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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