Archive for the ‘Business Sourcing’ Category

What are we in for at the Grocery Store and other venues for the holidays and beyond?

Thursday, December 8th, 2022

 

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

I live in Arizona. Yes, we have great weather beginning right around now until well into next year. Resultingly, we have a lot of visitors come to the valley during these times, which includes many holidays like Christmas, New Years, Hanukkah, Kwanzaa, and others I am probably forgetting. Add to that the NCAA Football Semi Final Fiesta Bowl, The Super Bowl, The Waste Management Phoenix Open and any number of car auctions including the popular Barret-Jackson Car Show. So, you guessed it, our population explodes during what we call The Season.

This puts stress on all our businesses and for many it is their best time of the year if they have product to sell. Let’s hope that the demand can be fulfilled. That may be a challenge based on the following article. So, plan. Well ahead!

In a story title All the Food Shortages Coming to Grocery Stores Soon, Experts Predict by Kali Coleman at Best Life. From toilet paper to cleaning supplies, shoppers were rocked by major shortages in 2020 as a result of the pandemic and everything that came with it. But even as the COVID situation has improved, supply chain issues have continued, some with major consequences. Now, many experts are warning that we should prepare ourselves for several food shortages in the not-too-distant future. Read on to find out what you might not be able to find at your local grocery store.

Based on my observations and the above article it seems though both consumers and suppliers will have the plan intelligently by looking at alternatives, replacement products and recipes in order to please their customers. And both should plan on spending more too.

So, how do you find alternate sources of supply if you are a retailer? Contact SafeSourcing Inc. our SafeSourceIt™ Global Supplier Database includes over 557,000 vendor/suppliers and we work with them all the time.

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

Resources:

  1. Best Life, Kali Coleman

Doom and Gloom, nobody is spending MONEY.

Wednesday, December 7th, 2022

 

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

I went to a mall this past weekend. It’s something I always liked to do during the holidays. Truth be told I used to love it as a kid during the pre-indoor shopping days. The cold of going from store to store made it seem more like the holidays and if I was lucky, it might even snow. All that much better in my mind.

Well, the hustle and bustle are back even if it is indoors. The first indication that consumers are being, well consumers was that there were no parking spots at 11 a.m. So, we circled and finally found a spot. To say the mall was crowed is an understatement. Literally every single store had waiting lines at the checkout. The restaurants were all full as were the coffee shops. I have never seen so many people in a Nordstroms, and their Café had a line out the door. When we finally left, the line to get in the parking garage was dozens of vehicles in length. So, consumers are not listening to the financial pundits and news channels. Much is still ok with the American consumer and prices will continue to go up on everything other than maybe real estate.

In a supporting article in the Wall Street Journal titled, Stocks Fall After Strong Data Raises Rate Fears Crude-oil prices extend declines, Treasury yields tick lower By Will Horner Follow and Jack Pitcher, the quote David Donabedian “The economy continues to show a degree of strength that I think was not expected,” said David Donabedian, chief investment officer at CIBC Private Wealth US. “The consumer is hanging in there quite well, jobs continue to be added, wage growth is significant, and consumers are still spending.”

Based on my observations and the above article, it does not sound as though consumer spending will be going down any time soon. So, you guessed it, prices are going up for everybody, individuals and businesses alike.

So, how do companies make sure they are sourcing products for you economically? Hey should Contact SafeSourcing Inc. We buy it more often than they 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.

Resources: Wall Street Journal

The United States did better financially than we all thought.

Friday, December 2nd, 2022

 

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

According to Paul Wiseman of the Associated Press in an Article titled, US Revises up last quarter’s growth. The writer mentioned that regardless of high interest rates and high inflation that our economy grew 2.9% from July through September.

Woe is me, while it appears based on what we here from the media that the sky is falling, consumers continue to spend, companies continue to buy and deals for both are out there if you know how to shop.

In another article from Paul Hannon of the Wall Street Journal titled Eurozone Inflation Declines, but ECB Remains on Guard. This means that the rate of inflation during November was lower than expected by almost 6% at 10% versus 10.6% from the year earlier period.

While we all need to remain vigilant, there are some bright signs out there, like the FED suggesting the easing of rate increases going forward. Every area of the globe has its economic issues, and many are still calling for a mild recession. This author does not agree.

I do think we can all do better with our spending both personally and corporately, and this will help improve corporate earnings and allow companies to retain employees. Personally, it is not different. The savings from proper negotiations will reduce personal debt and the reliance on credit.

How do you go about this? If you don’t ask, you’ll never know. I watched a company today reduce the cost on a category the source by >24%. It’s possible.

How do you make sure you are sourcing your products and services in the best way possible? Contact SafeSourcing Inc. We buy them more often than you do and know the levers to pull. Glad to share some recent examples when you reach out.

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.

 

Sources:

  1. Wall Street Journal, Paul Hannon
  2. Associated Press, Paul Wiseman

A little early holiday cheer from the markets today!

