EY OpsChain Network Procurement
As part of our blockchain platforms, EY OpsChain Network Procurement helps organizations run procurement activities using tokens and smart contracts on a public blockchain network. It reduces the complexity created by extended business networks, fragmented IT systems and variable procurement agreements.
What EY can do for you
Procurement is the primary function through which organizations interact with external business partners. While supplier and buyer networks alike have become increasingly complex, the technology used to manage these networks is based on legacy applications and processes. The result is that the procurement teams are very good at negotiating agreements but struggle to effectively execute them.
The EY OpsChain Network Procurement solution allows organizations across all sizes and sectors to reduce the complexity created by extended business networks, fragmented IT systems and increasingly variable procurement agreements.
The solution is first-of-its-kind, enabling organizations to run end-to-end procurement activities using tokens and smart contracts on a public blockchain network.
The business benefits include:
- Improved ability to negotiate agreements globally and execute locally
- Increased transparency across supplier network
- Elimination of manual reconciliations
- Automated contract execution
- Ability to leverage one single, immutable version of the truth for authorized stakeholders
- Increased data accuracy and analytics
- Integrated siloed systems into one environment