Transformative Procurement Trends: Integrating Industry 4.0 Technologies for Enhanced Procurement Processes

Abstract

Background: the advent of Industry 4.0 (I4.0) innovations has revolutionized supply chain management through technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) integrated into procurement processes. Methods: this study addresses a critical knowledge gap by conducting a comprehensive review of 111 papers sourced from the Scopus database. These papers are classified into seven sub-themes encompassing I4.0 or procurement 4.0 (P4.0), big data, IoT, additive manufacturing, blockchain, e-procurement, and AI. Results: the investigation reveals that I4.0 technologies, particularly e-procurement and blockchain, have garnered substantial attention. Such technologies offer diverse value propositions, encompassing streamlined supplier evaluation, lead time reduction, cost optimization, and enhanced data security. Conclusion: the paper underscores pivotal trends and insights for the evolution of Procurement 4.0, illuminating a path toward more efficient supply chain management.