Archive for July, 2021

Creating our own limitations.

Tuesday, July 13th, 2021

 

 

Todays post is from our SafeSourcing Archives.

Opportunities to learn are everywhere but can be used either to improve or damage your capabilities. For example, any married couple knows it’s not easy to have two flawed individuals share life together. However, even in less than ideal situations, there are opportunities to learn that you will never get anywhere else other than a situation where someone’s soul is borne to you in ways neither individual can hide from. There will be opportunities to learn how others think and operate, and to discover your own biases and shortcomings. However, there will also be opportunities to hide your insecurities, deny your flaws, blame shift, and stubbornly hold fast to your own LIMITATIONS. This is typically what people do when meeting viewpoints different from their own: We get defensive, myopic, and squander an opportunity to better ourselves.

Whether we like it or not, character traits like humility, and work ethic, will profoundly influence how well we perform our professional activities. No one promoted this fact more heavily than the author of. The 7 habits of highly effective people.

Stephen Covey proposed that maturity is a continuum from least to most mature by the steps of Dependence (reliance on others), to Independence (reliance on self), to Interdependence (Independently chosen reliance on others, to accomplish cooperatively what we cannot independently). This is counterintuitive because we typically think of Independence as being the most mature, in the form of the lone wolf leader, or the maverick who does things his/her way. But the truth is it’s far more difficult and beneficial to assume someone else might know something you don’t. By definition, this means you have to let other people make decisions out of their unique perspective and expertise that you WOULD NOT, or else you’ll always be LIMITED by your own understanding, and no organization will ever be all it can be without utilizing the collective expertise of the group.

Are your limits strictly determined by how hard you work? How fearless you are? How smart you are? What if you’re limiting yourself by making assumptions about how much value other individuals or organizations can contribute to your business? Do we have the strength of character to admit there are individuals or organizations that can perform certain tasks better than we can? Leaning on other’s expertise isn’t an insult to your capabilities; it’s a means of interdependent improvement.

There are variables in our lives we genuinely can’t control, and we shouldn’t want to, especially when it comes to learning through how we work and relate with other people. If we truly want to extend beyond our current limits, we have to allow external factors to force us to explore outside of our current paradigms, and deliberately chose to EXPAND, not LIMIT, our understanding through it.

For more information on how SafeSourcing can assist your team with this process or on our Risk Free trial program, please contact a SafeSourcing Customer Service Representative. We have an entire customer services team waiting to assist you today.

We look forward to your comments.

 

Balance the power in your negotiations

Friday, July 9th, 2021

 

 

Today’s re-post is by Dave Wenig, Sr. VP of Sales and Services at  SafeSourcing.

Dave considers how best to navigate a purchasing decision when external factors are the key drivers.

There are times when a purchaser may feel as though the balance of power in a negotiation is stacked in favor of the seller and factors such as limited sources of supply or external factors are strongly influencing the decision.

Let’s revisit a situation that retailers were facing a couple of years ago!

Retailers had been navigating through the process of implementing EMV solutions and were expected to have completed this process by October of 2015 for their in-store POS terminals. EMV, which is short for Europay, MasterCard, and Visa, is a standard for payment cards that is meant to be a more secure replacement than the magnetic stripe cards that we’re used to; although these chip cards do still have the magnetic stripes.

Their next deadline for EMV compliance was to affect the forecourt. For gas station retailers, the deadline to implement EMV capabilities at the pump was October 2017. After the deadline, the liability for fraudulent transactions will shift to the retailer if the retailer is not leveraging EMV. What this means for the retailer is that they are faced with a significant purchase with what seem to be limited options for implementation based on their existing equipment and other factors.

When faced with a decision such as this, it’s helpful to have a partner with the tools and experience to help guide you through the decision process. This is particularly important when your options seem limited or controlled by external factors like the EMV deadlines. Experience provides the confidence and the competence to develop and execute your commercial negotiation strategy. Your partner’s tools provide the capability and the leverage to balance the power in the negotiation.

In the case above, many companies contacted SafeSourcing for assistance.

At SafeSourcing we are devoted champions of saving money on just about any category that you can come up with. In fact we probably source it more often than your buyers or category managers do. All of our team member at SafeSourcing, would be excited to discuss how adding e-Procurement to your sourcing projects can improve your negotiation process. For more information, please contact a SafeSourcing representative.

We look forward to your comments.

 

 

 

Effective Supplier Data Management Improves Procurement Process

Tuesday, July 6th, 2021

 

This may be old, eight (10) years in fact. Its still no less true today then it was then.

The following excerpt is from the above titled article.

There is more to an effective e-procurement program than cost reduction.

While buyers frequently record cost reductions in the range of 30% to 40% when utilizing an e-procurement or reverse auction process, the issues of quality and performance cannot be overlooked.

The foundation for successful e-procurement is the supplier database
that has been developed and is maintained by the e-procurement service provider. Significant time and capital investment goes into the development of an effective supplier database. It provides the buyer with a recognizable advantage in terms of classification of supplier capabilities, historical performance and the quality of the products provided.

The scope, accuracy and functionality of the supplier database are critical components for buyers when using e-procurement. These elements allow buyers to identify the best sources of supply quickly and cost-effectively, oftentimes uncovering alternative sources that were previously not even considered. This is one of the major advantages of including the services of an online reverse auction service provider like SafeSourcing in the procurement process.

Supplier data management is an excellent example of pairing technology advancements with intellectual property to produce an effective, economical support tool that benefits both suppliers and buyers – better pricing, better quality and better sources of supply.

Click here in order to view the entire article.

We look forward to and appreciate your comments.