How Blockchain Is Revolutionising Procurement And Supply Chain In India

Efficient management of procurement and supply chain systems is crucial for business operations

Businesses have acknowledged the importance of digital transformation to revamp their supply chain systems

Blockchain adoption is gaining traction and the momentum will sustain through the new decade

The procurement and supply chain industry is infamous for the complexity of the processes involved in keeping it functioning smoothly. Inefficiencies in data flow and the fact that systems are seldom integrated with very little interoperability often result in the creation of data silos. Despite sizeable investments in digital technologies, most companies still have limited visibility about the movement of goods and produce across their supply chains.

The culprit, in most cases, is the gap that exists between the systems in use within organisations and those across organisational boundaries. Companies are using electronic data interchange (EDI) and XML messaging to maintain the flow of information across their networks and outside company boundaries.

But the point-to-point messaging system has its flaws as data flow is not seamless across different departments.

Efficient management of procurement and supply chain systems is crucial for business operations, and an inefficient supply chain can severely impact the bottom line of the company. How can an organisation revamp its outdated supply chain systems? How can it track the source of the produce and ascertain the credibility of its vendors? More often than not, business leaders are perplexed by these questions. These are not easy questions to answer.

New age customers are more vigilant and vocal in raising concerns over product quality and authenticity. This has created the demand for greater clarity over the product’s origin and journey. Most organisations find it challenging to answer these concerns due to the notoriously complex supply chain systems that they have in place.

Blockchain technology has the potential to…

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