VALUE ENGINEERING AND VALUE ANALYSIS: UNEXPLORED POTENTIALS IN PROCUREMENT AND SUPPLY CHAIN MANAGEMENT
Mojisola Abimbola Adeyinka, Casandra Okogwu, Mercy Odochi Agho, Uneku Ikwue, Sodrudeen Abolore Ayodeji, Chibuike Daraojimba
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This paper delves into the intricacies of Value Engineering (VE) and Value Analysis (VA) and their transformative impacts on procurement and supply chain management. As organizations navigate the complexities of the modern business landscape, VE and VA emerge as pivotal methodologies, guiding them towards optimal value realization. The research underscores the multifaceted benefits of integrating these methodologies, ranging from cost savings and efficiency improvements to enhanced stakeholder relationships and risk mitigation. However, the journey of VE and VA integration is not devoid of challenges. Organizational resistance, technical hurdles, and the complexities of change management often pose significant barriers. Yet, the promise of transformative impacts, reshaping the contours of procurement and supply chain management, remains undeniable. The paper also highlights the future directions of VE and VA, emphasizing the potential synergies with emerging technologies like artificial intelligence, the Internet of Things, and machine learning. As the global emphasis on sustainability intensifies, the research probes how VE and VA can be tailored to prioritize sustainable practices. The exploration concludes with recommendations for further research, illuminating areas ripe for deeper investigation. In the vast landscape of organizational processes, VE and VA stand out as potent tools, promising a profitable, sustainable, innovative, and value-driven future.
Value Engineering, Value Analysis, Supply Chain Management, Sustainability.