In this episode of The Procuretech Podcast, host James Meads focuses on how technology is shaping the future of the procurement profession with Jan Ellerbrock, founder and CEO of Swiss Smart Contract Platform trueLedger, who discusses smart contracting in the professional services space and how software can help manage services post-contract signature.

Jan's background is in insurance and management consulting, which inspired him to pursue entrepreneurship and found his own company.

This episode explores the benefits of smart contracting in the professional services industry. Smart contracting ensures transparency, compliance, and savings of 10% to 25% on professional service spending.

The use of a smart contracting engine enables real-time tracking of progress, budget, and automatic invoice generation. By leveraging machine-executable smart contracts, organisations can maintain the latest contract versions and delivery tracking information. Focusing on the untapped potential after the contract signature helps prevent value erosion and improve efficiency.

Real-time cost tracking is essential to control overspending on service parts, allowing for immediate root cause analysis and issue detection. It also enables daily projections, proactive budget management, and better resource mix control. Access to real-time information enhances project management and cost control, mitigating unexpected expenses.

[00:01:57] Introducing Jan Ellerbrock from trueLedger.

[00:06:27] Value erosion in professional services.

[00:09:02] Managing service contracts effectively.

[00:10:49] Collaboration and transparency in projects.

[00:14:18] Collaborating with vendors.

[00:18:27] Invoice automation and compliance.

[00:20:52] Resource Mix in Consulting Contracts.

[00:24:53] Efficiency gains in professional services.

[00:27:43] Procurement savings potential.

And that wraps up another episode of The Procuretech Podcast!

Thanks to Jan for sharing his insights with us today, and big thanks to you for listening. We'll be back at the same time next week, so see you there.

If you want to learn more about Jan Ellerbrock, trueLedger, or Procurement Software, check out the useful links below.

Stay in touch!