The Impact of the Megatrends in Business

The modern business world develops according to the progress of the megatrends in such spheres as Information Technologies (IT), Human Resources (HR), and Management. These trends influence many aspects of the business and the company’s development also including the range of duties and responsibilities of the Purchasing and Supply Management professionals (P/SM).Advertising We will write a custom essay sample on The Impact of the Megatrends in Business specifically for you for only $16.05 $11/page Learn More Some years ago the main accents in the work of P/SM professionals were made on the effective interactions with suppliers and customers with basing on the successful problem-solving and decision-making process. Today, the duties and responsibilities of P/SM professionals are affected by such tendencies as globalization, e-commerce, professional development, cross-functional teaming and project management. Thus, to follow these tendencies, P/SM professionals are expected to orient in their responsibilities to global purchasing, and as a result, widening the relations with customers and suppliers. Moreover, the development of e-commerce makes P/SM professionals focus on the opportunities provided by the Internet. Today, the online market is discussed as more economically advantageous in comparison with the traditional market because of saving the costs on advertizing, retailing, and delivery (Wisner, 2011). Furthermore, modern P/SM professionals also actively use the possibility of auctioning online. Such megatrends in HR and management as the necessity of the intensive professional development, the concentration on cross-functional teaming and project management result in the increase of the improvement of P/SM professionals’ skills, in the growth of the competitiveness within the industry, in the orientation to the balance between the role of the individual and team in the decision-making process toward achieving the definite goal. Nowadays, there are few aspects which can limit the deepening and expansion of the relations between customers and producers, and the P/SM professional’s duty is to use all the opportunities effectively and reduce all the challenges. It is also possible to speak about the impact of these trends on the organizational and operational aspects of the Purchasing and Supply Management Department.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In this case, the main focus is on the effective supplier selection and strategic relationships with suppliers, on the development of the strategic perspective and the vision of a wide picture of the situation with references to the results of the project management and concentrating on the global diversity and integration. The major aspects of the process are flexibility in overcoming the industry’s challenges and risks wit h the help of effective planning and making decisions (Wisner, 2011). In this situation, to face all the business, IT, HR, and management challenges of the 21st century, it is necessary for P/SM professionals to develop their specific skills which are based on the improvement of the communication and presentation skills in the work with suppliers and customers, of the ethical knowledge, of flexibility and a quick reaction to the situation, and of the problem-solving skills. The development of these skills is significant in the context of the manager’s purpose to work out and follow the effective strategy in relation to reducing the costs, increasing quality and service (Wisner, 2011). From this point, P/SM professionals should be able to provide the broad vision of the situation in the industry with references to the developed e-commerce and globalization trends. Moreover, the abilities to review, analyze, and evaluate the tendencies of the development with choosing the best strategies to follow are as important as the skills to manage the work of the employees, to organize the relationships with customers and suppliers effectively. Reference Wisner, J. D. (2011). Principles of supply chain management: A balanced approach. USA: Cengage Learning. This essay on The Impact of the Megatrends in Business was written and submitted by user Dangelo Ryan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.