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