All is in place for future prosperity
By Kevin R. Fitzgerald -- Purchasing, 1/13/2000
We've all been barraged by hype about the new millennium, even though, technically, it doesn't start for another year. But now is as good a time as any to stand back for a moment and review where we've been and where we might be headed.Business today is in a position to prosper like never before, for many reasons. There is little if any threat of war between major world powers. Many countries continue to break down economic and cultural barriers with other countries. Markets today truly are global, and despite a blip--and it's only a blip--on the screen in the form of the WTO protests in Seattle, there is no retreating from the globalization of markets.
Centrally controlled economies around the world have proven to be failures. Governments are learning that the best thing they can do is create an environment in which business can thrive, and then get out of the way.
Average citizens in this country, at least, have a higher stake in how business performs because more people own stocks in companies than ever before. The U.S. economy has had the longest economic growth period in decades, and there is no end in sight.
Looming large over the world today is the Internet, a communication tool so powerful and ubiquitous that it threatens to change every form of communication. Much has been done already with this powerful tool, yet the surface has only been scratched. Like business and art, the Internet is smashing barriers between people and businesses.
It's certainly not an exaggeration to say that purchasing now stands in a position to contribute to value creation like never before. The economics of manufacturing have changed dramatically over the past thirty years, and companies rely more and more on outside firms to contribute value to their products and operations. Purchasing, which not all that long ago was delegated to a paper-pushing, tactical, green eyeshade-wearing role, has earned a seat at the executive management table.
How far purchasing has come is illustrated by our report on supply management strategies of the future, co-written by Editorial Director Emeritus Jim Morgan and Contributing Editor Dr. Robert M. Monczka. This report, which begins on page 48, examines what companies must do in the future to get the most value from supply. Following this report is a series of articles that dissect supply management strategies of leading companies. We hope readers use these articles to develop or improve their own supply strategies and make their own contributions to future prosperity.
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