The technology offering is made up of the following core application modules:
Supplier take-on: We solve problems associated with supplier verification, categorisation and active compliance.
A common challenge is the maintenance of supplier databases and the active verification and compliance of these service providers i.e. how current and accurate are they? Large supplier databases require multiple records for compliance, and this can easily spiral out of control.
A large percentage of supplier databases are inaccurate and contain suppliers that are inactive or have outdated information, as well as suppliers that have changed their core business activities. This can potentially pose increased risk to an organization and its clients.
SupplyBlock technology solves problems associated with supplier verification, categorization and active compliance through a combination of manual and automated verification processes. The systems prompt Suppliers into taking responsibility for updating their own records to maintain a verified status. This includes proactive warning notifications that alert suppliers of expiring documents, key cut-off dates and incomplete information – thereby enforcing ongoing verification and proactive self-compliance of suppliers.
Competitive bidding: We solve problems associated with tender irregularities and inefficiencies.
Current online procurement solutions operate on legacy platforms where there is a lack of transparency and inability to audit, which makes them susceptible to manipulation. Majority of economies still use manual systems which are costly, inefficient and susceptible to fraud and corruption. There are no holistic solutions on the blockchain that cater for the complete, end-to-end competitive bidding process.
With the advancement of technology, SupplyBlock helps solve these challenges by providing an innovative, easy-to-use blockchain integrated technology platform that is both process and cost efficient, secure and completely auditable across the entire value chain. Through features such as automated scoring and full audit capability we are able to curb corruption and ensure bid integrity and transparency.
Both RFX originator and bidder use the same platform to ensure a holistic procurement solution that services the full value chain.
Smart procurement: We limit the risk associated with mis-spent funds e.g. COVID
Funds allocated for specific projects are often mis-spent and unaccounted for e.g. grant and aid funding, COVID PPE equipment, Enterprise and Supplier Development (specific to SA), etc. The intended purpose of these funds is often not successfully achieved resulting in an inadequate audit trail and traceability.
SupplyBlock technology limits risks associated with mis-spent funds and aligns procurement processes with complicated global and country specific macro requirements and challenges. The technology and process integrity can be applied wherever there are controlled payment requirements to specified suppliers for specified services and products.
Built in Escrow functionality (under development) will add an additional layer of control and auditability to the Pre-determined Procurement Module.
Vendor Risk and Compliance
Supplier risk assessment tool: Rating of individual clients and the overall company risk profile.
International regulatory compliance dictates that organizations must know the ongoing risk their suppliers pose to not only themselves but also the risk they pose to their clients.
Continually changing operational conditions can have severe impact on businesses and their suppliers. The ability of an organization to continue providing business services in the face of adverse operational events is essential.
With the application of Distributed Ledger technology, SupplyBlock’s Supplier Risk Assessment tool enables automated rating of service providers and the overall risk they pose to not only the company but to their clients.
Key Enhancements include: Auction functionality, disposal of assets that have come to the end of their lifespan, reverse auction, best and final offer, Excel report extracts for data analysis, bidder reports (on what basis they not being awarded contracts), etc.
Our web-based platform connects bidders and suppliers to supply chain administrators in a secure and transparent environment, complete with best-in-class monitoring, tracking, and bespoke reporting features. The system enforces accountability throughout the procurement process by assigning specific roles and responsibilities to all parties involved. The added efficiency the solution offers ultimately leads to lower risk, higher uptake, and more competitive pricing.