IBM has developed a blockchain contractor management solution which it plans to roll out later this year, reported online publication CIO. Called IBM Contingent Labor, the platform will automatically track timesheets, purchase orders, and other data related to contractual work.
IBM and blockchain consulting firm IT People initiated the project to automate contractor processes. An explainer video is dated 2017, although the company said the project started in 2018.
The legacy process involves manual effort to validate vendor invoices, verify timesheets, and onboard new contractors, among other things. The issue is the process involves an internal procurement department as well as an external supplier who secures the contractors. Hence there’s a lot of reconciliation that can be avoided.
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