Title: The Future Procurement Leveraging Technology To Drive Efficiency
Authors: Etokeren, Edidiong Marcus
Volume: 9
Issue: 5
Pages: 151-156
Publication Date: 2025/05/28
Abstract:
The procurement landscape is undergoing a significant transformation driven by technological advancements and evolving business needs. Emerging technologies like artificial intelligence, blockchain, the Internet of Things, big data analytics, and robotic process automation are revolutionizing procurement operations. These technologies improve supplier relationship management, risk mitigation, transparency, and decision-making, leading to a more agile and efficient procurement framework. The study highlights the benefits of technology-driven procurement, including enhanced operational efficiency, reduced costs, and improved supplier collaboration. However, adoption challenges such as high implementation costs, data security concerns, and resistance to change must be addressed. To maximize the potential of digital procurement, businesses need to invest in skill development, change management, and robust cybersecurity. The paper provides insights from industry leaders and best practices in procurement digitization, emphasizing the importance of integrating regulatory compliance and ethical sourcing considerations into technological advancements. By embracing technology-driven procurement models, organizations can gain a competitive edge and navigate the challenges of the digital procurement era. Overall, the paper offers a comprehensive overview of the future of procurement, highlighting the potential benefits and challenges of technology-driven solutions. Its findings have significant implications for procurement professionals and organizations seeking to leverage technology for improved operational efficiency and strategic sourcing.