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    Sourcing and procurement environment

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    Prepare a paper. Based on current events and trends in the sourcing and procurement environment, hypothesize the future of purchasing in the global economy. Address the following:

    Benefits and risks of e-business
    Future opportunities and trends in purchasing
    Future challenges in purchasing

    Format your paper consistent with APA guidelines and include references

    © BrainMass Inc. brainmass.com December 15, 2020, 8:20 pm ad1c9bdddf

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    1. Future trend on purchasing and e-Business:

    E- business or electronic business derived from such terms as "e-mail" and "e-commerce," is the conduct of business on the Internet, not only buying and selling but also servicing customers and collaborating with business partners [1].

    Today, major corporations are rethinking their businesses in terms of the Internet and its new culture and capabilities. Companies are using the Web to buy parts and supplies from other companies, to collaborate on sales promotions, and to do joint research. Exploiting the convenience, availability, and worldwide reach of the Internet, many companies have already discovered how to use the Internet successfully.

    2. A brief history of sourcing and procurement and evolve of e-Business:

    Long-term veterans of supply chain management likely recall the days 30 years ago when they were called "purchasing agents" or "traffic managers" and did nothing but "buy stuff." Today, of course, that has all changed. In fact, there is very little that takes place in organizations today that supply management professionals aren't involved in.

    The future holds even more changes and advances for people involved in the sourcing and procurement functions, especially in the areas of globalization, supply chain technology, and supplier relationships. If there's one fact on which nearly every business publication, management scholar, and consulting firm can agree, it's that e-business has become a competitive imperative. E-business is changing nearly every business process across all industries and services in such diverse functions as:

    ? building brand power,
    ? reducing costs,
    ? improving efficiency, and
    ? servicing and understanding end users.

    It is widely recognized that, whatever industry they're in, organizations that fail to consider the impact of electronic channels on their buying, selling, manufacturing, and distribution, communications, and management processes will fall behind their competitors as the global marketplace changes [2].

    The rapid growth of the Internet commerce in recent years presents established businesses with a serious dilemma. On the one hand, they can stick with the business model that has worked for them for the last number of years. On the other hand, they can make the shift to serious e-Business. Choosing to stand pat is usually much easier in the short term. But in the longer term this almost certainly means they will be left behind by technology, and lose many of their most important clients to more aggressive competitors [3].

    3. Issues related to shifting from traditional business to e-Business:

    Shifting to e-Business may involve committing substantial resources to developing a new game plan [4]. That usually means-
    ? refining product lines to make them easier to sell online,
    ? upgrading computer systems and websites and
    ? training personnel at all levels to be more web savvy.

    It also means-
    ? developing or hiring staff to handle the administration of new marketing, sales and delivery systems and
    ? working with outside consultants and service providers to handle the technical aspects of the new program that cannot be handled by existing staff.

    4. Blessings of Internet, Online Ads and Services:

    The Internet offers exciting ways of reaching new markets that could only be dreamed of in the past. There are methods of promoting products online that allow a company to precisely target the customers they are after whether they are in town or on the other side of the world. Until recently, companies offering a product or service to local customers could not see the benefits of having an online presence. As more and more ...

    Solution Summary

    Kindly refer to the problem solution for detailed answer on current events and trends in the sourcing and procurement environment.