Today’s post is by Heather Powell, Director at SafeSourcing Inc.

I recently read an article, “Procurement & Sourcing Predictions for 2015,” that speaks to new trends in 2015.  One piece of the article caught my eye.

Supplier Relationship Management in Highly Regulated Industry  – Supplier relationship management (SRM) is becoming a more widely accepted best practice across global organizations, but still lacks popularity due to unclear program definitions and/or lack of internal buy-in. However, in highly regulated industries, such as pharma and banking, SRM is an ideal solution for managing supplier risk as well as cultivating value from the supply base after the contract has been signed. SRM provides a controlled framework to manage suppliers who handle proprietary information or work directly with customers.

Strategic sourcing projects frequently generate significant cost savings, which have a very favorable ROI considering the low-cost required to implement. However, as these gains are realized, it is becoming increasingly difficult for companies today to generate the same level of returns year after year by utilizing the same sourcing techniques and tactics. Moreover, research has shown that, as supplier relationships are proactively managed, the initial benefits derived from the strategic sourcing efforts are not only maintained, but improved. The opposite is true for those supplier relationships that are loosely managed or benignly neglected by the buying organization.

Companies are becoming more dependent on a complex supply base. In many cases, key processes and functions have been outsourced and the supply base has collapsed due to strategic sourcing projects. This complex “virtual organization” type of structure begs for the need to drive performance improvements, manage risk, and efficiently manage supplier relationships. These Supplier Relationship Management (SRM) capabilities are being developed at top companies who are reaping the rewards of their investments. These capabilities include supplier management development, processes, governance mechanisms, and systems to manage suppliers on a day-to-day basis over the supplier life-cycle (onboarding to exit).

The SafeSourceIt™ Supplier Database is one the largest eSourcing supplier databases in North America with over 427,000 suppliers. The database contains global suppliers with over twenty-five unique certification standards that are supported by our best practice initiatives such as GFSI, ISO 22000, Green Seal, ECO-LOGO, Fair Trade, SQF, and Certified Humane Raised & Hand-Fed.

 In order to achieve maximum savings when using an e-procurement event, you need numerous suppliers aggressively vying for your business. SafeSourcing customers can request summary or detailed data from the same tool and download it to a variety of file formats.

We at SafeSourcing can provide you with quality, vetted suppliers with the ability to fulfill all your specific category needs. Even more, we can assist in certification identification of all of the suppliers. This way, if you have partnerships with existing suppliers or are looking at new partnerships, you can remain compliant with their practices.  Once certified suppliers are located, SafeSourcing can provide the opportunity for price compression, making your category financially attractive, as our historic ROI is greater than 10x.

For more information on how SafeSourcing can assist you in exploring your supplier relationship management and procurement solutions for your business or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

We look forward to your comments.

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

We sometimes want to blurt out a response that is number oriented because ours is the largest and most diverse retail supplier database. However we end up holding back in order to better understand the question that is really being asked. The discussion normally evolves along the line of quality and what data we have available in the database in order to make high quality supplier selections. Although reduction in cost may in fact be the ultimate goal, it in fact may not be the end point after the necessary due diligence required to pick the right supplier or suppliers.

Developing a plan that addresses the often conflicting objectives during your decision-making process and identifying the optimal list of suppliers requires significant amount of data in order to mitigate long term risk. Measuring your supply chain partners on cost only may cause you to miss many of the non-financial aspects that are so important such as:

1. Customer references 2. Product quality 3. Flexibility 4. Terms 5. Funds 6. Distribution 7. Responsiveness 8. Safety Focus 9. Eco Focus 10. Collaboration practices 11. Aggregated category opportunities 12. Experience

The risk of a new supplier performing poorly can negate any savings gained from direct product cost reductions. Driving sustainability in supplier improvement is one key to minimizing these potential risks within your company’s supplier base. Contact us at SafeSourcing if you like to explore expanding your view of the supplier universe

How your e-procurement solutions provider  addresses these questions is also key.

We look forward to and appreciate your comments.

Today’s post is by Shelly Hayre; Project Manager at SafeSourcing.

With changes in organizations and technology, customer focused goals and objectives have become unrealistic. But, why? Research shows customer focused companies outperform their competitors in profitability, innovation, and customer satisfaction. It seems like a no-brainer that companies would remain customer focused, but it is slipping away from companies.

Many changes in business contribute to this challenge to remain customer focused.

1.  Processes and protocols- Organizations focus on protocols and process with lacking empathy for customers’ needs. Customer service departments are unaware of customers’ needs.
2.  Information silos- This limits customer interactions through the organization and do not have clear image of big picture.
3.  Technology- Technology is saving organizations labor, but is it hurting their customer focus? The empathy, I discussed earlier, does not come from robots or voice-prompts.

How do you get customer focused AGAIN?

1.  Define “customer focus” for your organization- What does being customer focused mean in your organization? Make sure everyone understand this and the level of expectations.
2.  Get everyone’s buy in- If only directors and sales department give input to initiative and not every level of service is on the same page, execution will fall through. This will only make things worse for the customer.
3.  Help employees connect- it is very easy for employees to become disconnected with customers. Provide the training and skills to handling customer concerns and provide empathy when needed.
4.  Add customer to the agenda- If your organization is having meetings without discussing customers, how can you be customer focused? Customer discussion should be included in meetings.

