This paper is published in Volume-10, Issue-5, 2024
Area
Supply Chain
Author
Patience Sarfo, Jiderechukwu Becky Ogbodo, Kingsley Anyaso
Org/Univ
Rochester Public Utiliities, Rochester, Minnesota, USA
Pub. Date
19 September, 2024
Paper ID
V10I5-1189
Publisher
Keywords
Supply Chain, Block Chain, Smart Contract

Citationsacebook

IEEE
Patience Sarfo, Jiderechukwu Becky Ogbodo, Kingsley Anyaso. Decentralized Predictive Models for Making Procurement Decisions in Manufacturing Networks, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Patience Sarfo, Jiderechukwu Becky Ogbodo, Kingsley Anyaso (2024). Decentralized Predictive Models for Making Procurement Decisions in Manufacturing Networks. International Journal of Advance Research, Ideas and Innovations in Technology, 10(5) www.IJARIIT.com.

MLA
Patience Sarfo, Jiderechukwu Becky Ogbodo, Kingsley Anyaso. "Decentralized Predictive Models for Making Procurement Decisions in Manufacturing Networks." International Journal of Advance Research, Ideas and Innovations in Technology 10.5 (2024). www.IJARIIT.com.

Abstract

This paper presents a decentralized procurement decision-making framework designed to optimize procurement strategies within distributed manufacturing networks. Traditional centralized procurement models often suffer from inefficiencies, opaque decision-making, and challenges related to multi-level risks, particularly in the context of globalized supply chains. To address these issues, this project proposes a decentralized architecture utilizing predictive modeling and machine learning techniques, supported by decentralized ledger technologies (DLT) such as blockchain. The framework integrates large language models (LLMs) to forecast supply chain risks, demand fluctuations, and pricing trends. Furthermore, smart contracts are employed to automate the procurement process, ensuring transparency, security, and compliance. The system incorporates real-time feedback mechanisms to enhance decision-making accuracy, reduce lead times, and mitigate procurement risks. Testing in collaboration with multiple manufacturing firms revealed improvements in procurement efficiency, supply chain resilience, and risk management. The paper concludes by highlighting the potential of decentralized procurement frameworks to revolutionize supply chain management across various industrial contexts.