Leveraging Smart Contract in Project Procurement through DLT to Gain Sustainable Competitive Advantages

Abstract

Project delivery on time, with agreed quality and assigned budget, is the desire of project-based companies. Time, quality, and cost are determinants of project success; however, organisations suffer from achieving these three success criteria at the same time. Failures in project delivery cause the loss of the competitive advantage. The recent digital technologies introduce smart contracts to supply chain (SC) operations for improving SC processes. Project procurement is the area for smart contract implementation to deliver successful projects and gain sustainable competitive advantages. The aim of this study was in explaining how smart contracts benefit project organisations through project procurement. Qualitative research design guided this research with phenomenology. Semi-structured interviews generated the data. The obtained research data were analysed with thematic, textual, and discourse analysis. Published industry reports were used to triangulate the data. This study demonstrated an integrated relationship model to answer the research question. The research findings initially identified the fact that smart contracts improve procurement efficiency through cost, time, and quality. Secondly, smart contracts build a trust-less platform where reliability is delivered and reinforced with transparency, traceability, and security. This study found that enhanced procurement efficiency and reliability meet requirements to gain sustainable competitive advantages. This study intends to contribute to industry practices and future research. The correlation of project procurement management success, smart contracts, and sustainable competitive advantages are expected to guide feature research and business practices.

Determination of Critical Factors for Success in Business Incubators and Startups in East Java

“…Data collection methods include (1) participation, direct involvement with incubator managers and digital startup managers; (2) Focus Group Discussion, to filter problems according to the focus of the study. The analysis is based on the success factors, in this study, among others: (1) synergy; (2) product; (3) process; (4) innovation management; (5) communication; (6) culture; (7) experience; (8) information technology; (9) innovation skills; (10) functional skills; and (11) implementation skills. To measure the adequacy of the sample and its significance value, we used KMO Measure, MSA, and Bartlett's test.…”

“…The success of the Business Incubator is a business support process that can accelerate the successful development of startup companies so that they can motivate the millennial generation to have new companies ranging from technology, and retail, to media. Although other aspects have appeared in some scientific literacy, sustainable supply chain management [7], strategic improvisation and organizational memory [8], human resources management strategies [9], sustainable supply chain management [10], and smart contracts improve procurement efficiency through cost, time, and quality [11]. Some of the startups are growing and successful, but some of them have had to close their business due to one or two factors that the company did not do well.…”

Sustainable Development and Value Creation, an Approach from the Perspective of Project Management

“…Due to its character of efficiency and effectiveness, the project management and leadership discipline has been positioning itself in the organizational field, providing managers with different alternatives to achieve concrete results in light of the corporate strategy [26]. However, the development of research dedicated to identifying the factors of project success or failure is not enough, and the existing studies focus on documenting lessons learned from projects implemented [27].…”

The Effects of Knowledge Sharing Culture on IT Risk management Performance

“…According to De Moraes et al, (2022), it is impossible that an organisation manages its risks effectively without managing its knowledge. A project failure can be the result of lack of knowledge between the project team, lack of KS during project progress, capturing the appropriate knowledge at an inappropriate time of the project (Haass & Azizi, 2020;Özkan et al 2021). Actually, without KS as a facilitator to communicate risks among people of a project team, RM might suffer from ineffectiveness and inefficiencies.…”