Vol: 14, Issue: 1 2024

Page: 121-129

Strategic Sourcing, Collaboration, and Sustainability: Reframing Supply Chain and Procurement Practices for Long-Term Organizational Growth

Surinder Kaur

Received Date: 2024-01-23

Accepted Date: 2024-03-03

Published Date: 2024-03-23

https://doi.org/10.37648/ijtbm.v14i01.014

Supply chain management (SCM) and procurement have transformed from ordinary operational tasks into crucial strategic drivers of organizational growth and sustainability in the context of an increasingly globalized, competitive, and uncertain business environment. In order to improve overall business performance, this study examines the importance of implementing balanced supply chain strategies and efficient procurement procedures. It looks at how competitive advantage and organizational resilience are influenced by alignment between efficiency and flexibility, cost optimization and value generation, as well as short-term operational goals and long-term strategic objectives. The study identifies important best practices and obstacles related to attaining balance within supply chain and procurement functions by drawing on current academic literature, pertinent industrial case studies, and well-established theoretical viewpoints. The analysis emphasizes how strategic sourcing, supplier cooperation, technology integration, and sustainable procurement may enhance cost effectiveness, innovation capacity, risk management, and customer satisfaction. The study also highlights how companies may efficiently adapt to supply disruptions and market volatility by coordinating their procurement and supply chain operations. The study comes to the conclusion that businesses are better positioned to achieve long-term growth, operational excellence, and sustained competitive advantage in a complex global market when they implement balanced and integrated supply chain and procurement strategies.