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 business costs and increase productivity and efficiency of workers. Like technology, the option to outsource isn’t slowing and many companies are adapting long-term outsourcing. In terms of procurement, outsourcing the service itself has been a popular trend and will likely to continue since online procurement systems and databases are already being used.
3. Risk management. The US shutdown definitely gave its mark on small business owners and how they procure or do business with the government. The shutdown affected a lot of businesses who weren’t able to receive their compensation in due time. Since the shutdown was unexpected in a way, it cost businesses money and inconvenient choices like partial shutdown or lay-offs. That scenario created risk for entrepreneurs who tried to stay afloat or were forced to close. The unsteady financial stability will prompt entrepreneurs to create a back-up plan to stay open in case another episode of deadlock happens in Washington.
Of course, not all risks happen in a macro-level. Changes in prices, amount of commodity supply, availability and other more micro-level incidents can also increase risk for both the business and procurement.
4. A Big Opportunity: Big Data. Big Data is simple...