Article
Version 1
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Exploring the Role of Digital Transformation in Procurement: Voices from Industry Leaders
Version 1
: Received: 7 July 2024 / Approved: 8 July 2024 / Online: 8 July 2024 (08:35:50 CEST)
How to cite: Cooper, M. Exploring the Role of Digital Transformation in Procurement: Voices from Industry Leaders. Preprints 2024, 2024070580. https://doi.org/10.20944/preprints202407.0580.v1 Cooper, M. Exploring the Role of Digital Transformation in Procurement: Voices from Industry Leaders. Preprints 2024, 2024070580. https://doi.org/10.20944/preprints202407.0580.v1
Abstract
This qualitative research explores the role of digital transformation in procurement through insights gathered from interviews with industry leaders. Digital technologies such as Robotic Process Automation (RPA), Big Data Analytics, Artificial Intelligence (AI), and Blockchain are examined for their impact on operational efficiency, strategic procurement management, supplier relationships, and sustainability practices. Findings reveal that these technologies streamline processes, enhance decision-making capabilities, and improve transparency, thereby enabling organizations to achieve greater agility and competitive advantage. Strategic factors including leadership commitment, strategic investments, and digital skills development emerge as crucial for navigating challenges such as organizational resistance, data security, and integration complexities. The study underscores the transformative potential of digital transformation in procurement, emphasizing its role in driving innovation, fostering sustainability, and aligning procurement practices with broader organizational goals. Looking forward, the research suggests that organizations must continue to innovate and adapt to technological advancements to maintain resilience and leadership in a digital economy. By integrating digital strategies effectively, organizations can enhance operational efficiencies, strengthen supplier relationships, and promote ethical business practices, ultimately positioning themselves for sustained success.
Keywords
Digital transformation; procurement; Robotic Process Automation (RPA); Big Data Analytics; Artificial Intelligence (AI); Blockchain; sustainability
Subject
Business, Economics and Management, Business and Management
Copyright: This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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