Accenture has launched a blockchain-based supplier procurement platform. The solution is called True Supplier Marketplace. 

Accenture stated that the handling of suppliers has become distinct, both geographically and functionally. Companies trade with large multinational as well as individual freelancers. Therefore managing all the relationships is difficult. Data collection from onboarding new suppliers is a slow and error-prone task.

The concept behind this platform is to serve both the buyers and suppliers in a single platform. The ownership and responsibility of managing supplier data rest in the hands of the suppliers.

The solution is combined with Accenture’s SAP enterprise system. Companies can utilize the platform to automate payment and invoicing processes, prepopulating digital contracts with provided source data, etc.

True Supplier Marketplace was initially implemented privately within Accenture. It enhanced Accenture’s approach to facilitating suppliers and manage their relationships.

Accenture reported that by adopting this platform, the company recognized the following assertive changes:

• Decrease onboarding time: By giving control to the true data owner (supplier), the end-to-end onboarding time of a supplier has decreased 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 has become faster.
• The decrease in manual effort leads to cost savings and an increase in process efficiency.

We have examined how blockchain is making constant progress in the supply chain sector. Since the latter is famous for its opacity, the efforts of big organizations like Accenture are welcome.