Sub Contractor Life Cycle Management In Enterprise System Using Blockchain Technology

Abstract

Sub Contractor Life Cycle Management is one of the critical jobs for various industries, there are many flaws and issues in the existing operational management of SubContracting through enterprise systems. Existing issues in Sub Contractor Management System (Life Cycle Management System on-boarding, extending and releasing to be precise), causes a delay in on-boarding and extension of sub-contractors which directly impacts the revenue of an organization. Typically IT Organization suffers an annual revenue loss of 3-5%. The Operations Management (for Sub Contractor Onboarding / Project Extension) involves the interference of various Sub Systems in an organization like Talent Management System, Human Resource Management System, Finance Management System, Time Sheet Management System, Project Management Systems, Vendor Management System. Synchronizing of data and audit process across such different (maybe heterogeneous) system, (heterogeneous because each system might have a different mechanism in storing data) is also a big challenge. There is a lack of visibility and control for each actor involved in the sub-contractor management life cycle. Authors in this literature have proposed a blockchain-based solution to counter the above issue(s) and the system promises to bring down the revenue loss w.r.t Subcontractor Life Cycle management system to 0.1 % - 0.5 %, by leveraging the feature of blockchain to provide better visibility, trust, real-time monitoring of information/data related to Sub-Contractor by integrating the end-points (Blockchain as a Service) where each subsystem is added as a node in the blockchain network, each event (transaction in blockchain world) happening in any subsystem will be updated on the blockchain ledger using Smart Contract or Chaincode, which will provide single source of truth, transparency, end to end visibility in the entire digital operations.