By Steve Tracey📧, Kusumal Ruamsook📧 and Henry Ines
In CSCMP’s Supply Chain Quarterly, Quarter 3, 2022.
Enterprises are increasingly realizing the ability of digital technologies to create a competitive advantage in the procurement function. To date, digital technologies like analytics, artificial intelligence, and robotics process automation have been widely deployed in various procurement domains. Now, a much-hyped newcomer, blockchain, is swiftly gathering momentum. Blockchain has advanced significantly since its early application as the underlying technology of Bitcoin, expanding its field of possible applications. In particular, its ability to enable transparency, traceability, operational efficiency, and trust among users could potentially disrupt procurement operations. Supply chain executives cannot afford to ignore this promising, but yet-to-mature technology. However, blockchain’s novelty and dynamic innovations can make it hard to grasp how this evolving technology could be applied in the real world. To help procurement organizations catch the wave of blockchain technology, this article examines blockchain applications in digital procurement. It highlights areas of applicability and discusses how different blockchain utilities can be advantageously harnessed across procurement processes.
View the full article from the publisher web site here.
Related CSCR White Papers:
Read “Blockchain Fundamentals and Enterprise Applications [Full Paper: Parts 1 and 2]” here.
Read “Blockchain Fundamentals and Enterprise Applications [Part 1]” here.