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IPDC Unveils Blockchain-Driven SCF Platform to Enhance Financial Operations
IPDC Finance Limited embarked on a mission to expand its reach among SME clients by developing a robust Supply Chain Finance (SCF) automation system. This initiative aimed to consolidate diverse stakeholders—Original Equipment Manufacturers (OEMs), suppliers, distributors, and financiers—onto a single platform for streamlined invoice management, transaction tracking, and limit management, leveraging blockchain technology to deliver unparalleled transparency and security.
Tech used
Automation
Cloud
API Management
Microservices
Bangladesh
Challenge
The existing supply chain finance platform encountered several key challenges:
Lack of Integration: The absence of seamless integration between IPDC, anchors, and suppliers created a fragmented data environment. Many suppliers operated without ERP systems, further complicating efficient data exchange.
Manual Processes: Core operations such as invoice reconciliation and transaction approvals were manual, resulting in frequent errors and delays in payments.
Limited Scalability: The platform struggled to accommodate the increasing volume of transactions and entities, negatively impacting operational efficiency and service quality.
These challenges highlighted the urgent need for a comprehensive, automated solution to enhance data consistency, reduce manual workloads, and support growing operational demands.
Solution
IPDC partnered with technology experts to implement a state-of-the-art supply chain finance Automation System featuring:
Blockchain Integration: A secure, tamper-proof ledger for all transactions, enhancing transparency and trust among stakeholders.
Automated Entity Management: Efficient onboarding, activation, and deactivation of entities through dedicated management modules.
Enhanced API Communication: REST APIs enabled seamless data exchange between IPDC and stakeholders, facilitating real-time ERP integration.
User-Friendly Design: Intuitive tools were provided for creating purchase orders, generating invoices, managing delivery challans, and tracking fund disbursements, addressing the diverse needs of users.
Scalable Architecture: The platform was designed to handle increased transaction volumes, incorporating features like composite limit setup and factoring limit management for added flexibility.
Collaboration with stakeholders and extensive testing ensured the platform met operational requirements and delivered consistent performance.
Result
The supply chain finance automation system transformed IPDC’s financial operations, achieving:
Operational Efficiency: Automated processes reduced manual intervention by 60%, improving accuracy and expediting transaction approvals.
Improved Visibility: Real-time blockchain-based data access provided stakeholders with a unified view of transactions, fostering trust and accountability.
Scalability: Seamlessly integrated 160 suppliers and 139 anchors, efficiently processing approximately 75 daily invoices.
Cost Savings: Enhanced efficiency contributed to a 30% reduction in operational costs, enabling IPDC to focus on expanding its client base.
