Eprocurement and Spend Analysis!

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

Is your organization looking to optimize costs and improve efficiency? Many businesses today are always on the lookout to save money and streamline efficiency whenever they can. One of the most effective ways to achieve this is through eProcurement and strategic spend analysis. By leveraging digital procurement solutions and analyzing company spend, organizations can enhance transparency, reduce costs, and make data-driven decisions that contribute to long-term success.

Understanding company spend is crucial for making informed procurement decisions. Spend analysis involves collecting, categorizing, and reviewing procurement data to identify trends, inefficiencies, and cost-saving opportunities. Spend analysis helps businesses identify excessive or redundant expenses. By understanding where money is being spent, companies can negotiate better contracts with suppliers, consolidate purchases, and eliminate wasteful spending. A comprehensive spend analysis allows organizations to assess supplier performance and identify the most cost-effective and reliable vendors. This can lead to better contract terms and stronger supplier relationships.

Unmonitored spending can lead to non-compliance with procurement policies and expose companies to risks such as fraud or regulatory penalties. Spend analysis ensures that procurement activities align with company policies and industry regulations.

With access to accurate procurement data, businesses can make strategic purchasing decisions based on historical trends and real-time insights. This ensures that procurement aligns with overall business goals and budgetary constraints.

eProcurement and spend analysis are essential tools for modern businesses looking to optimize their procurement operations. By embracing eprocurement solutions and leveraging data-driven insights, companies can reduce costs, improve efficiency, and enhance overall financial health. Organizations that prioritize these strategies will be better positioned for growth, profitability, and long-term success in an increasingly competitive marketplace.

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

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

Is Daylight Savings Time still affecting you?

Most of us know that we had to set our clocks forward last weekend, but do we really know why this practice is in place?  This practice is called daylight savings time.  This practice was established in 1918 by the Standard Time Act and was initially intended to conserve fuel during World War I.  Daylight Savings Time was repealed in 1919 but was re-established during the early part of World War II and was observed from February 9^th, 1942, to September 30^th, 1945.  When the war ended its use varied among the states and localities.  In 1966 the Uniform Time Act created a standardization in the dates which made the beginning the last Sunday in April and the end being the last Sunday in October with the change to occur at 2 a.m. local time.  During the 1970’s there was an energy crisis, so congress changed the starting dates for Daylight Savings Time so that it began earlier on January 6^th and in 1975 it was changed to begin on February 23^rd.  After those two years they moved the date to the last Sunday in April.  After keeping this the same for years, it was then changed again in 2007 to what it is now and starts on the second Sunday in March and ends on the first Sunday in November.  For years they have been discussing removing Daylight Savings Time because numerous studies have shown that it can disrupt sleep and could potentially lead to increased heart attacks, strokes, traffic accidents and cause mental health issues.  According to studies these issues are more prominent when the clocks are moved forward than when moving the clocks back an hour.  They are still debating on the removal of Daylight Savings Time and hopefully they will discontinue its use in the near future.  Below are some of the other potential negative effects.

• Sleep Deprivation
• Metabolic Issues
• Seasonal Affective Disorder
• Cognitive Functions
• Digestive and Immune-Related Diseases

If you need help sourcing items for your company, feel free to contact SafeSourcing.   We can gather all the necessary information for you and help you decide which company and product meets 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.