How to use blockchain and smart contracts in procurement
Discover the transformative power of blockchain and smart contracts in revolutionizing procurement processes, enhancing transparency and streamlining supply chain management.
Traditional procurement faces challenges like manual processes, a lack of transparency, limited supplier competition and a reactive approach, hindering efficiency and adaptation.
Traditional procurement processes often face myriad challenges that hinder efficiency, transparency and cost-effectiveness. One of the most prominent issues is the reliance on manual, paper-based systems, which are prone to errors, delays and a lack of visibility. This often leads to difficulties in tracking orders, managing inventory and ensuring compliance with regulations. Additionally, communication and collaboration between stakeholders can be fragmented, causing misalignment and delays in decision-making.
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Author: Tayyub Yaqoob
