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Trends and challenges in project procurement

Project procurement management is all about promoting a standard practice that can improve the supply chain and other practices of company. Yan et al. (2016) has stated that project procurement management allows having an accurate collaboration with outside suppliers. It facilitates in obtaining the better purchase of goods and services so that accurate working can be taken into account. These connections are frequently made dependent on an agreement so the required things or administrations are gotten on schedule and satisfy the guidelines mentioned by the obtaining organization. Chu and Wang (2015) has argued that project procurement process plays a critical role in success of organization because it affects the supplies and goods order. However, the process includes various stages such as initiating, planning, selecting, contract writing, monitoring, closing and completing.

It has been witnessed that planning about the supplies and goods is essential so that corrective measures can be taken into account. Stritch et al. (2018) has contended that with use of technology the planning standards are being valued properly. It allows accomplishing the objectives in desired manner. Through use of technology the information in regard to suppliers can be gathered properly. It facilitates to accomplish the objectives in accurate manner and lead businesses to impressive level of success. Patrucco et al. (2017) has argued that selection of suppliers can be improved according to information accessed with help of technology. Monitoring of procurement activities are also being improved with an effective application of technology. Considering the key values of technology the business firm can easily have long term development.

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E-wallets

Cicala (2015) has contended that use of technology promotes number of challenges and trends in terms of procurement activities. It has been witnessed that technology promotion in context to e-wallet has enhanced the payment mode practice among suppliers. Through using the e-wallet the suppliers can now easily receive the payments. It has enhanced their satisfaction level and improved the purchase process among businesses. It also motivates the supplier to maintain the loyalty factor because the payment on time creates a better relationship. Secret mobile payment practice also provides an accurate engagement between supplier and brand. It also enhances the credible factors properly to accomplish the objectives. Lundberg et al. (2016) has said that e-wallet has also enhanced the mobile payment using smart-phone. It has been witnessed that using the mobile payments the suppliers can easily have refund on wrong delivery. It also enhances the aspects in regard to procurement and supply chain.

It has been witnessed that cashless payment practice has been advanced among suppliers to have accurate learning. Mobile banking and inventive mobile payment practice has also been promoted properly by having a consideration of e-wallet. An operational value in terms of procurement has been advanced by promoting the use of e-wallet. Lamothe (2015) has argued that business also faces the issue in terms of procurement by having the use of e-wallet. Risk of fraud might affect the relationship between supplier and company. It has been witnessed that many suppliers do receive the payment on mobile but they do not accept it. Also, server hacking is a factor that also enhances the risk factor. It affects the overall development in negative manner.

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Data can be leaked that will impacts the work practice and does not allow accomplishing the objectives. It indicates that procurement process faces number of issues in terms of technology and its implications. Arve and Martimort (2016) have contended that low perception is also a factor that influences the practice standards. E-wallet is being employed by businesses but many suppliers still believe that mobile wallets are useful and it does not solve any issue. It is because the suppliers are acknowledged regarding benefits of using the e-wallet. It impacts the overall working in diverse manner and lead to diverse issues. Charron et al. (2017) has said that many people are not having proper knowledge about the use of e-wallet that has created an issue of low perception. It is also a key reason that many suppliers and business persons are focused towards card payment. Low trust in mobile wallet has also created a payment issues. It has impacted the overall operations of the procurement process. It has been witnessed that many suppliers believe that e-wallet is complex process and not safe. Due to this, they do not focus on learning the key measures related to the e-wallet. It impacts the overall development in negative manner. It has been noticed that many suppliers are not tech savvy. Improved use of technology has not allowed them to cope up with the process and forces them to have low business opportunities. It has impacted the business operations in negative manner.

Artificial Intelligence (AI)

Zorzini et al (2015) has said that procurement is considered as a global practice that has number of challenges in terms of work management. The procurement challenges looked by open and private divisions alike circuit two or three run of the mill dangers and key loads, a generous number of which start from the burden of dealing with the execution of their providers. It has been noticed that maintaining the technological standards has also enhanced the work complexity. Brown et al. (2015) has stated that maintaining the high quality vendors is a critical issue. It is because the use of technology also creates many issues in terms of face to face interaction. It impacts the trust among members and influences the procurement practice. Achieving full transparency is also a critical issue because technology does not allow suppliers to have internal sustainable aspects. It has been witnessed that artificial intelligence is also a technological factor that also helps in improving the procurement values.

