Press: Konfidio Contract Solutions for Novartis
- Post by: bag2q
- November 26, 2018
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Konfidio Contract Solutions Will Revolutionize Contract Management of International Multi-Million Managed Services Agreements for the Fortune 2000 Through Blockchain Technology
New Pioneering Project with Global Health Care Company Novartis
„Blockchain based solutions will save companies millions and will replace inefficient, expensive ERP systems which not designed or built for an increasingly more decentralized, digital,“, Dr. Mervyn Maistry, CEO Konfid.io
Berlin / Basel, December, 2018
Through close collaboration with the Berlin Blockchain start up, Konfidio, the global health care company Novartis has presented its plan to transform their contract management processes using the Konfid.io Contract Solution (KCS) system. Dr. Scott Mason, Novartis’ Global COO of IT, announced and discussed this collaboration at the Blockchain Leadership Summit in Basel on Saturday, November 24, 2018. Dr. Mason noted that prior Value Leakage totaling millions in a multi-year contract could easily be solved through using KCS.
Dr. Scott Mason, Global COO of IT, Novartis: „We are here [at the Blockchain Leadership Summit] because one of the blockchain use cases [Konfid.io Contract Solutions] is actually going into production at Novartis. We have been testing the system and believe we are able to solve some of the key pain points of external contracts management leveraging blockchain technology. “
Konfid.io Contract Solutions (KCS) is a decentralized Contract Management application, which utilizes cutting-edge blockchain technology to solve the challenges of centralized inefficiency. Across the Fortune 2000, large corporates (and SMEs) will now be able to manage multi-country, multi-million dollar, contracts in an efficient, effective manner by leveraging Konfid.io’s blockchain technology stack. This cutting-edge solution will bring down the costs of managing global outsourcing contracts from between 7 -16% of contract value to between 3 – 7%.
The KCS system includes order lifecycle management, pricing agreements, coded legal agreements and automated value settlement of verified managed services consumption. It also delivers the holy grail of vendor management by provides executives a real time financial and operational dashboard. Budget overruns, high audit fees, a large reconciliation back office and exorbitant legal fees are a thing of the past.
“This revolutionary end-to-end system brings the benefits of blockchain into the managed services sector in a secure, scalable and stable fashion that is ready for the enterprise.” Galen Evans, COO & CTO Konfid.io
The difficulties often experienced in multimillion, contract management currently arise from the use of siloed and centralized single organizational or divisional systems to manage a complex multi-organizational, multi legal entity process. The status quo of multiple versions of the truth across client-supplier relationships creates inconsistencies, delayed payments, and forces financial provisioning, which affects the performance of CFOs. It forces expensive, and time-consuming reconciliation efforts across the organization.
Konfidio Contract Solutions addresses these problems through; •a shared single-version of the truth with smart contract mutual infrastructure,•verifiable and traceable user actions and identities,•automated governance enforcement,•efficient, legally binding dispute resolution,•integrated contract pricing & change management, •and automated, conflict free value settlement.
KCS has been tested within the pharmaceutical industry for the last 12 months and is now production-ready to launch in several different sectors.
Dr. Mervyn Maistry, CEO, Konfidio „The Blockchain technology is powerful enough to replace SAP systems within 10 – 15 years. SMEs and corporates will have an alternative to bloated, expensive user-unfriendly ERP systems. “
Konfidio, the Berlin-based Blockchain Company Builder and Venture Accelerator, was founded in 2016 by Dr. Mervyn G. Maistry, former Deutsche Bank COO, and Galen B. Evans, former EY Blockchain Expert. Konfid.io’s engineering team has developed an enterprise blockchain technology stack that allows large corporates to effectively interact with, and manage, consortium blockchain applications and smart contract-based systems.
The Konfidio system includes; Secure integration of Blockchain with Corporate User Identities via Single Sign-on, User Friendly Interfaces and Management Dashboards, Comprehensive Blockchain IT Lifecycle Operations and Scalable Blockchain analytics. Konfid.io also leverages an enterprise-focused version of Ethereum, Quorum developed by JP Morgan. Konfid.io has applied its enterprise blockchain technology to three of its Ventures;
- Enterprise Contract Management with Konfid.io Contract Solutions,
- Renewable Energy Billing and Guarantees of Origin with Konfid.io Energy Solutions
- Emerging Market Financial Services with Konfid.io Insurance
Konfidio is a Company Builder and Venture Accelerator based in Berlin, with a focus on leveraging blockchain technology to build enterprise-scale decentralized applications and business models for private and publicly distributed systems. The company was founded in 2016 by Dr. Mervyn G. Maistry and Galen B. Evans in Berlin, Germany, and has more than 35 employees from 20 different countries.
About Dr. Mervyn G. Maistry
Dr. Mervyn G. Maistry holds an MD in paediatrics and an MBA in Corporate Finance and Technology as Competitive Advantage. He started his strategy career at Accenture before becoming Global Chief Operating Officer of Deutsche Bank Analytics & Information Services (2005-2010) and Global Managing Director and Co-Founder of Accenture Global Strategy Offering (2010-2015) in Berlin. Before starting his own company Konfid.io, Dr. Maistry was Managing Partner Digital Strategy & Blockchain Innovation EMEA at Ernst & Young (2015-2017). Mervyn advises a variety of projects in the blockchain and business world including Slock.it and formerly IOTA, and he is currently also the Chairman of Kintaro Capital which is specialized in cryptocurrency markets.
About Galen B. Evans
Galen B. Evansh olds an MBA with Honors from ESMT. He has spent his career working across business, emerging technologies and the public sector. Mr. Evans started his career with the World Bank working on bringing open data and risk modeling to help developing countries mitigate risks of natural disaster and climate change. After which he worked in strategic account management for an enterprise open-source software company, OpenGeo, and as a management consultant. Before starting Konfid.io together with Dr. Mervyn G. Maistry he worked at EY as a Blockchain Expert and member of the leadership team for the Digital Strategy Practice.
Website (Konfidio): konfidio.com
Website (KCS): kcs.konfid.io
Website (DEEP): d33p.org