Revolutionizing Procurement: Harnessing Emerging Technologies for Agility and Sustainability in the US Supply Chain

Procurement plays a central and defining role in the efficiency of supply chains. In recent years, the understanding and practice of procurement management have changed significantly due to increasing emphasis on and demand for agility and sustainability within supply chain management systems. Meanwhile, traditional supply chain systems, characterized by siloed processes, limited visibility, and inefficiencies due to manual interventions, can no longer cope with the current dynamic market conditions. Besides, the increasing requirements of sustainability, ethical sourcing, and environmental impact have intensified, making more responsible, transparent, and traceable procurement practices unnegotiable requirements for modern systems. In this paper, we examine the potential of emerging technologies and innovations such as blockchain, artificial intelligence, and the Internet of Things (IoT) in filling these gaps within the supply chain systems of enterprises in the US. The study employs a comprehensive review of relevant literature and case studies to discover and provide insights on how these technologies can improve procurement processes, optimize resource allocation and utilization, and improve sustainability. The findings of this study highlight the need for stakeholders to embrace technological advancements to effectively navigate the dynamic landscape of supply chain management.