Archive for November, 2022

It looks like sugar demand will be going up into the foreseeable future.

Tuesday, November 29th, 2022

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc

According to a study on 360 Research Reports In 2022 the growth of Sugar Cane Market is projected to reach Multimillion USD by 2028, In comparison to 2021, Over the next Seven years the Sugar Cane Market will register a magnificent spike in CAGR in terms of revenue, In this study, 2021 has been considered as the base year and 2022 to 2028 as the forecast period to estimate the market size for Sugar Cane.

So you might ask what sugar is used in during the manufacturing process. Sugar is in virtually everything we take, especially in processed foods. There are some uses of sugar, which do not necessarily require us to even eat it.

Based on the study, it does not sound as though consumer spending will be going down during this time. So, what will this growth do to pricing with demand so high. You guessed it. Your prices are going up.

How do you make sure you are sourcing your commodity needs correctly? Contact SafeSourcing Inc. We buy it more often than you do and know the levers to pull.

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

For more information, please contact a SafeSourcing Customer Services Associate.

It’s not just the price of turkey that will test your wallet this Thanksgiving.

Wednesday, November 23rd, 2022

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc

According to a really informative and well written and researched article in NerdWallet by Sally French and Sam Kemmis, while overall prices rose by 0.4 percent over the past month, prices within the travel industry were more mixed. Hotel prices decreased slightly by a half a percent month-over-month, but airfares rose a hefty 3.5% in that same period.

And in line with the broader inflation trend, almost all travel prices are still largely still higher than what they were this time last year — and even higher than what they were pre-pandemic. Airfares are up 43% compared to this time last year. Rental cars, which are still down from their record highs set in 2021, are up 47% from their pre-pandemic prices when comparing this month’s average prices with the same month in 2019.

 These are yet additional examples of prices that do not need to be as high as they are. There are ways to mitigate these costs, but you should have been considering that in February and March. And you should have been engaging SafeSourcing Inc.

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

For more information, please contact a SafeSourcing Customer Services Associate.

References:

  1. Sally French and Sam Kemmis, NerdWallet

 

 

Talking Turkey!

Tuesday, November 22nd, 2022

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc

According to a recent article by Thomas Barrabi in the New York Post, Americans will face a record-high cost for a traditional Thanksgiving turkey this fall because of inflation and a shortage caused by bird flu outbreaks.

The cost of turkey hens — the bird that most often appears on Thanksgiving dinner tables — is currently up 57% compared to its five-year average, according to market data from research firm Urner Barry cited by the Wall Street Journal.

Prices have hit their highest level on record. Turkey breast meat has surged to a record of more than $6.50 per pound this year. The same cut cost less than $2 per pound in 2020.

This is another example of prices that do not need to be as high as they are. There are ways to mitigate these costs, but you should have been considering that in February and March. And you should have been engaging SafeSourcing Inc.

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

For more information, please contact a SafeSourcing Customer Services Associate.

References: Thomas Barrabi,  The New York Post

 

 

Based on October results are consumers really being impacted by inflation?

Monday, November 21st, 2022

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc

According to TRADINGECONOMICS Retail sales in the US surged 1.3% month-over-month in October of 2022, the strongest increase in eight months, after a flat reading in September and beating market forecasts of a 1% gain. Sales at motor vehicle dealers were up 1.3% as supply chain constraints have been easing while rising gasoline costs pushed sales at gasoline stations 4.1% higher. Excluding gasoline and autos, retail sales were up 0.9%. Other increases were also seen for sales at food services and drinking places (1.6%), food and beverages stores (1.4%).

When results for this quarter are reported, we believe margins will also rise when looking at the cost savings we are seeing for our retail customers. If you want better margins and better earnings, maybe it’s time to talk to SafeSourcing about our risk-free trial. Sales up and costs down is a perfect formula

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

To learn more, please contact a SafeSourcing customer services associate.

References:

  1. TRADINGECONOMICS

 

Your prices will keep rising!

Thursday, November 17th, 2022

 

Today’s post is from Dave Wenig is the Senior Vice President of Sales and Services at SafeSourcing Inc

There is always something. We have been watching as costs for everything continue to rise every month. There seems to be no end to the scary stories we are being told that seem to keep the prices rising and our wallets lighter.

One that has me particularly disappointed is the news coverage about a potential diesel shortage. The facts are minimal, and the stats are carefully selected. Comparisons are not offered nor are typical averages. The headline just tells us we are only have a 25-day supply of diesel. Of course, that is not really true. If you just look past the click bait and breathless recounting of the story, you will see it is nothing to be worried about.

What is worrisome is the effect that could have on already high prices. We all know that everything runs on diesel. America runs on diesel. That means that even a perceived shortage can spike prices (or just justify the already high prices to hold them there).

