Strategic Supplier Selection in Payment Industry: A Multi-Criteria Solution for Insufficient and Interrelated Data Sources
Siavash Hekmat (),
Maghsoud Amiri () and
Golshan Madraki
Additional contact information
Siavash Hekmat: FANAP Studies & Research Center, Pardis Technology Park Pardis, Tehran, Iran
Maghsoud Amiri: Department of Industrial Management, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran
Golshan Madraki: Engineering and Management, David D. Reh School of Business, Clarkson University, Potsdam, NY, USA
International Journal of Information Technology & Decision Making (IJITDM), 2021, vol. 20, issue 06, 1711-1745
Abstract:
Our goal is to address the complicated problem of strategic supplier selection with interrelated and insufficient data. To achieve this goal, we proposed our Strategic Supplier Selection Methodology (SSSM). First, SSSM formulates the enterprise strategies and evaluation criteria. Then, we developed a novel method called Grey Principal Component Analysis-Data Envelopment Analysis (GPCA-DEA) to evaluate suppliers in SSSM. GPCA-DEA overcomes the major disadvantages and limitations of former methodologies (e.g., DEA) while dealing with insufficient and interrelated data. Finally, SSSM applies Multiple Attribute Decision-Making (MADM) methods to select suppliers based on the ranking score. The application of SSSM is illustrated in the payment industry to select Payment Initiation Service Providers (PISP). For the first time, we considered the payment industry-specific criteria in compliance with the latest regulation (PSD2). The Spearman rank correlation statistical test showed that our method (GPCA-DEA used in SSSM) yields more reliable results than a former version of DEA.
Keywords: Strategic supplier selection; principal component analysis; grey theory; insufficient data; payment industry (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:
Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S0219622021500474
Access to full text is restricted to subscribers
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:wsi:ijitdm:v:20:y:2021:i:06:n:s0219622021500474
Ordering information: This journal article can be ordered from
DOI: 10.1142/S0219622021500474
Access Statistics for this article
International Journal of Information Technology & Decision Making (IJITDM) is currently edited by Yong Shi
More articles in International Journal of Information Technology & Decision Making (IJITDM) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().