Accenture Plans To Launch Blockchain-Based Procurement Solution
According to a press release, Accenture has a blockchain solution that just went live. The company stated it operates with many suppliers all over the world, and as its business develops and runs more promptly, so do the suppliers and contractors it works with. Maintaining track of everything is complex, and onboarding new clients requires ample of data collection.
“With increased supplier demand, Accenture buyer teams need to move quickly and effectively,” stated Shane Marshall, the company’s managing director of Global IT and Blockchain.
“But, too often, they are slowed down because of siloed systems and duplicated data entry. Given this, Accenture Procurement asked our internal IT and Accenture Technology blockchain organizations for a solution.”
The team worked collectively and developed a “True Supplier Marketplace solution,” which is a process that was facilitated by a shared procurement platform.
The new platform connects buyer units and suppliers in one platform, puts the supplier information and responsibility with the suppliers, and is on a blockchain network that’s available by a distributed application in a way that provides for the data to be distributed securely.
The True Supplier Marketplace solution has “dramatically improved Accenture’s approach to enable suppliers and manage the relationships,” Marshall stated.
“By giving control and possession of data to the true owner, the supplier, the True Supplier Marketplace, decreases onboarding time, improves compliance, and facilitates the journey to touchless source-to-pay processing. Accenture buyers can procure necessary resources for Accenture teams in shorter lead times, and invoice processing and payments are timely as well.”
Last year, Coca-Cola, whose supply chain operations were led by a firm named Coke One North America, announced it was going to develop its blockchain software to 70 manufacturers, from two.
The blockchain assists in improving the company’s distribution, and it enables manufacturers to have access to other suppliers’ orders and specs.
In 2018, Credit Data, one of the most well-known crypto exchanges in Korea, joined a blockchain procurement project. Credit Data, which works in the small and medium-sized business (SMB) accounting software market, launched a project to utilize the blockchain to come up with a solution to get procurement costs down for its consumers. Upbit, one of the biggest crypto exchanges in the country, partnered with Credit Data on the solution.