Role of Technology in Enhancing Procurement Processes and Efficiency in Firms in Odense, Denmark.

Abstract

Procurement is a critical function in any organization, responsible for sourcing and acquiring the goods and services needed to run the business. Technology enhances procurement processes and efficiency by providing greater automation, visibility, and control, and by enabling data-driven decision making. Technology has the potential to transform procurement, making it more efficient, effective, and collaborative. Research noted that technology plays a vital role in enhancing procurement processes and increasing efficiency. The study discovered that organizations that implemented e-procurement systems saw significant improvements in procurement efficiency. Technology has greatly improved the efficiency of the procurement process by automating many of the manual and repetitive tasks, such as data entry and purchase order generation. Technology has also improved the visibility and transparency of the procurement process. The study concluded that technology has transformed procurement by streamlining processes, increasing efficiency, reducing costs, and improving collaboration with suppliers. Organizations that embrace technology to enhance their procurement processes can realize significant benefits, such as increased accuracy, faster turnaround times, and improved visibility and control. Technology has improved collaboration between procurement teams and suppliers. Digital tools and platforms enable better communication and collaboration between procurement teams and suppliers, which help to build stronger relationships and improve supplier performance. In the rapidly evolving business landscape, organizations that fail to adopt technology to enhance their procurement processes may find themselves falling behind the competition. The study recommended that it is important to create/adopt a technology strategy that aligns with the firm's procurement goals. As procurement processes become more digitized, it's important to prioritize data security. There should be appropriate cybersecurity measures, such as firewalls, encryption, and user authentication, to protect sensitive procurement data.