With global supply chains facing major disruptions brought on by the COVID-19 crisis, Chicago-based Grant Thornton (FY18 net revenue of $1.87 billion) is launching a new blockchain-enabled offering for intercompany transactions. The firm’s inter.x system provides real-time data analytics dashboards to monitor things like transfer-pricing compliance and cashflow management, and can offer deeper insight into rapidly changing supply chains.
By integrating disparate enterprise resource planning (ERP) systems, aggregating real-time data and establishing end-to-end workflows that behave like a single transaction, inter.x is designed to reduce the human capital required for such work. The idea is to allow companies to make immediate decisions based on the data in front of them instead of waiting for the end of an accounting cycle, and to create a permanent and unforgeable audit trail.
“Grant Thornton designed inter.x to provide a simple user experience that can red-flag missed opportunities tied to intercompany transactions and identify instances when transactions may have fallen short of company policies,” says Jamie Fowler, the firm’s chief transformation officer. “The inter.x solution has a simple value proposition: Companies bring their underlying data, while inter.x brings the automation and transparency.”