V2I8P10

A Study & Analysis of the Supplier and Vendor Selection Process with Emerging Trends and Advanced Frameworks

Mr. Gangadhar D. Dukare^1*, Dr.Mahesh Mahankal¹ , Mr. Sandip Anandrao Shelke²

Abstract

This study explores the supplier and vendor selection process, a critical determinant of supply chain efficiency and operational success. Conducted at Finolex J Power Systems Ltd., the research employs mixed methodologies, combining quantitative and qualitative approaches such as surveys, interviews, and case studies, to examine existing practices and identify improvement opportunities. Emerging trends such as artificial intelligence (AI), blockchain, and circular economy principles are also integrated into the analysis. The findings highlight the significance of reliability, cost-effectiveness, quality standards, sustainability, and technological advancements. Recommendations emphasize data-driven selection frameworks, diversification, long-term partnerships, and the adoption of innovative tools. This expanded study provides actionable insights for organizations seeking to optimize procurement processes, enhance resilience, and align with future-ready practices. The research blends qualitative and quantitative methodologies, including surveys, interviews, and case studies, to gather actionable insights. Quantitative tools such as statistical analysis and thematic evaluations were used to identify trends and assess the alignment of selection criteria with the company’s operational needs. Furthermore, the project investigates how Finolex J Power Systems Ltd. can refine their selection process by incorporating sustainability, technology, and risk management frameworks. The study concludes with actionable recommendations aimed at enhancing procurement efficiency, reducing risks, and fostering long-term collaborations with key suppliers and vendors.

Keywords:

Supplier selection, Vendor management, Sustainability, SRM tools, AI in procurement, Blockchain, Circular economy, Procurement optimization