How Blockchain can transform your procurement organisation

The ever-increasing need of consumers forces the supply chain to become lean and agile at the same time. Unlike traditional supply chains, they are vast ecosystems of networks with multiple SKUs through multiple suppliers, all trying to work together. Organisations are always exploring next-generation technologies to improve the levels of performance of their supply chain.

Despite advancements in digital technologies, procurement processes are plagued with a plethora of challenges such as transparency, data inconsistency, trust, and time sensitivity. Paper-based processes are still common, resulting in reduced transparency across networks. Companies facing these challenges are using analytics, IT, and big data to improve supply chain visibility. Newer technologies are replacing older EDI technologies used in the supply chain.

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