Thursday, December 1st, 2022

 

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

According to Alex Harring and Carmen Reinicke of CNBC, Stocks climbed Wednesday as Federal Reserve Chair Jerome Powell confirmed that the central bank will slow the pace of its aggressive rate-hiking campaign that has weighed on markets. The Dow Jones Industrial Average was up 730 points, or 2.2%, to 34,587. Meanwhile, the tech-heavy Nasdaq Composite jumped 4.2% to 11,468. The S&P 500 added 2.7% to 4,079.

How do you make sure you are sourcing your cost of goods, expense, and capital projects in the current market? Contact SafeSourcing Inc. We source it all for our customers more often than you probably do and know the current market levers to pull. We’re glad to share some recent examples when you reach out.

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. Alex Harring and Carmen Reinicke of CNBC

 

Thanksgiving and Black Friday is really a story of a supply chain found and developed!

Thursday, November 24th, 2022

 

Todays post is by Ronald D. Southard, CEO at SafeSourcing Inc.

Happy Thanksgiving Weekend from SafeSourcing

One hundred and two pilgrims and crew arrived in Massachusetts after a 3,000 mile trip from England on the Mayflower. It is safe to say that as a result of that distance there was no existing supply chain to leverage, so one had to be developed and quickly. This began with basic hunting and gathering and later included trading with the areas indigenous peoples known as the Wampanoag’s for corn, seed and foraging and planting techniques.

The Thanksgiving holiday we celebrate today really stems from the feast held in the autumn of 1621. Since the pilgrims had only arrived on November 21st of 1620 they had really not been there long enough to develop a fully reliable and renewable supply source. They had however established collaborative relationships with the local Wampanoag people who became regular trading partners and who helped them celebrate the colony’s first successful harvest.

The most detailed description of the “First Thanksgiving” comes from Edward Winslow from A Journal of the Pilgrims at Plymouth, in 1621:”Our harvest  being gotten in, our governor sent four men on fowling, that so we might after a special manner rejoice together after we had gathered the fruit of our labors.

The fowl referred to above certainly could have included a wide range of fowl that was plentiful in the area such as wild turkey, pheasant, goose, duck, and partridge and unfortunately by today’s standards even eagles.

The pilgrims probably didn’t have pies or much of anything sweet at the harvest feast because they did not yet have ovens. They had brought some sugar with them on the Mayflower but by the time of the first Thanksgiving, the supply had probably run out.

Their meals also included many different types of meats. Vegetable dishes, one of the staples of today’s Thanksgiving, didn’t really play a large part in the feast. Other items that may have been on the menu certainly included sea food such as clams and lobster, Indian corn, wild fruits and nuts, meats such as venison and seal and certain dry herbs and spices.

The Thanksgiving meal that has today become a national holiday is a symbol of supply chain cooperation and interaction between English colonists and Native Americans.

We look forward to and appreciate your comments.

Happy Thanksgiving.

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

 

 

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

Did you win last night’s Powerball?

Tuesday, November 8th, 2022

 

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

While I can’t provide the customer’s name, they are NOT a $5B retailer per yesterday’s posts example. However, they are smart and focused and may well be some day. They took SafeSourcing up on our No Risk Offer. Their ROI will more than pay for their contract moving forward. Most procurement teams do not believe these types of results are possible in the current economy. Most of your teams will tell you this is a waste of time. I’ll bet you could use another $338K right now.

Here are the results:

  1. Expense Category: Pilot Event Number One:
    1. Savings $298,270.80
  2. For Resale Category: Event Number Two:
    1. Savings $40,072.32
  3. Total Savings: $338,343.12
    1. ROI 26X

You can still 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 to win Powerball.

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.

 

 

 

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.

 

 

 

Post-Consumer Materials and the Circular Economy

Tuesday, November 1st, 2022

 

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

How is your company planning to work with evolving circular economy issues?

According to Wikipedia A circular economy (also referred to as circularity and CE)[2] is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible.[3] CE aims to tackle global challenges as climate changebiodiversity loss, waste, and pollution by emphasizing the design-based implementation of the three base principles of the model.

Global business is now thinking way past post-consumer materials which as we all know drove many of the early recycling initiatives implemented by businesses. A definition of that term which is a beginning point but less broad than circular economy is below.

The term post-consumer materials are finished productspackages, or materials produced or created by a business or consumer.  Post-customer materials have served their intended uses and have been recovered or diverted from the waste stream with the intention of recycling or reuse. An example of post-consumer materials is paper recycling.  The purpose of paper recycling is to turn paper into new paper products.

SafeSourcing is an eprocurement company that operates across multiple industries. Our SafeSourceIt™ Global Supplier Database of over 457,000 suppliers provides easy access to alternative sources of supply based on post-consumer materials and or circular economy requirements. To learn more, please contact a SafeSourcing customer services associate.

Sources: Circular economy – Wikipedia