Procurement with Blockchain? Machine Learning? Virtual Reality? Yes…

Learn how blockchain and machine learning are being used in the procurement process. Blockchain, machine learning and virtual reality will only become more and more entrenched in the procurement process. Emerging technology will be changing the way procurement is done.

Blockchain technology has the potential to transform the procurement process in a number of ways:

Improved transparency: Blockchain can provide a decentralized, transparent, and immutable record of transactions, making it easier to track the flow of goods and materials through the supply chain. This can help to improve transparency and reduce the risk of fraud or errors.
Enhanced security: Blockchain can help to secure the procurement process by providing a tamper-proof record of transactions. This can help to reduce the risk of data breaches and unauthorized access to sensitive information.
Increased efficiency: Blockchain can help to streamline the procurement process by automating manual tasks and reducing the need for intermediaries. This can help to reduce costs and improve efficiency.
Improved supplier management: Blockchain can help companies to better track and manage their suppliers by providing a comprehensive record of their performance and activities. This can help companies to identify and address any issues or concerns in a timely manner.

Overall, blockchain has the potential to significantly improve the procurement process by providing a secure and transparent platform for tracking and managing the flow of goods and materials through the supply chain.

Supply Chain Quotes

“Buzzwords or the future of supply chain? Internet of Things, Big Data, Industry 4.0, Artificial Intelligence, Blockchain, Augmented Reality, Deep Learning.” ~SupplyChainToday.com
“Be a supply chain innovator. Research Internet of Things (IoT); Machine Learning; Deep Learning, Big Data, Blockchain, Drones, Augmented Reality, Artificial Intelligence…” ~EverythingSupplyChain.com
“Price is what you pay. Value is what you get.” ~Warren Buffett
“We care about every worker in our worldwide supply chain… What we will not do – and never have done – is stand still or turn a blind eye to problems in our supply chain. On this you have my word. ~Tim Cook, CEO of Apple and Supply Chain Expert.
“Artificial intelligence will permeate the supply chain in ways we haven’t even thought of.” ~Dave Waters
“Blockchain is a key technology in the digital supply chain.” ~EverythingSupplyChain.com.
“Information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitor.” ~ Sam Walton, made Walmart Logistics a key differentiator.
“Here are a few key supply chain and procurement trends you may want to research: Internet of Things (IoT), 3D Printing, Big Data, Artificial Intelligence (AI) , Deep Learning and Drones.” ~SupplyChainToday.com.