Archive for September, 2024

Salt Life is the most recent  brand to close retail stores (28) after bankruptcy auction!

Monday, September 30th, 2024

 

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

I have said over and over again that this does not need to continue to happen at the scale that it is happening today! If companies were more aggressive in managing their cost structure in their supply chains their results would be different.

The word AUCTION in this posts title is a key reason that many companies are not getting the best net landed cost for their products and services. And that is ALL products and services.  Reverse Auctions (a negative connotation from the past) or Online Bids as we mostly call them today when managed properly against your entire cost model (Indirect, Direct and Capital) do return results that your internal procurement team cannot and will never be able to achieve.

While I cannot speak to each of the companies below individual issues, and certainly ecommerce competition is one, what would have happened if they had reduced their costs across the board by 20% in the current accounting year. Is it possible. Simple answer YES! Can it be done with existing tools? Contact SafeSourcing to find out. We guarantee our results. Our average annual savings against all categories is 24.8%

Here they are, five prominent retail companies that have declared bankruptcy in 2024. I hope we don’t see any more!

  1. Big Lots: This discount retailer has struggled with declining sales and competition from e-commerce. In 2024, Big Lots filed for bankruptcy and announced plans to close about 550 stores across the U.S.
  2. LL Flooring (formerly Lumber Liquidators): Known for hard-surface flooring, LL Flooring filed for Chapter 11 in August 2024. While it was partially acquired by a private equity firm, over 200 of its stores are still closing​.
  3. Conn’s HomePlus: A long-standing furniture and electronics retailer, Conn’s filed for Chapter 11 in July 2024. The company is set to close all its locations​
  4. Rue21: This apparel retailer, filing for bankruptcy for the third time, will close all its stores.
  5. Eastern Mountain Sports and Bob’s Stores: Both outdoor and apparel chains filed for Chapter 11 in June 2024.

These filings highlight the difficulties many retailers face as consumers shift toward e-commerce and grapple with economic challenges continually like rising costs or inflation.

If you would like more information on how SafeSourcing can help you reduce all of your costs, please contact a SafeSourcing Customer Service representative.  We have an entire team ready to assist you today.

 

 

 

 

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Is it time for individuals and companies to upgrade your iPhones?

Friday, September 20th, 2024

 

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

On Monday Apple launched its new iPhone 16 which usually leads to people wondering if it is time to upgrade from their current iPhone that they are using.  Back in the day when there were releases, I would always upgrade to the newest because there were significant changes that lead me to believe that I needed to have it.  But over the last ten years I usually upgrade to the newest one every other released and not every time a new one is released.  The main reasons for upgrading for me are usually a bigger screen size or a significant change to the camera that I would like to utilize.  With this said there are changes to the camera in the iPhone 16 that may persuade you into upgrading.  First there is a new Camera Control feature that works in portrait or landscape mode with a button located on the side of the phone.  If you lightly press the button, it will show camera functions that you can choose from such as exposure, zoom, or focal lengths by swiping between the available options.  The Camera Control also uses Apple’s Visual Intelligence that allows you to capture a photo of things around you like a flyer or restaurant and then uses the AI capability to search for it and give you more information about it.  This feature is much like the Google Lens capabilities.  The new phone also comes with a new 48MP fusion camera, 48MP ultra-wide camera and the same 5x optical zoom 12MP telephoto camera.  The camera also allows for the user to capture 4K Dolby Visions videos at a frame rate up to 120fps and is also available with slo-mo videos as well.  Below are some other features to research if you are thinking of upgrading to the new iPhone 16.

  • Apple Intelligence
  • Extended Battery Life
  • New Charging Technology
  • Larger Screen
  • New Ceramic Shield
  • New A18 Pro Chip
  • Wi-Fi 7

At SafeSourcing, we can gather all the necessary information for you and help you decide what Smartphone fits your needs.  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 assist you today.

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E-procurement benefits are pretty significant!

Wednesday, September 18th, 2024

 

Today’s blog is by Margaret Stewart, Director of HR, and Administration at SafeSourcing Inc.

Businesses are continuously seeking innovative ways to streamline operations and improve efficiency and one area where digital transformation has had a significant impact is e-procurement. The use of electronic systems to acquire goods and services has become an essential tool for modern businesses, offering a wide array of benefits that extend far beyond traditional procurement methods.

One of the most immediate and tangible benefits of e-procurement is cost savings. Traditional procurement often involves manual processes that are time-consuming and prone to errors, resulting in increased operational costs. E-procurement systems automate many of these processes, reducing paperwork, minimizing manual labor, and decreasing the likelihood of costly mistakes. Furthermore, e-procurement platforms allow businesses to easily compare prices, negotiate better deals with suppliers, and take advantage of bulk purchasing, leading to more cost-effective purchasing decisions.

E-procurement drastically improves the speed and efficiency of the procurement process. With automated workflows, purchase orders, approvals, and payments can be completed more quickly and accurately. This reduces the time spent on repetitive tasks and allows procurement teams to focus on more strategic activities. By eliminating the need for manual intervention in many stages of the procurement cycle, businesses can ensure a more seamless, faster, and reliable purchasing process.

Additionally, the results from E-procurement solutions improve gross margins and also drop directly to the company’s bottom line earnings if implemented within the current years’ operating plan.

Is your business ready to embrace e-procurement? Start by assessing your current procurement processes and explore how automation can transform your operations for the better.

For more information on how the SafeSourcing can help your e-procurement needs, or on our Risk Free trial program, please contact a SafeSourcing Customer Service representative. We have an entire team ready to assist you today.

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