True Supplier Marketplace

2020: Beginning of use

At the end of January, 2020 Accenture began to use for purchases at SRM SCM suppliers (i) blockchain- the platform which received the name True Supplier Marketplace. The platform should provide uninterrupted vendor relation, and consultants are going to provide new a solution blockchain as service.

Accenture reported that inexact data on suppliers and incomplete risks assessment cost the enterprises approximately $15 million a year. The problem arises because of a wide range of suppliers — from multinational corporations to individual freelancers. Management of these cross ratios can take away a lot of time and means. Besides, repetitions of data and manual processing lead to frequent errors, and the systems of work with suppliers are always isolated.

Accenture began to use for purchases at suppliers the blockchain platform which received the name True Supplier Marketplace

Usually purchasing departments demand from suppliers of ton of documents which then are checked and stored in the company. Accenture aims to create new model of purchases by work with suppliers on a blockchain platform. It integrates buyers and suppliers, providing reliable information about suppliers and their certification. Suppliers will control relevance of own data, and the platform will provide a safe method of interaction with buyers. Thus, the supplier can at desire share information with several buyers.

According to Accenture, True Market Marketplace reduces time of registration of suppliers for 73% (from 15 to 4 days). The solution allows to automate process of data entry for 39%. The platform provides the built-in risks assessment and control of workflow and also reduces costs of buyers as the database of suppliers is easily available and eliminates duplication of data. The platform of purchases is in addition integrated with a corporate system of Accenture SAP.^[1]

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