Procurement 4.0: How industrial customers transform procurement processes to capitalize on digital servitization

This is the author accepted manuscript. The final version is available from IEEE via the DOI in this recordThe rapid development of digital technologies can revolutionize industrial companies’ operations through the procurement and application of digital solutions following a logic of digital servitization. However, industrial customers must refine their internal processes to exploit the potential of digital servitization. In this transition, the procurement organization is pivotal in orchestrating relationships between its internal functions and suppliers ecosystems. Yet, traditional procurement processes are poorly suited to the evaluation and procurement of digital servitization offerings, hampering value co-creation between suppliers and customers. The purpose of this study is to investigate how procurement process models can be adapted to address the opportunities and challenges of digital servitization for industrial customers. The investigation is based on a case-study design, drawing on data collected through in-depth interviews with informants from eleven leading customers and eight global suppliers. Based on the data analysis following the Gioia methodology, we describe key challenges with the traditional approach and identify novel procurement practices to capture value from digitalization. The study’s key contribution is to propose a process model for Procurement 4.0, highlighting four phases: 1) mapping digital opportunities, 2) selecting digitalization partners, 3) co-developing digital solution contracts, and 4) promoting continuous digital innovation. Furthermore, we define three overarching principles for procurement 4.0: a) nurture digital ecosystem generativity, b) orchestrate cross-functional integration, and c) leverage supplier capabilities through agile co-creation

Procurement 4.0: How Industrial Customers Transform Procurement Processes to Capitalize on Digital Servitization

The rapid development of digital technologies can revolutionize industrial companies’ operations through the procurement and application of digital solutions following a logic of digital servitization. However, industrial customers must refine their internal processes to exploit the potential servitization. In this transition, the procurement organization is pivotal in orchestrating relationships between its internal functions and supplier's ecosystems. Yet, traditional procurement processes are poorly suited to the evaluation and procurement of digital servitization offerings, hampering value cocreation between suppliers and customers. The purpose of this article is to investigate how procurement process models can be adapted to address the opportunities and challenges of digital servitization for industrial customers. The investigation is based on a case-study design, drawing on data collected through in-depth interviews with informants from 11 leading customers and 8 global suppliers. Based on the data analysis following the Gioia methodology, in this article, we describe key challenges with the traditional approach and identify novel procurement practices to capture value from digitalization. The article's key contribution is to propose a process model for Procurement 4.0, highlighting four phases: mapping digital opportunities, selecting digitalization partners, codeveloping digital solution contracts, and promoting continuous digital innovation. Furthermore, we define three overarching principles for procurement 4.0: nurture digital ecosystem generativity, orchestrate cross-functional integration, and leverage supplier capabilities through agile cocreation

Chemical composition and health benefits of coconut oil: an overview

Coconut oil is an integral part of Sri Lankan and many South Asian diets. Initially, coconut oil was classified along with saturated fatty acid food items and criticized for its negative impact on health. However, research studies have shown that coconut oil is a rich source of medium-chain fatty acids. Thus, this has opened new prospects for its use in many fields. Beyond its usage in cooking, coconut oil has attracted attention due to its hypocholesterolemic, anticancer, antihepatosteatotic, antidiabetic, antioxidant, anti-inflammatory, antimicrobial and skin moisturizing properties. Despite all the health benefits, consumption of coconut oil is still underrated due to a lack of supportive scientific evidence. Even though studies done in Asian countries claim a favorable impact on cardiac health and serum lipid profile, the limitations in the number of studies conducted among Western countries impede the endorsement of the real value of coconut oil. Hence, long-term extensive studies with proper methodologies are suggested to clear all the controversies and misconceptions of coconut oil consumption. This review discusses the composition and functional properties of coconut oils extracted using various processing methods