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Advanced Technology and Future Directions for Supplier Selection

In: Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)

Author

Listed:
  • Chen Chen

    (Macau University of Science and Technology, School of Computer Science and Engineering)

Abstract

As the supply chain system matures, the supply chain organization spends a lot of resources and manpower on supplier selection and management through tendering and negotiation. This paper describes Multi-auction Mechanism and Verizon’s advanced technology VSRT to supplier screening to explore the logic of efficient, correct supplier management and the future direction of SRM based on related literature. The result shows that while both approaches offer capabilities not available in most SRMs on the market, they both provide strong data-level support for strategic decisions and help companies make decisions that are more beneficial to them. A disciplined, predictive online Supplier Relationship Management (SRM) is necessary to help companies manage supplier performance quickly and produce high-quality reports. It also provides a practical way of thinking about the future direction of SRM systems and supplier selection and technological innovation. Good updated technical support for future SRM system operation and iterative processes in enterprises.

Suggested Citation

  • Chen Chen, 2023. "Advanced Technology and Future Directions for Supplier Selection," Advances in Economics, Business and Management Research, in: Hrushikesh Mallick & Gaikar Vilas B. & Ong Tze San (ed.), Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022), pages 23-30, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-098-5_4
    DOI: 10.2991/978-94-6463-098-5_4
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