Procurement Trends of 2014 Essay

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2014 is another business year to look forward to. Like any fiscal year, the coming year gives businesses another chance at growth and perhaps, expansion. Although some economic setbacks happened in 2013, it should not deter entrepreneurs to make best of the coming year.
Some procurement trends are also expected to continue from the previous year. Procurement trends will likely be the same except for new additions resulting from those incidents that happened within 2013.
Forecasting trends is necessary for any business or industry, whether the enterprise is looking positive or negative. After all, it gives entrepreneurs the methods and time to think whether they can adopt the trend for the betterment of their business.
So, sit back and read what the business trends 2014 are.
1. Technology is here to stay. Technology has been a positive tool for businesses to grow. Now, it has become an integral part of doing businesses. More businesses are focusing on their online presence and marketing to reach their target audience. Use of SEO and social networking are growing and not slowing down. In addition, customers are using more devices and the latest technology to get information, products and services. Technology is also one of the procurement trend 2014. Many businesses will still be using eprocurement systems to make the process and activities more streamlined and less complicated. In addition, communication via online platforms will continue, especially for businesses or entities that procure from many companies or countries. Competition between procurement systems might heat up and prices might be go upwards.
2. Outsourcing. During the last few years, a lot of businesses, small and big, have been doing outsourcing to lessen busine...

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...iness’ clientele has the power to do something for the business aside from monetary compensation. Using the clientele for other means like funding has started to take root in many industries.
There are many companies that struggle in terms of getting loans and other needed finances. The traditional way is to ask money from financial institutions but even getting money from them seems to be losing its appeal. There are many businesses who are now asking capital form their clients. This venture is made easier with crowd funding, where anyone can invest in any venture they want. Crowd funding gives flexibility and often times, less costs for businesses. In addition, clients feel that they have something worthy for the company. It is expected that businesses will jump on this trend and for others who are already using it, they will expand their use on crowd funding.

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