarr/2018/03/23/how-blockchain-will-transform-the-supply-chain-and-logistics-industry/#5f40c0725fec
Partz, H. (2018). Walmart to implement blockchain-based delivery system. Coin Telegraph. Retrieved from https://cointelegraph.com/news/walmart-to-implement-blockchain-based-delivery-system
Slovak, J. (2018). Target experiments with faster supply chain. Forbes. Retrieved from https://www.forbes.com/sites/julianneslovak/2018/05/14/target-experiments-with-faster-supply-chain/
Supply Chain Drive (2018). Why blockchain in the supply chain is an absolute game changer. Retrieved from https://www.supplychaindive.com/news/why-blockchain-in-the-supply-chain-is-an-absolute-game-changer/529154/
Tesch, D., Kloppenborg, T. J., & Frolick, M. N. (2007). IT project risk factors: the project management professionals perspective. Journal of computer information systems, 47(4), 61-69.