Reimagining sourcing and procurement leveraging digital transformation for strategic value creation in the global supply chain
Year: 2024
Type: article
Abstract: The relative supply chain environment is rapidly changing due to technological advancement, increasing complexity, and pressure to improve sustainability and supply chain risk. Sourcing and procurement years were recognized as cost-focused processes. However, digital transformation is revolutionizing them. AI, blockchain, IoT, RPA, and cloud options are the technologies that can help organizations move procurement into the realm of a strategic value-creating process. Thus, concerning the focus of this article, it is possible to identify several major digital transformation trends for procurement Increasing operational efficiency, enhancing supplier relationships, managing risks, and achieving sustainable procurement. Using examples of case studies and a comparative analysis of traditional and digital procurement approaches, including observations, this paper illustrates the change inhered by digital tools. It also covers issues like organizational resistance, integration issues, and cybersecurity, which are further explained to reduce such problems. At last, this article underscores the management decision-makers focus and the value of digital procurement and sustainable competitive advantage in modern procurement and supply chain management.
Institution: Pfizer (United States)
Language: English
Subfield: Management Information Systems
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4406189322