SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the benefits of blockchain in procurement.
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Blockchain technology offers tremendous value for procurement. It facilitates aggregation of records as a ledger for processes involving multiple parties and automatically adds a new record as a digital fingerprint for every new transaction in the supply chain. However, few companies still downplay the role of blockchain in procurement and fail to reduce the financial costs associated with strategic procurement.
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SpendEdge offers customized procurement market intelligence solutions to help companies across various industries make informed business decisions, stay abreast of the latest technologies, and mitigate different types of procurement risks. Our solutions help companies to transform structural capabilities, improve the bottom line and fast-track time to savings.
Benefits of Blockchain in Procurement
Better visibility and savings
Many times, companies find it difficult to track the volume they drive through purchasing. Employing blockchain technology in the procurement process can help companies to incorporate data from their relevant partners and monitor purchases, thereby, reducing the need for the price-verification process.
Want to know how advanced technologies can help companies reduce the workforce and drive additional savings? Reach out to our experts for detailed insights.
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