Procurement is one of the core processes in an organization, and the industry is witnessing a significant transformation as long term sustainable growth is getting prioritized over cost reduction. New technologies such as Blockchain and AI are being used for supply chain management to keep up with the increased need for digitization while maintaining a balance between servicing costs, regulatory conformity, and ethical sourcing. Digitizing procurement shall deliver efficiency in cross-border purchases, transparency between stakeholders, and enhanced collaboration.