Mr. Thammasak Sethudom, Chief Financial and Investment Assistant from Siam Cement Group (SCG), revealed successful results in introducing blockchain technology to increase efficiency in procurement, billing, and payment. During the first year of its operation, SCG was able to reduce costs and streamline operations, stating that in the past year, it has reduced the duration of procurement operations by half.
Currently, there are 240 traders in the SCG blockchain system and the company aims to increase this number to 2,400 within the next year.
The blockchain system is called Procure to Pay, and is a platform designed to increase the efficiency of processes such as procurement, billing and payments. Both SCG and suppliers can reduce the time needed in delivering documents and validating products. This has resolved problems such as the need for increased manpower and time wasted in sending and checking documents.
Moreover, companies can connect to SCG’s Procure to Pay system directly as long as they use a procurement, billing and payments system in their own processes.