• Swapnil Vinod Ghate
• Dr Aditya Dayal Tyagi

The development of procurement processes over the last decade has been significantly influenced by revolutionary pricing approaches that support supply chain efficiency. As part of their attempts to develop procurement strategies, organizations have embraced innovations such as artificial intelligence (AI), machine learning (ML), blockchain, cloud-based solutions, and predictive analytics, which have drastically changed pricing models. However, there is a significant research gap regarding the general implications of such technologies on procurement efficiency, especially on cost reduction, vendor collaboration, and effectively informed strategic choices. Although various studies have focused on the roles of individual technologies, there is no integrated perspective that consolidates various innovative pricing methods. The effects of ethical sourcing, supplier diversity, and transparency on procurement outcomes, too, have not been fully studied within the framework of pricing approaches. The current research aims to fill this gap by exploring how the integration of new technologies with sustainable practices improves procurement efficiency. Based on the integration of current literature published between 2015 and 2024, this paper outlines key findings on the application of dynamic pricing, artificial intelligence-based negotiations, blockchain transparency, and data analytics in procurement pricing strategies. In addition, this paper highlights how these innovative pricing methods lead to more informed and economically beneficial procurement processes, hence improving supplier relationships and enabling more agile decision-making. Finally, this research provides a comprehensive insight into the revolutionary impact of innovative pricing models on procurement efficiency and provides the foundation for further research into their combined impacts on procurement practices in different industries.

Innovative pricing, buying effectiveness, AI, machine learning, blockchain, cloud platforms, predictive analytics, dynamic pricing, supplier collaboration, cost optimization, ethical sourcing, supplier diversity, transparent pricing models, procurement strategy, sustainable purchasing practices.

"Driving Procurement Efficiency with Innovative Pricing Solutions", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.12, Issue 2, page no.i155-i174, February-2025, Available :http://www.jetir.org/papers/JETIR2502813.pdf

"Driving Procurement Efficiency with Innovative Pricing Solutions", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.12, Issue 2, page no. ppi155-i174, February-2025, Available at : http://www.jetir.org/papers/JETIR2502813.pdf