Abstract

This paper explores the integration of Blockchain technology and Robotic Process Automation (RPA) in procurement practices, specifically focusing on their potential to enhance supplier risk management. In today’s global supply chains, procurement processes face significant challenges, including fraud, inefficiencies, and compliance issues. Blockchain, with its decentralized and immutable nature, provides enhanced transparency, secure transactions, and a reliable audit trail, while RPA streamlines routine procurement tasks, reduces human error, and enforces compliance. Together, these technologies create a synergistic solution that automates supplier verification, reduces fraud, and enables smarter, more efficient procurement workflows. However, integrating Blockchain and RPA is not without challenges, including technical difficulties, regulatory concerns, and scalability issues. Despite these barriers, the paper outlines the strategic benefits of these technologies, including improved operational efficiency, reduced procurement costs, and enhanced supplier relationships. The paper also presents policy and managerial recommendations for successful implementation, as well as future research directions in the areas of scalability, AI-enhanced automation, and regulatory compliance. This research provides valuable insights for organizations leveraging emerging technologies for more resilient and efficient procurement practices.