Procurement Trends of 2014 Essay

Decent Essays

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 …show more content…

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 – they are big chunks of information that needed special databases for them to receive, store, share and analyze information. Big Data is often used by the government, including procurement since it allows a lot of information to be fed into the database. In terms of public procurement, big data can help and improve the process in terms of spend analysis and supplier information. For businesses, big data can be a growing trend since a lot of information is processed by both the business and the consumer. The business can collect data from the client’s user experience using many avenues

Get Access
Get Access