EY announces availability of OpsChain Network Procurement solution

By Akshay Kedari  | Date: 2020-09-28

EY announces availability of OpsChain Network Procurement solution

Ernst & Young (EY), a global professional services network, has recently announced the availability of a first-of-its-kind OpsChain Network Procurement solution.

The solution has been built on the company’s OpsChain platform. It will enable various companies to effectively run secure, private, end-to-end procurement activities on the public Ethereum blockchain network. Individual users can also gain access to the solution’s beta version on EY’s website.

The recent EY OpsChain Network Procurement has been designed to support enterprise networks. As several companies have become a part of the global business networks, the management of the network-level agreements from a single ERP (enterprise resource planning) system has become a difficult task.

The new solution will allow sellers and buyers to operate as networks, by using the globally agreed terms & pricing and keeping track of the total spend and volumes automatically. Additionally, it can move the business processes outside any single ERP system into a shared smart contract based on blockchain. It is also based on EY’s experience with software royalty calculations and other procurement activities, where a shift to the blockchain-based contracts has cut costs by 40% and reduced the cycle times by above 90%.

As per the statement made by EY Global Blockchain Leader, Paul Brody, it is crucial for companies, partners, and suppliers to work as a network on a public blockchain, above the single ERP system level, due to the rising competition. This will enable several companies to freely join a closed and costly proprietary network.

The new EY OpsChain Network Procurement solution adopts Baseline Protocol and other open-source components. Companies can gain access to the solution via the website of EY and use an intuitive Web UI (user interface) and APIs (application programming interfaces) that allow direct integration with the ERP systems. The approach will ensure high security and reliability of the public network as well as absolute freedom of changing vendors and solutions.

Source credit:

https://www.prnewswire.com/news-releases/new-blockchain-based-ey-opschain-network-procurement-solution-helps-complex-enterprises-manage-spend-globally-301138679.html

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Hyundai’s U.S. investment expected to reach USD 10 billion by 2025

Hyundai’s U.S. investment expected to reach USD 10 billion by 2025

By Akshay Kedari

South Korea's largest carmaker Hyundai Motor Group is reportedly planning to invest an additional USD 5 billion in the U.S. by 2025. The company aims to strengthen its collaboration with technological firms in the country. During a visit to Se...

Amazon Smart Commerce to digitize 10 million small businesses in India

Amazon Smart Commerce to digitize 10 million small businesses in India

By Akshay Kedari

E-commerce behemoth Amazon Inc. has reportedly launched a “Smart Commerce” initiative in India, aiming to digitalize 10 million small businesses, allow for USD 10 billion worth in exports, and create 2 million jobs by 2025. During the ...

McDonald’s to leave Russia after 30 years amidst Ukraine’s invasion

McDonald’s to leave Russia after 30 years amidst Ukraine’s invasion

By Akshay Kedari

After Ukraine’s invasion, multinational fast-food giant McDonald's Corp. is reportedly planning to sell all its restaurants in Russia, pulling operations from the nation after 30 years. The world's biggest fast-food chain closed 847 ...

Berlin’s GetHenry bags USD 17.4 Mn seed funding for business expansion

Berlin’s GetHenry bags USD 17.4 Mn seed funding for business expansion

By Akshay Kedari

GetHenry, a Berlin-based company that offers couriers and logistics organizations electric last-mile delivery bikes, has reportedly raised USD 17.4 million seed round to grow its operations across Europe. The latest investment round was led by LocalG...

Ferrari to equip the upcoming Purosangue with its trademark V12 engine

Ferrari to equip the upcoming Purosangue with its trademark V12 engine

By Akshay Kedari

Italian luxury sports car manufacturer Ferrari S.p.A. will equip its much-awaited Purosangue SUV with a 12-cylinder engine, as it focused more on fuel-efficient models. Confirming the news, Ferrari Chief Executive Benedetto Vigna claimed that the com...