SafeSourcing has a team that is trained and provides the skills to be customer focused. We care about your needs and want to help you and your organization. It does not stop there, though. We understand your suppliers are very important too. We treat your suppliers like they are our customers.

At SafeSourcing, we will take every step to exceed all parties’ customer service expectations.

For more information on how we can help you with your procurement needs or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

We look forward to your comments.

Todays post is by Ron Southard, CEO at SafeSourcing Inc.

Wow does time fly when you are having a blast.

It seems like only  yesterday  that we launched  SafeSourcing on May 8th of 2008, but I guess it wasn’t. As such, we are both older and more experienced. That makes us better and that benefits our customers.

In 2014 we are doing business globally with a full procure to pay suite of applications that are multi-lingual and offered in a CLOUD based SaaS format. Our name is easily recognizable by the worlds largest companies.

To all of our customers, suppliers, associates, board of directors and other stakeholders past and present we offer our sincere THANKS and promise to offer even better quality and growth rates in the future. Without all of you we wouldn’t  be here .

HAPPY BIRTHDAY!

If you’d like to learn more about how SafeSourcing can assist you in reducing costs and improving earnings, please contact a SafeSourcing Customer Services Account Manager.

We look forward to and appreciate your comments,

Today?s post is by Margaret Stewart, Executive Assistant at SafeSourcing.

Most of us will agree that spring is a welcome change to the long winter we have endured, but changing seasons brings other changes as well.

Spring cleaning is one of the biggest changes people make this time of year. It?s a time for sweeping out the old and bringing in the new and getting things cleaned up. This can be applied to more than just housework, though. In business, spring cleaning is a time when companies may reevaluate their current sources and try to find options that may better fit their needs. Spring is the time to see what other companies can offer a business. SafeSourcing may be able to help you with your spring cleaning by customizing a procurement plan for your business, giving you the knowledge you need to polish up this year?s business plan that you are just rolling out.

Spring is also a time of re-growth. The flowers begin blooming and trees begin sprouting leaves. It is also a time for business growth. How do you plan on growing your business this year? You should already have that answer at the tip of your tongue. Now is the time to determine if you have the right tools to really support that growth, like technology, and resources, like vendor and supplier contacts, for your business to flourish. SafeSourcing may be able to help you find the right tools and resources that your business needs to grow. By having the means to nurture growth, your company could bloom into the business you?d like it to be whether you are a multinational conglomerate or and independent small business owner.

We, at SafeSourcing, enjoy bringing this blog to you every day and hope you find value in it. For more information about how SafeSourcing can help you implement spring changes in your organization or on our ?Rick Free? trial program, please contact a SafeSourcing Customer Service representative. We have an entire team ready to assist you today.

We look forward to your comments.

Today?s post is by Dennis Nicoletti, Manager, SafeSourcing, Inc.

While I?m not trying to reinvent the wheel here, I did want to share this information as we approach a new calendar year. Isn?t it time that we all became better stewards of the environment in whatever way we can? Let?s stop and think about how rising fuel costs impact you personally. When fuel prices soar upward you begin to consciously and subconsciously scale back; making fewer trips to the stores, fewer road trips, ?stay-cations? instead of ?vacations?, buy lesser octane fuel or just simply buying less of what you had become accustom to as price of goods increase. Those that are lucky enough are able to purchase more fuel efficient vehicles, either selling their ?gas-guzzler?, driving them less often or simply stop driving them. It?s simple – as consumable prices begin to rise, you buy/get less. These are just a few things that quickly come to mind. Supply chain is no different. Let?s look into how rising fuel cost impacts supply chain and the downstream impacts for all of us.

Business – Rising oil prices are forcing companies to rethink many business strategies that have been implemented in the last two decades. The days of static supply chain strategies are over. With increasing costs and changing markets, companies must monitor and re-evaluate their network and supply chain strategies on a continuous basis. Hence a switch to a more flexible supply chain strategy.*

The environment – As oil prices increase, environmentally friendly supply chain strategies coincide with economically effective business strategies. Increasing cube utilization, reducing deadhead distances, and decreasing fuel consumption improve the transportation bottom line and help to reduce the carbon footprint. Similarly, strategies that directly focus on reducing carbon emissions typically improve transportation efficiency.*

Emerging technologies – The search is on for technologies that help industry reduce energy consumption and energy costs, including technologies that can reduce transportation costs. These include onboard global positioning systems with centralized information that allows for real-time monitoring of vehicle operations, aerodynamic tractor-trailers, kite-assisted ocean freight, automatic tire-inflation systems, and singlewide tires (replacing the traditional two-tire systems). Investing in emerging clean technologies or implementing operational improvements and innovation to reduce carbon footprint are all part of corporate social responsibility?an area of focus for a growing number of firms.*

Consumers – With oil prices rising, business must consider whether to transfer the increased costs to consumers or to absorb the increase internally and face smaller profit margins. In some industries (such as tires and plastics), oil is such an important ingredient in the production processes that they typically are more willing to transfer costs to consumers according to an article by David Simchi-Levi titled Operations Rules: Delivering Customer Value through Flexible Operations, published by The MIT Press.

SafeSourcing can assist you and your company to reduce costs; from fuel, to tires, to trucks, to goods not for resale as well as goods for resale?if you?re buying it today, we?ll source it for less. For more information on how SafeSourcing can assist you on our ?Risk Free? trial program, please contact a SafeSourcing Customer Service Representative. We have an entire customer services team waiting to assist you today.

As always, we look forward to your comments.