Empowering End-User by Risk mitigation concepts in operational procurement through digitization (Published)
The current digital revolution has an impact on every sector of the Business, so automatically the procurement processes will also be affected; words like “Industry 4.0”, “IoT” and “Procurement 4.0” are floating all around. The purpose of this research paper to show that procurement is also a vital part of the supply chain industry. Procurement has three levels in which it is used in the industry i.e. Strategic, Tactical and Operational. The focus is further narrowed down to show operational procurement processes (P2P/R2P) in deep. The risks associated with P2P processes have been discussed in detail, further it is also shown how these risks can possibly be mitigated with automation. Automation of operational procurement processes in today’s competitive world is very important and this research shows how these automation concepts can be implemented, and which benefits will it bring to any organization? Emerging literature, case studies, blogs, expert opinions, citations are used to fulfill this task. This research contributes to explore further research on the automation of tactical and strategic procurement processes
Keywords: Automation, IOT (internet of things), Industry 4.0, Maverick Buying, Procurement, Risk Management, Supply chain management, operational procurement (p2p/r2p), procurement 4.0, scrm