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.
Since the concept of outsourcing was introduced it has been a subject of debate between politicians and citizens of the United States. Remarkably, it was the United States who supported outsourcing and now it is the United States that feels its economic progress is being threatened by outsourcing. One may argue that the financial situations that existed two decades earlier are not the same as they are today, thus the change of time, business priorities of economies have also changed.
Kibbe, C. (2004). Outsourcing” the good, the bad, and the inevitable. New Hampshire Business Review, 26(14), 1A.
Economic: As seen recently, recessions can come along effecting markets for coming months or years. The emerging markets in China, India and Brazil, may boost sales for whoever gains those market shares. While the United States continues to experience a growing market its important to pay attention to the
Kibbe, C. (2004, 07 09). Outsourcing: the good, the bad and the inevitable. New Hampshire Business Review, pp. 1A-21A.
Long term sustainment of new technology, especially in the face of rapid technological development, is a question defense contractors must answer prior to fielding. The Defense Acquisition Systems final phase, operation and support, “is considered to
There are many responses that a company can have to troubling economic times. They can first weather the storm and survive. They can back up and get driven out of business, or they can grow. The economy has been in recession for many months. It is the job of our company to identify things that can help businesses to make it through these times and hopefully prosper.
The current state of the economy in the United States has been slow in recent months. While the economy is not currently in a recession, we may eventually fall victim to the first recession we’ve had in nearly ten years. The economy in general is showing growth, just not much. It will be difficult to predict what exactly will happen to the US economy in the future. Many economists do not agree on what will become of the economy. Some feel that we will begin a recession over the next year, and some feel that there is significant policy implementation that will allow us to dodge a recession and regain our economic strength. There are many factors that make up the US economy. The means in which I will discuss the overall growth and current status of the economy is by analyzing the Gross Domestic Product, and discuss the factors that cause it to rise and fall.
The reliable supply of materials and services is a critical factor in a successful SC, therefore an essential function of the Procurement Manager is ensuring that flow is matched to that of demand. In the event of supplier delays procurement is responsible for following up with suppliers, negotiating and ensuring that actions are taken to reduce delays to a minimum. Globalisation has added to SC’s concerns of delays which can pose significant
After a long recovery from lingering recession, the World Bank indicated the global economic growth rate is forecast to accelerate from 2.4 percent to 3.2 percent in 2014from the U.S., China and other major developed countries. (U.S. News & World Report, 2014) Hence, many private analysts forecast consumer demand is increasing due to better off financially spending more for services and products. (Los Angeles Times, 2014)
As part of the activities at this stage, the attractiveness of the market in terms of its expansion and contraction will influence the number of suppliers. This source can be identified through the internet trade journals, trade exhibition yellow pages of telephone directorate and suppliers’ data base of the organization. In this regard (Weele, 2010) suggested that the source should be identified and evaluated instantaneously instead of treating it as a separate stage in the procurement cycle.
A market boom, recession, or growing inflation problem can all change the way an organization plans for the future and operates in the present. Unemployment levels, comparative foreign exchange rates, and the state of the global economy can all help or hurt a business' ability to get needed components and maintain a stable profit.’’ After t...
Before 1980 the only way to find the investment for any startups was banks and in 1980's there were investors who were interested in technology business. In this 20th century, small and mid-sized enterprises (SMEs) have a low income and are not easy to get capital or financing from any financial institutions or bankers, but startups have an option to find their investments through a strategy called Crowdfunding, a venture to raise money from various people. This review infers the content on influence of crowdfunding in small and mid-sized enterprises (SMEs). This review emphasis on how crowdfunding is growing in SMEs, what are advantages and disadvantages of crowdfunding and a case study on how a company from Indonesia raised their money using crowdfunding.
On the surface, one might say that purchasing is purchasing no matter who the purchaser is. In both public and private procurement sectors, purchases are made from the same suppliers. Both sectors search for flexible, value and price planning, efficient systems. However, systems and rules are what distinguish the two. They are completely different in the dynamics of their operations. Compared with the private sector, the procurement process of the public sector differs in quite a few ways. The intent of this paper is to examine the differences between public sector procurement and private sector procurement with attention to how private sector procurement methods may or may not be useful in public sector procurement.
Procurement is a subject that has a wide variety of branch. Many areas need the knowledge of procurement in order to practice effectively or attain their maximum profit levels. Procurement helps in determining when and how one should conduct certain transactions in the business. Procurement principle s help to guide healthy relationship with other subjects and avoid many business mistakes that have a high probability of happening. Some of the main principles that procurements deal with include; f value for money, ethics, competition, transparency, and accountability. This principles help procurement to be effective thus help in making important decisions in organizations.
(2014) deduced that procurement performance can be assessed by focusing ondelivery,flexibility, quality, cost and technology. Optimal performance attainment is dependent onhow current suppliers`relationships aremanaged so asto ensure constant availability of needed quality supplies at the organization. This will ensure that sourced materials are indeed procured at the right costand atthe right time. Procurement performancestrives toenable improvements in the procurement process at the organizationso as to improve on qualitydelivery of firm products and servicesatleast possible time and