Procurement Innovation in the Digital Era: The Future of AI, IoT, and Automation in Supply Chain Management

Abstract

Rapid advancements in digital technologies are transforming supply chain management and procurement, with Artificial Intelligence (AI), the Internet of Things (IoT), and automation playing pivotal roles. These technologies enhance efficiency, transparency, and resilience across supply chains, enabling more predictive and proactive procurement processes. AI and Machine Learning (ML) revolutionize predictive analytics, providing accurate demand forecasting to optimize inventory and reduce costs. IoT integration enhances supply chain visibility and real-time tracking of goods, while AI-powered analytics improve supplier management and risk assessment. Automation streamlines repetitive tasks, freeing resources for strategic activities. Blockchain ensures data integrity and secure transactions. Digital procurement solutions provide access to previously unavailable data, driving complex analysis and better strategies. These innovations enable new business models and digital ecosystems, fostering smarter, more connected, and resilient supply chains. Embracing these advancements is crucial for businesses to gain a competitive edge and achieve long-term growth in the digital era. The digital transformation of procurement is a top priority for organizations, driven by the need for efficiency, innovation, and resilience in the face of disruptions