EY has unveiled an innovative operating model transformation solution, designed to improve the efficiency and effectiveness of organisations. The new offering, dubbed EY OpsChain Network Procurement, leverages blockchain technology to streamline and simplify complex procurement processes. It enhances transparency, reduces risk, and improves the management of contracts and relationships with suppliers.
The EY OpsChain Network Procurement solution is built on the Ethereum blockchain, a public, open-source platform. It uses smart contracts to automate and digitise the procurement process, facilitating real-time tracking and monitoring of transactions. The solution offers a single source of truth, helping organisations manage contracts, orders, and fulfilments more effectively.
EY’s new solution has been built in collaboration with ConsenSys and Microsoft. It is now available for use by organisations globally. EY’s global blockchain leader, Paul Brody, emphasised the transformative potential of blockchain in procurement, noting it can make the process simpler, faster, and more cost-effective. The launch of EY OpsChain Network Procurement demonstrates EY’s commitment to harnessing the power of blockchain to transform business operations.
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