EY Launches EY OpsChain Contract Manager for Blockchain-enabled Contract Management
EY Launches EY OpsChain Contract Manager to Revolutionize Contract Management
EY, a global leader in professional services, has unveiled a groundbreaking blockchain-enabled solution called EY OpsChain Contract Manager (OCM) to revolutionize contract management for enterprises. The new solution aims to streamline the process of adhering to agreed terms and maximizing the value of business agreements.
Many companies struggle with fully implementing and benefiting from their business agreements, as spend is often fragmented across internal barriers within the organization. This fragmentation makes it challenging to track and qualify for agreed discounts and rebates. EY OCM leverages smart contracts to aggregate spend across systems and external business partners, ensuring consistent application of contract terms.
Launched at the annual EY Global Blockchain Summit, EY OCM addresses the complex challenge of managing business agreements that span internal and external operational and technology silos. The solution is designed to help organizations execute complex business agreements, enhance confidentiality, improve time efficiency, and achieve cost reduction.
EY OCM synchronizes data across business partners and enforces key business terms such as standardized pricing, volume discounts, rebates, and strike prices. Operating on the Ethereum public blockchain, the solution ensures decentralized operation in a trustworthy environment, preventing any strategic advantage for either buyers or sellers. Additionally, EY OCM maintains enterprise privacy using Zero Knowledge Circuits.
Paul Brody, global blockchain leader at EY, emphasized the benefits of contract automation, citing significant improvements in accuracy, cycle times, and overall contract administration costs. By leveraging zero-knowledge privacy technology, EY has industrialized this capability, making it more cost-effective and scalable. Deploying on a public blockchain enables many-to-many integrations on an open platform, ensuring fairness and transparency in the network.
The launch of EY OpsChain Contract Manager marks a significant milestone in the evolution of contract management, offering enterprises a cutting-edge solution to streamline operations, enhance efficiency, and drive value from their business agreements.
