Archive for the ‘Strategic Sourcing’ Category

Watch your commodity markets closely!

Wednesday, November 30th, 2022

 

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

In an article by Bryan Doherty in Successful Farming titled EXPECT TIGHTER SUPPLY OF CATTLE IN 2023, ANALYST SAYS. Though cattle marketing numbers were heavier than expected late summer and fall, expect that beef production and the number of cattle marketed will be lower in the year ahead.

Why? The quick answer: higher input costs and drought conditions in key cattle-producing states will mean less inventory in the months ahead.

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. 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:

Successful Farming: Bryan Doherty

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.

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.

 

 

 

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.

 

 

 

Looking For 10X ROI against total procurement spend?

Wednesday, November 2nd, 2022

 

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

At SafeSourcing, we help buyers save considerably on costs by providing tools that enhance the ability to do business in a better, safer, smarter, more streamlined, and cost-effective way. Our Customer Services team is one of the best in the industry at complimenting existing procurement teams to help structure and develop projects in less time for better results. Our flexible service offerings and suite of e-procurement tools deliver savings that can be referenced that are greater than ten times the cost of our services.

 

 

 

 

 

 

 

 

 

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.

 

 

Does your eProcurement Provider offer Education Programs?

Friday, October 28th, 2022

 

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

In addition to our education programs discussed below, SafeSourcing also endeavors to do something less tangible but more profound: the imparting of retail e- procurement and supply chain knowledge, positive judgment and well-developed retail wisdom that supports a safer and more eco-friendly global supply chain while driving increased efficiency and improved profitability for our customers and their stakeholders.

Our educational offerings support the SafeSourcing mission of providing information and services to our customers through e-procurement tools that proactively support consumer safety and environmental standards in the global supply chain. SafeSourcing educational offerings encompass the teaching and learning of specific e-procurement skills as regards:

  • Category to Market Strategy
  • Event Set-Up
  • Event Training
  • Supplier Selection
  • Buyer Training
  • Supplier Training
  • Category Discovery
  • Supplier Safety Certifications
  • Supplier Eco Practices
  • ROI Delivery

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.

 

How can Companies and Individuals save money when fuel prices are constantly rising?”

Wednesday, October 19th, 2022

 

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

If you drive, then you may have noticed that the fuel prices are starting to rise again.  Over the summer the price of fuel did start to come down because of a variety of price stabilization efforts that seems to have brought us some temporary relief.  One of these efforts was a historic release of oil from the Strategic Petroleum Reserve.  The Strategic Petroleum Reserve is the world’s largest supply of emergency crude oil and was established primarily to reduce the impact of disruptions in the supply of petroleum products and to help carry out the obligation of the United States under the international energy program.  But now, after three months of fuel prices declining, they are now starting to creep up again.  Part of the reason for this rise in prices is because OPEC recently announced that they are cutting its oil production by two million barrels a day.  According to the Saudi foreign ministry the decision was adopted through a consensus, considered the balance of supply and demand, and was aimed at curbing market volatility.  No matter what the reason is for the cut in production we will see higher prices at the pump.  Below are some actions you can take to try and save some money with the rising fuel prices.

  • Fill Up on the Cheapest Days of the Week
  • Use Fuel Reward Cards
  • Join a Grocery Store Reward Program
  • Use a Fuel App to Find Cheapest Locations
  • Check Your Fuel Cap and Replace if Broken or Cracked
  • Accelerate Slowly when Taking Off
  • Do not Speed
  • Spend Less Time Idling
  • Plan your Routes
  • Use Cruise Control on Long Uninterrupted Trips
  • Reduce AC Use
  • Remove Excess Cargo Weight
  • Maintain Correct Tire Pressure

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 SafeSourcing.