Historically, procurement has considered themselves the ‘gatekeepers’ for enterprise contracts and supplier relationships. Information was regarded as power, especially if it could give them an upper hand in supplier negotiations. That paradigm no longer works.
Today’s procurement organizations are not only beginning to empower distributed buyers to make more and more independent decisions about suppliers, they are working towards stronger, more trust-based partnerships with those suppliers.
In this episode of Digital Transformers, powered by Supply Chain Now, hosts Kevin L. Jackson and Kelly Barner welcome Gary Storr and April Harrison with Trust Your Supplier to the podcast to discuss supplier management using blockchain:
· The importance of establishing mutual trust in a digitally transformed business environment and how specific technologies can help companies achieve that at scale
· How blockchain can not only increase the trust factor of supplier information, it can also prevent suppliers from having to manually make updates across a range of customer systems
· Ways in which the past year has helped procurement see just how reliant they are on their suppliers
Listen to the episode here.