Yesterday, professional services company Accenture
announced it is using a blockchain supplier procurement platform dubbed the
True Supplier Marketplace. The platform, originally designed to be used by Accenture, will source, onboard, and maintain supplier relationships seamlessly. The consultants now plan to offer the solution as a blockchain software-as-a-service.
Accenture said inaccurate supplier onboarding data and incomplete risk assessment costs businesses about $15 million every year. The problem arises owing to the sheer number and range of suppliers — from multinationals to individual freelancers. Managing these relationships can be complicated and takes up a lot of time and cost. Additionally, duplicate data and manual processes introduce inefficiency, and the legacy systems are the siloed.
Typically procurement departments require suppliers to send a ton of paperwork, which is then vetted and stored internally.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
