SUPPLY CHAIN STRATEGY
Emerging technologies enhancing supply chain transparency Because blockchain is a transaction-based technology there is an ideal fit with procurement.
Specifically, by automating the whole source-to-pay process it can help reduce the need for manual interventions that can lead to fraud and human error while delivering unparalleled traceability.
JAGGAER has seen blockchain start to make its first moves in the procurement world, mainly in smart contracts. These contracts are basically strings of code within single blocks on the blockchain which automate actions where specific conditions are met.
In the context of ethical sourcing verification, if a supplier condition is a specific certification, there will be an automatic trigger to verify that this document is within the database and that it is up to date.
Kristian says:“ If a specific carbon target is established, this may act as an automation to verify reports and trigger a reminder or even penalties or cessations of contract if the supplier is found in breach.
“ Thanks to blockchain, the Chief Procurement Officer can define rules around a transaction so that conditions and obligations are enforced automatically and activating consequences if they are not.”
As today’ s global economies are hyperconnected, supply chains span continents and industries are interlinked globally. In the next few years, procurement teams will need to prioritise supplier
collaboration and to develop strategic capabilities that leverage AI-driven insights, automation and predictive analytics to boost growth and resilience.
The continual flux of new technological advancements On the one hand, by sharing data and insights companies and suppliers can improve planning, reduce inefficiencies and minimise risks such as bottlenecks, stockouts and excessive inventory. On the other hand, AI-powered predictive
152 June 2025