Empowered Purchasing Through Digitalization

Abstract

Digitalization consists of the modification of processes using digital tools. Digitalization is a powerful way for regaining strong short-term to long-term competitiveness. The digital supply chain was born from the fourth industrial revolution. The evolution of the supply chain now involves the automation of processes and the expansion of information. Among the advantages of digitization, the authors note an accurate forecasting and planning, effective communication of internal function and external actors of the supply chains, and assuring the security. Fast digital transformation is reforming supply chains and changing the present models inside companies. In this case, purchasing as one of the important functions of supply chain is in the way of the transformation, by adapting new digital solutions such as blockchain, data analytics, robotics, internet of goods, and smart contracts. This chapter aims to explore the possibilities of these technologies in intelligent purchasing and the main obstacles against their adaption.