EY (Ernst & Young) has continued its blockchain momentum with two new releases of an enterprise network procurement offering and visualisation tool.
The EY OpsChain Network Procurement tool, built on the EY OpsChain platform, will aim to allow companies to run private, secure, end-to-end procurement activities on Ethereum.
“As more and more companies work as part of global business networks, it has become difficult to manage network-level agreements from inside a single ERP system,” the company wrote. “The solution allows buyers and sellers to operate as networks, automatically keeping track of total volumes and spend, and using globally agreed terms and pricing.”
EY is looking to build upon its established base on procurement with this solution. The company says its software royalty calculations have enabled cycle times to be compressed by more than 90%, and costs by 40%, by moving to blockchain-based contracts.
Meanwhile, a new Explorer & Visualizer solution has been announced as a part of the EY Blockchain Analyzer product suite. The suite is a blockchain analytics tool, the second generation of which, announced last year, is a globally available business application supporting multiple cryptocurrencies enabling financial reporting and transaction monitoring.
The Explorer & Visualizer tool offers greater functionality to this pot, adding search functionality and visualisation technology to allow users to track and analyse in-depth patterns and trends with regards to legal, compliance and fraud risks.
“As blockchain-enabled transactions continue to gain momentum, organisations require state of the art technology to deliver confidence in financial reporting, and identification of trends and anomalies in operational activity and performance,” said Andrew Gordon, EY global forensic and integrity services leader in a statement. “The Explorer & Visualizer solution allows management to built these capabilities by analysing blockchain data to highlight potential outliers including fraudulent red-flag activities.”
You can find out more about the EY OpsChain Network Procurement and Explorer & Visualizer tools here.