SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the benefits of blockchain in procurement.
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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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SpendEdge offers customized procurement market intelligence solutions to help companies across various industries make informed business decisions, stay abreast of the latest technologies, and mitigate different types of procurement risks. Our solutions help companies to transform structural capabilities, improve the bottom line and fast-track time to savings.
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.
Want to know how advanced technologies can help companies reduce the workforce and drive additional savings? Reach out to our experts for detailed insights.
Smart Contracts
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!
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- 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
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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