Unlocking The Potential of Procurement 4.0

This study presents a systematic review of the impact of Indus-try 4.0, digitalization, and information systems on the procurement function. The benefits and obstacles of these technologies in transitioning procurement into a more strategic role are analysed. By examining existing literature, critical factors for organizations to consider when implementing these technologies and the potential benefits are identified. The results indicate that digitalization has resulted in a data-driven approach to procurement, with the aid of advanced analytics and artificial intelligence for decision-making. Industry 4.0 has facilitated smarter factories, warehouses, and logistics operations with a focus on automation, connectivity, and real-time data. Procurement can more efficiently manage suppliers, track contracts, and identify cost-saving opportunities with the aid of information systems. The study also highlights potential challenges for organizations. Overall, this study provides insightful findings on the role of digitalization in transforming procurement and the challenges and opportunities that organizations may face.