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Global Market: the Main Trends in Sourcing and Procurement

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Nowadays companies are in different environment which was not there before some years ago. Companies should focus on some of the important things to be survive in the present business environment. Companies focus should be on quality, time-based competition, efficiency, international perspectives, and customer relationships. Global competition, Electronic business, the Internet, and advances in technology require flexibility and responsiveness. Financial pressures will lead the company to be in dangerous situation so companies should be free from financial pressure.These are the some of the important things which should be focused by companies to get survive in the today’s business.

Quality is one of the important focus which companies should deliver. Companies should consider quality as their importance because many customers will look particularly about the quality. There is no compromise for customers in quality related things. Customers will deicide to buy the product or not based on the quality of the product. Quality also depend on the brand of the company. If company produces good quality the brand image of the company will be high as per the customers and in the market. For example, Customer believe that product with good quality will be used for long time so he believes that good quality product will be used more such as with a Volvo, a car known for its longevity. Some other customers also believe that if the performance of the product is high then it can be used long time such as a BMW. When companies focus on quality as a competitive priority, they are focusing on the dimensions of quality that are considered important by their customers.

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Focusing on customer values companies are increasing stress swift response based on the customer demands. There is lot of competition between companies which lead to continuous innovation and less number of cycle times is causing for the development of new products in the market. Similarly new services also introducing in the market. After launching new products companies will also take some time to launch next product, There is no rush in launching products and causing unnecessarily failures, this may lead to create risks. Organizations Continuous recharging for Improvement of items and administrations, business tasks, and even hierarchical procedures has turned into the reason for constantly making more prominent incentive for the client while additionally expanding organization efficiency and center fitness in effective organizations, center capability can cut crosswise over capacities and division, enabling a business venture to contend maybe in endlessly unique focused fields – in view of its particular abilities.

Usually, associations fought by either mass-conveying an organized thing or offering changed things in little volumes. One of the current centered challenges for associations is the need to offer to customers a more imperative collection of thing choices of a usually systematized thing. This is the trial of flexibility. One instance of flexibility is mass customization, which is the limit of a firm to convey significantly changed stock and wanders and to do it at the high volumes of vast scale producing. Mass customization requires arranging versatile exercises and using conceded thing partition, also called delay. This suggests keeping the thing fit as a fiddle to the degree this would be conceivable and deferring completing of the thing until the point when the moment that specific customer tendencies are known.

Companies should also consider about the global market to look more effective and efficient. This will all consider about the customers,suppliers and competitors. This will also address the key issues of customer needs and it deliver the right products to markets. Operations management is responsible for most of these decisions. OM decides whether to tailor products to different customer needs, where to locate facilities, how to manage suppliers, and how to meet local government standards.

How consumers can use the Internet to shop in new ways

Buying products become very easy with the help of internet. Internet decreases the time and cost of buying a product. Previously, customers used to go out and buy a product in the shop for some price, now customers are simply logging into the internet and ordering the product in online for less price. Customers can buy the product at any time by simply browsing through online. Internet save the time as well. There is no need to go out and buy a product as we can order them through online and get them home through door delivery, this process gradually decreases the time to purchase product.There are many ways which internet is helping customers they can order food and get grocery from super markets and everything can be shopped with the help of internet and they can book tickets and get offers for vacations as well.

The Internet likewise has enabled organizations to change the way they discover the materials and supplies that are required for their activities. Business-to-business (B2B) exchanges are led amongst organizations and their providers, wholesalers, and clients. Despite the fact that immediate deals to the overall population are more commonplace, B2B exchanges make up the dominant part of Internet exchanges. Purchasers utilize the Internet in various approaches to settle on various choices. For instance, shoppers will probably look for conclusions of others through online networking and item evaluating locales when settling on decisions that have a lot of individual effect (e.g., social insurance choices or real gadgets buys). In any case, they do utilize organization controlled sources when settling on value-based choices on commoditized things, for example, utilities or aircraft tickets. While customers see the unmistakable advantages of the Internet on their lives, they keep on having worries about web security and the reliability of some online data. In the UK, for instance, 66 percent of online customers say the Internet causes them settle on better choices.

References:

Atkinson, William “The Big Trends in Sourcing and Procurement”

Reid, R. Dan (Robert Dan), 1949- Operations management [electronic resource] / R. Dan Reid, Nada R. Sanders

Belohlav, J. A. “The Evolving Competitive Paradigm” Business Horizons

https://www.govtech.com/e-government/Research-Shows-the-Impact.html

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