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Johnsen et al. (2017) has contended that direct pattern regarding practice of procurement is being offered through proper use of AI. It has been witnessed that AI. allow improving the work process in desired manner. Computer based intelligence exceeds expectations in hunting down variations from the norm in informational collections. Obtainment AI advancements search for surprising request amount and cost errors, by contrasting the agreement information with solicitations and requests. Furthermore this can likewise help different organizations in distinguishing fakes and blunders, recognizing the best-performing exchanging accomplices, and distinguishing obtaining designs. Fassam et al. (2016) has said that strategic sourcing can also be advanced properly by having an adequate use of AI. It has been witnessed that AI provides an understanding in regard to behavior and pattern so that accurate selection of supplier can be accomplished. Through considering the strategic sourcing the existing relationship with supplier can also be advanced accurately.

The basic criticalness of AI examination is to offer accurate and washed down sorted out data with principal time assets for getting affiliations. Verifying programming drives the data with outside substance. Money related risks, corporate social obligation, and sensibility scores can be made by customers. The acquisition blueprint helps by instigating a spend examination framework to perceive whether the spend is in risk or not, as conceivably the supplier is joined to a routinely hazardous creation process. Skjølsvik et al. (2017) has contended that supply management standards can also be improved adequately through effective consideration of the AI. It allows professionals to get a clear idea about the suppliers so that corrective measures can be taken into account. It also improves the decision making in regard to implementation of the procurement.

Programming forms request just when it knows about and that have the authorization to arrange it. This is one streamlined snap except if in outstanding situations where an expert’s mediation is required. The business that is so vigorously investigation based in light of the fact that it needs to crunch such a great amount of information from all finished, the salvage is an AI-based spend examination programming that can remove continuous, granular bits of knowledge from big business spend information.

Nijboer et al. (2017) has contended that use of AI is beneficial to have an effective purchase order processing. It facilitates to accomplish the objectives accurately ad facilitates to accomplish key goals and objectives. It has been witnessed that AI provides a better options to have connectivity with the suppliers. It facilitates to have accurate working so that goals and objectives can be taken into account. Strategic activities application can also be promoted through consideration of AI. Patterns and behavior are considered as key motive that allows ensuring about the sustainability Kumar et al. (2018) has argued that AI also provides an effective forecasting accuracy so that decision about purchase and procurement can be employed properly. It has been witnessed that trends and patterns are being evaluated properly. It facilitates to have better demand accomplishment in order to meet the standards of procurement.

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Nijboer et al. (2017) has contended that use of technology has advanced the procurement activities. It has been witnessed that use of AI and e-wallet allow having smarter procurement process. It facilitates to have long term development and measures in accurate manner so that long term development can be accomplished. Skjølsvik et al. (2017) and, Fassam et al. (2016) has stated that greater automation is being promoted so that long term development can be taken into account. In addition to this, it can be said that adopting an automated procurement has also been promoted among businesses. It has been witnessed that efficiency of procurement can be advanced by having a use of technology. It allows having better control on the purchase activities so that goals and objectives can be taken into account. Communication and collaboration are also key factors that assist to accomplish the objectives. It facilitates to meet the valuation properly and lead to diverse issues.

Another trends in terms of technology is related to the data becomes a bigger part. Recently, big information is driving ceaselessly adroit examination and imagining. Farsighted examination empowers to anticipate the delayed consequence of a specific development or market improvement in a remarkably precise manner.

Colossal information will change into a more prominent piece of the acquirement, help to move securing choices, structure a procedure, and select the privilege getting strategy. Obtaining never again envisions that somebody ought to wallop their grip hands against the table and sales an unrivaled game-plan from providers Procurement would now have the ability to be set up on sharp assessing, understanding the market structures and recognizing when is the perfect time to recognize dangers and catch open passages. Johnsen et al. (2017) has contended that AI also facilitates to have better procurement practice so that challenges can be resolved. It facilitates to have better accomplishment of values that facilitate to have sustainability. AI can rapidly help explain a portion of the significant challenges looked by the entire business. It can recognize as of late created markets, oversee production network dangers, track conversion standard instability and even locate the perfect an incentive without the quality being influenced.

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