In today’s rapidly changing and competitive market, procurement departments are under pressure to deliver value beyond cost savings. Companies are continuously looking for areas where they can improve the efficiency of their procurement process while making it more sustainable.
However, to achieve this, crucial decisions need to be made based on the right data and metrics; Tracking essential KPIs for procurement management is vital. While these metrics can vary from company to company, there are several fundamental procurement KPIs that should be considered, regardless of industry.
Reading time: 3 minutes.
The role of procurement relies on making decisions quickly.
The quality of his decisions is based on the quality of his data and this is where Smart contracts can have a decisive effect on procurement.
A Smart contract is executable code in a transactional environment, such as a blockchain which allows the simple streamlining of business services.
The procurement functions can widely benefit by adopting Smart contracts based on blockchain technology.
The inner characteristics of this technology, as speed, efficiency, transparency and immutability, offer exclusive benefits.
In this article we will examine how Smart contracts can affect procurement.
Reading time: 4 min
Legal design is a multidisciplinary approach that combines law, design, technology, psychology, and other fields to reimagine the way legal information is presented and accessed, ultimately making the law more inclusive and understandable for everyone.
Legal design recognises that traditional legal materials can be complex, confusing, and inaccessible to many people, leading to barriers in accessing justice and understanding legal rights and obligations.
Reading-time: 5 minutes
Companies can achieve better Blockchain mediation and arbitration with smart contracts. Blockchain’s capacity to expedite and simplify the entire commercial process will have a flow-on benefit to both the enforcement and procedural components of arbitration.
Reading time: 3 minutes.
Maintaining business continuity requires managing threats and the risk of business disruption. Disruptive events can stem from financial, operational, cyber, ESG, natural disasters, and supply chain disruptions.
Predicting disruptive events can be challenging, especially when referring to unknown risks that can arise suddenly.
Organisations can reduce risk exposure and even eliminate the impact of a particular type of risk event through careful planning, the use of tools, and the adoption of effective risk management processes.
Reading time: 3 min
NFTs are business keys of the future “metaverse”. The Non-Fungible Tokens (NFT) indicate a digital certificate of authenticity to uniquely identify a digital product created on the internet.
Each NFT contains a unique serial number, known as a hash. This cryptographic key is generated from a specific digital file and makes NFTs traceable and incapable of duplication.
However, while technological progress advances, a review of the protection system is required to follow digital development and to guarantee legal protection, even to NFTs.
Reading time: 5 minutes
Few months ago, we have proudly announced Trakti New Released 2.8. Today we are happy to give you a deep dive on how to set orders within your contracts template and most important how to track them!!
Reading time: 4 minutes