For supply management executives, the current recession provides challenges and opportunities to discover new markets and products, which may help fuel new growth strategies. Under the American Recovery and Reinvestment Act, President Barack Obama is providing the impetus to create such change.
The act introduces new ideas in transportation, clean energy, green technology and other areas to stimulate the U.S. economy. The Congressional Budget Office estimates that by the end of 2010, the $789bn stimulus package will pump about $526bn into the economy, increase the U.S. gross domestic product by 1.1 percent to 3.4 percent by the fourth quarter of 2010, and create up to 3.6 million jobs. Moreover, the legislation generates new opportunities for manufacturers.
This is all good news for supply management professionals tasked with integrating green initiatives with new product and service development. Now is the time to focus on collaboration with internal business units and external suppliers to generate cost advantages and introduce sustainable offerings into the marketplace. The supply management function is at the forefront in capitalizing on the president's legislation and economic stimulus.
Source: Inside Supply Management