Blockchain has built significant inroads in procurement industry today. The new technology acts as a bridge between machines and humans and build trust between partners by creating smart contracts, improving purchase order cycle, providing supply chain visibility and creating transparency into the business processes.
Let's see how Blockchain disrupts procurement process and adds value to your business:
Validation & Authentication
Blockchain would authenticate the products/services and transactions that pass through the procure-to-pay cycle, thereby, improving security and preventing fraud across the procurement process.
Purchase Order Management
Any transactions or purchase orders can be easily transmitted through the blockchain with high-end security. You can quickly look up for the Pos or receipts without having to sift through piles of paper. Also, this would take the burden off associated with vendor searches, and PO processing.
Track the entire audit history, so you can easily trace out the transactions done and left out. This delivers end-to-end visibility into procurement and makes it easy to track the goods.
Block Chain provides a new interface to authorize vendors, post catalogues and place a purchase. The technology ensures that reliable goods are received and payments are made in a timely manner. This information can help build trust and transparency throughout the procurement operations.
Smart contracts and orders automatically trigger pre-agreed payments on completion of the transaction cycle.
PRM360 can help you understand how blockchain adds value to your business and how you can become a strategic leader in the marketplace.