Siam Cement Group (SCG) — Thailand’s largest and oldest cement and building materials company — revealed that blockchain solutions have helped its employees improve the payment process for external parties.
Praweena Chuthepthip, Invoice-Packaging 2 Team Leader at the Corporate Accounting Office of SCG, revealed that before blockchain was implemented, the team spent a long time processing documents, from document scanning and verification to coordinating with banks.
Saroj Pattanasitthiseri, Logistic & Warehouse Sourcing Manager for the Chemicals Business of SCG, said the implementation of distributed ledger technology (DLT) has helped to cross-check documents and conduct a three-way matching process to verify invoice data from suppliers, while lessening the amount of time spent on accounting.
According to Praweena, blockchain has provided a way to accurately track information in the system, offering more transparency for all parties involved.
“In the past, our suppliers would send invoices without any awareness of the process after it was submitted,” she explained. “Now, they can track the status of payments in real-time, and they will know exactly when the payment is made.”
Araya Thongsodsaeng, Supervisor with the Corporate Accounting Office of SCG, said the firm has offered training to its business partners on using the new system so they can become more confident making the shift to the blockchain-based platform.
“We hold trainings and we also have a manual to answer all their questions,” Araya said. “Moreover, if they have any inquiries, they can contact our support team any time.”
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