More and more enterprises are turning to smart legal contracts for managing supply chain ecosystems efficiently. Smart legal contracts can provide secure, accessible digital versions to all parties in a single transaction. In addition, they can also manage the workflow of approvals and automatically transfer upon all signatures being collected.
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The use of blockchain and smart contracts find wider application in supplier onboarding. Enterprises adopt this technology to improve vendor qualification and performance.
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The relationship between blockchain and supply chains has developed in recent years. Thanks to concrete examples and successful pilots, blockchain and smart contracts for supply chain automation are now gaining momentum.
In less than a decade we’ve started to see real-world applications and how some industries are already reaping the benefits. Distributed ledger and blockchain technology clearly have many far-reaching implications for global trade and supply chains.
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Smart contracts – the advent of blockchain technology – are becoming an effective tool to measure economic health as they take CLM systems and businesses to the next level.
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Smart Contract Oracles are the bridge that connects blockchain to real-world data. Oracles enable smart contracts’ functionalities to extend beyond the chain they run on.
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The adoption of smart contracts has the potential to connect buyers and sellers on a whole new level. The uniqueness and conformity checks in blockchain can enhance payment capabilities and innovate O2C and P2P processes.
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The COVID-19 pandemic is challenging procurement teams to rethink the whole Supplier Qualification and Onboarding process, with active suppliers adjusting how they work, and new suppliers bypassing the qualification process for initial onboarding to keep operation flowing.
However, the Supplier Qualification Management (SQM) is essential to mitigate all the risks connected to the onboarding process, which can seriously affect your business. That’s why in this article we are going to define what is Supplier Qualification and why you need to implement right the qualification for initial onboarding.
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