Accenture has introduced a blockchain-based supplier procurement platform. The solution is named True Supplier Marketplace.
Accenture said that the handling of suppliers has become diverse, both geographically and functionally. Companies deal with large multinational as well as individual freelancers. Thus managing all the relationships is complex. Data collection from onboarding new suppliers is a tedious and error-prone task.
The idea behind this platform is to bring both the buyers and suppliers in a single platform. The ownership and responsibility of maintaining supplier data lie in the hands of the suppliers.
The solution is integrated with Accenture’s SAP enterprise system. Companies can use the platform to automate payment and invoicing processes, prepopulating digital contracts with provided source data, etc
True Supplier Marketplace was first implemented internally within Accenture. It improved Accenture’s approach to enable suppliers and manage their relationships.
Accenture reported that by using this platform the company identified the following positive changes:
- Decrease onboarding time: By giving control to the true data owner (supplier), the end-to-end onboarding time of a supplier has reduced by 73% i.e from 15 days to 4 days;
- Reduced efforts to maintain and update vendor master data;
- Improves Compliance: More than 95% compliance rate achieved through embedded risk assessments and workflow logic;
- Payment and invoice processing have become faster;
- Reduction in manual effort leads to cost savings and an increase in process efficiency.
We have contemplated how blockchain is making steady progress in the supply chain sector. Since the latter is notorious for its opacity, the efforts of big organizations like Accenture are welcome.
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