Unprejudiced Strategic Suppliers Selection and Inspection: An Automated Industrial Approach

Prithwiraj Jana

International Journal of Finance, Insurance and Risk Management, 2025, vol. 15, issue 2, 54-67

Abstract: Purpose: The world is rapidly shifting toward global automated marketplaces. As a result, the business environment is forcing companies to make accurate and timely decisions. The relationship between suppliers and companies has long been a critical factor, making supplier selection a highly significant task. Design/Methodology/Approach: This research addresses one of the major concerns in the fields of industrial engineering and quality management: automated supplier selection and inspection. Specifically, it examines unbiased selection accuracy and defect rates for current and future inspections in the context of supplier evaluation. It also analyzes whether 100% future inspection is necessary, based on inspection costs during the evaluation and decision-making process. Findings: Following the supplier selection process, the next step is to assess the supplier’s efficiency, which is carried out through inspection. This study deals with two models: (1) automated supplier selection and (2) the implementation of inspection. Practical Implications: It is quite clear that, ranking of a proper vendor for a given supplier application involves a large number of considerations. The use of SAW, TOPSIS and MOORA methods are observed to be quite capable and computationally easy to evaluate and select the proper supplier from a given set of alternatives. Originality/Value: The research has proven that multi-objective programming techniques could prove extremely useful in such strategic planning.

Keywords: Quality control; inspection accuracy; entropy method; cross check; decision; MCDM. (search for similar items in EconPapers)
JEL-codes: C44 D81 L15 L23 M11 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:ers:ijfirm:v:15:y:2025:i:2:p:54-67

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