How blockchain can be used in Simplifying and Accelerating Supplier Onboarding and Lifecycle Management.
Industry:Manufacturing and Retailing
Suppliers or vendors are an integral part of any enterprise's foundation structure and future prospects of it. But, the onboarding process of suppliers and maintaining a stable relationship with them tend to be a cumbersome affair.
Onboarding a supplier and maintaining the client-supplier relationship is not a simple process as it involves a series of verification, cross-checking process, and approval on the part of the client. This process could be time-consuming, error-prone, and an impediment to all parties involved in it like the vendor or client or third party. The supplier would find it troublesome to supply their information, that might contain confidential information, to multiple clients or third party versifiers as this may lead to a conflict of interest.
The following is the outcomes that we have observed after implementing it for our clients:
- About 90% elimination of repetition & redundancy
- A 70% to90% faster time to onboard a supplier
- About 50% reduction in administrative costs
- A network 14 governance members