Enhancing Sourcing and Contracts Management Through Digital Transformation

Phanindra Kumar Kankanampati; Siddhey Mahadik; Shanmukha Eeti; Om Goel; Shalu Jain; Raghav Agarwal

doi:10.36676/urr.v9.i4.1382

Authors

Phanindra Kumar Kankanampati Independent Researcher, Binghamton University, ,Miyrapur, Hyderabad, India 500049,
Siddhey Mahadik Independent Researcher, Northeastern University, Vashi, Navi Mumbai, Maharashtra, India,
Shanmukha Eeti Independent Researcher, Visvesvaraya Technological University, Whitefield, Bangalore -560066, India ,
Om Goel Independent Researcher, Abes Engineering College Ghaziabad,
Shalu Jain Reserach Scholar, Maharaja Agrasen Himalayan Garhwal University, Pauri Garhwal, Uttarakhand,
Raghav Agarwal Independent Researcher, Mangal Pandey Nagar, Meerut (U.P.) India 250002,

DOI:

https://doi.org/10.36676/urr.v9.i4.1382

Keywords:

Digital transformation, sourcing management, contract management, automation, data analytics, artificial intelligence, operational efficiency, supplier relationships

Abstract

In today's rapidly evolving business landscape, the integration of digital transformation into sourcing and contracts management has emerged as a critical strategy for enhancing operational efficiency and competitiveness. This paper explores how digital tools and technologies can revolutionize sourcing processes and improve contract management practices. The research highlights key advancements such as automation, data analytics, and artificial intelligence, which facilitate informed decision-making, streamline workflows, and foster collaboration across stakeholders. By digitizing sourcing operations, organizations can reduce lead times, enhance supplier relationships, and drive cost savings through better spend visibility. Moreover, the implementation of digital contract management systems enables real-time monitoring of contract performance, compliance, and risk assessment, leading to more effective governance and oversight. The study further examines the challenges organizations face in adopting these technologies, including resistance to change and the need for skill development. Through case studies and industry examples, the paper illustrates successful digital transformation initiatives that have led to measurable improvements in sourcing and contracts management. Ultimately, this research underscores the necessity for organizations to embrace digital transformation as a means of achieving operational excellence and gaining a competitive edge in an increasingly complex marketplace. The findings provide valuable insights for practitioners and policymakers aiming to leverage digital technologies for enhanced sourcing and contracts management in their respective organizations.

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