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Blockchain-IoT-based risk management approach for project procurement process of asset propelled industries

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  • Santosh B. Rane
  • Prathamesh R. Potdar

Abstract

In a competitive business environment, asset propelled industries (APIs) are prefer purchasing over manufacturing to achieve strategic business objectives. Therefore, project procurement management (PPM) processes are associated with many risks. Hence, APIs are looking for solutions to reduce the probability of risk involved in PPM process. A systematic literature survey (LS) has identified a total 55 risks involved in the PPM process, out of which 14 critical risks were identified by using fuzzy logic with TOPSIS method and results were compared with PROMETHEE method. Blockchain-IoT integrated architecture has been developed to manage the critical risks involved in PPM process and nine strategies are suggested based on architecture. Blockchain-IoT integrated architecture can change PPM process with respect to data (real-time acquisition, storage and accessibility), speed of response and quality of communications, data driven decision-making, and transparent, auditable and trustworthy transactions. Integrated architecture improves the flow of knowledge throughout organisation and reduces person dependent activities.

Suggested Citation

  • Santosh B. Rane & Prathamesh R. Potdar, 2021. "Blockchain-IoT-based risk management approach for project procurement process of asset propelled industries," International Journal of Procurement Management, Inderscience Enterprises Ltd, vol. 14(5), pages 641-679.
    • Handle: RePEc:ids:ijpman:v:14:y:2021:i:5:p:641-679
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    Cited by:

    1. Govindan, Kannan & Jain, Preeti & Kr. Singh, Rajesh & Mishra, Ruchi, 2024. "Blockchain technology as a strategic weapon to bring procurement 4.0 truly alive: Literature review and future research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 181(C).

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