Regardless of the story and the excuse, when faced with increasing costs we must push back. Our customers have been doing that already and it is more important than ever.

For more information, please contact SafeSourcing.

 

 

 

How much more can I expect to pay for holiday dinners this year?

Wednesday, November 16th, 2022

 

Today’s post is by Troy Lowe; Vice President of Development at SafeSourcing.

If you are like everyone else, you have noticed that you have been spending way more on your groceries now than ever before.  Now with the holidays coming you might be wondering how much more it will cost to buy and prepare your holiday dinners.  According to researchers, grocery prices are approximately 12 percent higher than they were this time last year.  Prices for the traditionally bought items for the holidays like turkey, butter, eggs, and bread are up even more than 12 percent.  The price of turkey is about 17 percent higher, and it is forecasted that it could go as high as 23 percent.  Some reasons for the rise in cost for the turkey is due to inflation and the avian flu which has reduced the supply of the staple holiday bird.  Other ingredients that are used in the holiday preparation such as eggs are up about 40 percent, flour is up about 25 percent and butter is up about 34 percent.  Some analysts are even suggesting that it may be cheaper to dine out rather than buying the groceries and preparing the meals for friends and family at home.  This is because the cost of dining out has risen about 8.6 percent over the last year compared to the 12 percent rise in the cost of eating at home.  Regardless of the price increases nearly 87 percent of people surveyed said that they will be preparing their usual meals this holiday season.  Below is a list of other items and approximately how much more they may cost this holiday season.

  • Ham 9%
  • Canned Fruits 18%
  • Canned Vegetables 18%
  • Potatoes 15%
  • Fresh Rolls 14%
  • Juices 13%
  • Seasonings 10%
  • Flour 24%
  • Sugar 15%
  • Sauces and Gravies 15%

Interested in learning how SafeSourcing can help your company save money during these and other shortages?  If you would like more information on how SafeSourcing can help you, please contact a SafeSourcing Customer Service representative.  We have an entire team ready to as

How do you keep track of all the moving parts with your Procurement Team?

Monday, November 14th, 2022

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc

You must be a WIZARD, and we have any easy to deploy solution for you.

SafeDashboard™ is the configurable entry point for companies to view every piece of information and tool that they have access to within the SafeSourceIt™ Portfolio.

Custom fit for every company, and to some extent every role and user within the company, the SafeDashboard™ allows a company to see the information that is most relevant to specific users in a way that does not require them to jump from screen to screen.

KPIs can be included to give executives an overview of their overall sourcing event activity within the system.

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

To learn more, please contact a SafeSourcing customer services associate.

 

 

 

 

Powerball is at Two Billion Dollars WOW. Did you buy a ticket?

Monday, November 7th, 2022

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc

If you took the risk of buying a ticket or many tickets in the recent Power Ball. Join the losers club. That includes yours truly. According to sources, your chance of winning Powerball is 1 in 292 million. You have a better chance of being struck by lightning. Oh, and guess what? You cannot get your money back.

So, if you were silly enough to make this bet as I was and will do on Monday, why not try a sure thing. SafeSourcing guarantees our results. If you don’t win, you don’t pay. Our risk-free trial just might be the best thing to happen to your company. How many jobs would be saved or delayed, or new initiatives started if you had a billion dollars.

Here’s An Example:

Assume a $5B Retail Company. Assume cost of goods for this company is 70 percent or $3.5B. Let’s also assume this company were to only source thirty percent of their for-resale COGS. or $1.5B. With SafeSourcing’ s average annual savings of 24%, savings generated would be $840M. Now let’s assume that we also source the indirect or expense category. That would be $1.5B minus average payroll and benefits expense of 20%, so $1.2B. If we also average 24% savings here, that would be an additional savings of $288M. Therefor total savings would be $1.128B. From here we’d have to manage award of business and contract begin and end dates.

If you don’t have $5B in sales, the numbers would still be dramatic. When’s the last time Powerball guaranteed a $1M winner.

Can you find thirty percent of your COGS or Not for Resale spend to source? That’s up to you! Can you test me, if you’d like, this link will come directly to me. Your team will tell you this is not possible. I guarantee that your odds are better than 1 in 292 million.

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

Best of Luck!

For more information, please contact a SafeSourcing Customer Services Associate.

 

 

 

What happens when no one believes you?

Friday, November 4th, 2022

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc

Over and over and over again. So, just what are you missing?

SafeSourcing is a a Spend Management Company. We consistently reduce costs greater than 24% of what companies can negotiate on their own, across their entire spend improving net earnings significantly. We also GUARENTEE it. So, test me if you dare. All you have to lose is the best total year business results your company has ever achieved. Insert here the sound of a clucking Chicken!

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

For more information, please contact a SafeSourcing Customer Services Associate.