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Future Trends in Purchasing Paper - Essay Example

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Supply chain management entails bringing together a company’s economic, environmental, and social goals in order to achieve optimal economic performance. Essentially, procurement is one of the most important aspects involved in supply chain management. In contemporary times,…
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Future Trends in Purchasing Paper
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Download file to see previous pages As such, procurement has and continues to help in the evolution of supply chain management in that procurement ensures the security of supply, market expansion, and reduces operational costs while maximizing profits. In essence, this is the direction that supply chain management is headed towards as it evolves from just a profit making venture into a practice requiring adherence to legal, ethical and consumer demands. Callender (2013) gives the example of how the global market now prefers GM-free foods and seeks to shun child labor.
E-business can be described as the practice of using technology in order to improve business, essentially by conducting business processes on the internet. The adoption of information technology in the conduct of business has its own advantages and shortcomings, just like the traditional ways of conducting business. According to Popescul & Genete (2007) e-business is advantageous in that it reduces the amount of time required to transact business, while also reducing the costs involved. In addition, the incorporation of information technology in business transactions means that a company is able to market itself on global arenas.
On the negative side of doing e-business, companies are exposed to hackers who can swindle the company and its clientele their money. In relation, consumers may fall prey to fraudsters who use information provided online, to steal credit card information. In other cases, There is also the risk that the company’s employees may be unable or unwilling to adapt to the applications used and may thus put the company at risk of losing its consumer base. It is also major concern for companies that the telecommunication bandwidth may be insufficient; meaning that access to online platforms may be hampered thus negating the need for e-business.
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