Developing economic frameworks for optimizing procurement strategies in public and private sectors
1 Independent Researcher, TX, USA.
2 Bowling Green State University, Ohio USA.
3 Independent Researcher, USA.
4 Independent Researcher, UK.
5 Independent Researcher, Canada.
Review
International Journal of Frontline Research in Multidisciplinary Studies, 2023, 02(01), 019–026.
Article DOI: 10.56355/ijfrms.2023.2.1.0033
Publication history:
Received on 08 October 2023; revised on 10 November 2023; accepted on 13 November 2023
Abstract:
Procurement plays a pivotal role in driving organizational efficiency and contributing to economic growth. This paper examines the theoretical underpinnings of procurement strategies, highlighting key differences between public and private sector approaches. It identifies prevalent challenges that hinder procurement optimization, including inefficiencies, corruption, and regulatory constraints. Proposed frameworks focus on principles such as transparency, sustainability, and adaptability while emphasizing the transformative role of technology, data analytics, and market intelligence. The study underscores the importance of public-private partnerships (PPPs) in fostering innovation and collaboration. Practical recommendations are provided to guide organizations in implementing robust procurement strategies tailored to their unique needs, ensuring long-term value and resilience in dynamic market environments.
Keywords:
Procurement optimization; Public-private partnerships; Supply chain management; Sustainable procurement
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Copyright information:
Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0