Global Journal of Management and Business Research, A: Administration and Management, Volume 22 Issue 7

receive the same level of recognition in 1985 as it has received in modern times. b) Buyer Value An organisation has to be capable of generating value in order to be competitive and retain its customers (Piboonrungroj, et al., 2017). In order to generate competitive value, Porter (1985) believes an organisation’s focus should be on comprehending the buyer’s demands and desires. In other words, a company should invest in its capabilities of comprehending the buyer’s expectation to value. According to Prahalad and Ramaswamy (2004), the conceptualisation of value is to be understood as the buyer’s willingness to pay, which is influenced by a company’s performance, facility, and attribute of its goods and services. Taylor and Fearne (2009) continue with a similar view by expressing that buyers seek attributes or benefits from the product beyond the price alone. An example of such benefits could be one’s execution of stability across the supply chain, herein referring to the organisation’s capability of stabilising lead time in volatile events. However, to acquire the attention of the buyers, Kothandaraman and Wilson (2001) state that an organisation must prove its value generation through its fulfilment of high, consistent performances. Essentially, such consistency will require that each activity in the value chain is carried out on a holistic basis. If not, the company will jeopardise its abilities to meet the buyer’s demand and, thus, diminish its competitive standing (Piboonrungroj, et al., 2017, Kumar & Rajeev, 2016). Ultimately, as a means to succeed within this aspect, Vargo and Lusch (2004) stress that it will imply interactional cooperation in the overall value system. Consistent with Piboonrungroj, et al.’s research (2017), the holistic capability of thinking beyond one’s own corporate boundaries is referred to as value chain thinking. Within value chain thinking, the organisation does not behave from a singular perspective, but, instead, creates, captures, and distributes useful information towards its multiple stakeholders (Piboonrungroj, et al., 2017). Along with Slywotsky et al. (2002), the holistic value thinking phenomenon has paved the way for a customer-centric approach, which has been argued to generate a more competitive value chain approach, in line with the current era of globalisation. Hereby, when an unforeseen event occurs in the value system, the individual actor ought to explore it from the versatile view of value chain thinking and, thus, make allowance for information-sharing with stakeholders to strengthen the value system’s coherence and stability (Piboonrungroj, et al., 2017). By incorporating a holistic value thinking approach into one’s practices, it is anticipated to result in a threefold outcome: Firstly, it will result in creating a synergised value for the buyer. Secondly, it will create the ability to successfully respond to changes in customer needs. Thirdly, it will mitigate one’s exposure to supply chain risks (Lee, et al., 1997; Goldsby, et al., 2006; Wieland & Wallenburg, 2013). c) Procurement As it has been exhibited in the prior section (the value chain), procurement is placed in Porter’s (1985) value chain as a secondary activity, where the function has an indirect influence on the value creation of the product (Holsapple & Singh, 2001). However, over the last decades, the function itself has received significant attention due to organisations’ competitive aspiration of becoming more responsive to uncertainty in their respective global supply chain. Here, procurement operates as a critical role in knowledge sharing across Abdelhadi (2017), the desire of utilising procurement more strategically can be explained as a globalised shift in economic practices, which is influencing and redefining the traditional corporate thinking of business practices within procurement. Moving forward, the procurement function is anticipated to become more strategically involved in the organisational movement towards a vision, where it will work as a means to ensure transparency and resilience, thus, improving the collaborative synergy between an organisation and its suppliers (Rejeb, et al., 2018). Originally, the procurement function was viewed as being responsible of ensuring a controlled and punctual process of all movements of internal and external goods, receipts, and management of transportation (Spöttl, 2017). However, procurement is further argued to involve more than just controlled processes, but also the concepts of supplier relationship management, stakeholder management, contract management, negotiation, and purchasing (2018), it is the procurement function’s obligation to provide, maintain, and deliver efficiencies to achieve the organisation’s long-term goals, herein to enhance the information flow across value activities, both internally and externally (Fleischmann, 2018; Cugno & Castagnoli, 2020). Consequently, information and communication are viewed as the backbone of the overall procurement process (Osmonbekov & Johnston, 2018). Therefore, the function ought to be recognised as a pivotal means for mitigating information distortion. Hence, it should be perceived as a competitive resource to rapidly respond to unforeseen events that could negatively affect the According to The Chartered Institute of Procurement and Supply (2022), “procurement and supply management involves buying the goods and services that enable an organisation to operate in a profitable and ethical manner”. The institute further states that “responsibilities vary from sourcing raw materials and services to manging contracts and Time for Revitalisation of Value Chain Management: A Reassessment of Porter’s View on Procurement 5 Global Journal of Management and Business Research Volume XXII Issue VII Version I Year 2022 ( ) A © 2022 Global Journals the whole chain (Georgino, et al., 2021). According to (Georgino, et al., 2021). As simplified by Fleischmann organisational movement (Georgino, et al., 2021).