Blockchain technology offers tremendous value for procurement. It facilitates aggregation of records as a ledger for processes involving multiple parties and automatically adds a new record as a digital fingerprint for every new transaction in the supply chain. However, few companies still downplay the role of blockchain in procurement and fail to reduce the financial costs associated with strategic procurement.
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Benefits of Blockchain in Procurement
Better visibility and savings
Many times, companies find it difficult to track the volume they drive through purchasing. Employing blockchain technology in the procurement process can help companies to incorporate data from their relevant partners and monitor purchases, thereby, reducing the need for the price-verification process.
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Obtaining payments after rendering products/services is a time-consuming process. Using blockchain in procurement can help companies to integrate delivery and payment in digital contracts flowing across enterprises. It can radically simplify finance operations by initiating automatic digital invoicing and payments through the banking system.
Improving the bottom-line requires companies to better manage their finance operations. Request a free demo and gain instant access to 1000+ procurement reports based on different categories.
Surviving without intermediaries
The use of blockchain in procurement allows easy sharing of information for partners in the network. It synchronizes all data and transactions across the network and allows stakeholders to verify the transactions, thereby reducing the probability of any discrepancy in the system.
To know more about the benefits of blockchain in procurement, read the complete article here!
- Global Blockchain Technology Category - Procurement Market Intelligence Report
- The Ultimate Guide to Achieve Effective Contract Management
- How can Blockchain Technology Help in Supply Chain Optimization
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