Abstract

This paper explores the evolving concept of agile procurement management in the digital age, focusing on the integration of data-driven approaches for vendor risk and compliance assessment. The study emphasizes the importance of flexibility and adaptability in procurement processes, particularly in the face of rapidly changing market conditions and technological advancements. Agile procurement methodologies, which prioritize collaboration, iterative planning, and continuous improvement, offer organizations the ability to respond to disruptions and optimize their supply chain operations swiftly. The paper highlights key components of the agile procurement framework, such as the use of predictive analytics, machine learning, and automated tools for real-time risk assessment and vendor performance monitoring. Additionally, it examines the integration of vendor risk and compliance management into agile procurement practices, ensuring that organizations can proactively address potential risks. The study also addresses the challenges organizations face when implementing agile procurement, such as cultural resistance, technology integration, and the need for continuous adaptation. Finally, the paper discusses the practical implications for organizations seeking to implement agile procurement practices and provides directions for future research, particularly in the areas of blockchain integration and the long-term impact of agile procurement on organizational performance and resilience.