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.

Today’s post is by Ron Southard, CEO at SafeSourcing Inc

We have just finished refreshing our website while taking a slight rebranding action that positions SafeSourcing as a Procurement as a Service provider of strategic sourcing solutions. While our SafeSourceIt™ continues to be deployable in a Software as a Services model, our SafeSourceIt™ family of products can all be delivered via our white glove service approach that can also be deployed using our competitors’ or customer developed products.

Our mission is pretty strait forward. SafeSourcing assists our customers in reducing costs to increase gross margins and net earnings while supporting their growth plans and maintaining and or retraining where necessary their employee headcount that may be displaced by cost reductions.

SafeSourcing was Founded in 2008 and is an e-procurement company offering a complete cloud based procure-to-pay suite of applications and services under our SafeSourceIt™ banner.

We are very proud of our cloud-based offerings that include our SafeSourceIt™ eRFX sourcing suite,   offering eRFI’s, eRFP’s and eRFQ’s. SafeSourcing has evolved to offer additional cloud-based solutions including SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers that want to bid on your business. All are supported vis SaaS and PaaS models.

Today, SafeSourcing is a global Procurement as a Service (PaaS) provider. This means that we can deliver our services using our own platform or competitive platforms that our customers may have already purchased but may not be achieving the benefits for which they had hoped. We accomplish this through our unique “Eight Step” detailed White Glove managed delivery program.

SafeSourcing has been able to deliver savings on all areas of cost including cost of goods, expense, and capital. We have averaged twenty-four percent more than our customers were able to negotiate on their own. As such, our historic ROI is greater than ten times and in many cases, companies receive an ROI on their subsequent roll-out during our guaranteed pilot stage.

If you are interested in further information, please contact a SafeSourcing customers services representative.

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

With the prices of vehicles, the way they are now I am sure you are like everyone else and trying to find a way to keep your existing vehicles longer.  That means that you need to follow the maintenance schedules for your vehicle and hope that this will help extend the life of the vehicle.  Just like keeping yourself healthy, you need to routinely maintain your vehicles so that bigger problems do not arise.  To check and see what items need to be maintained and how often you can refer to the manual that came with the vehicle when purchased.  One of the biggest clues to a problem is when the check engine light comes on.  In order to see why the light is on you can go to your local mechanic or you can purchase an Onboard Diagnostic II (OBD-II) scanner.  Below is a BLOG that I wrote a few years ago explaining OBD-II scanners and how to use them to diagnose your vehicles issues when the check engine light is on.

An Onboard Diagnostic II (OBD-II) scanner is a device that is used to read information from the computer within vehicles that were built after 1996.  There are two types of OBD-II devices.  The first are basic code readers which can read and clear codes.  The second are scan tools which can provide more information about specific codes and provide access to recorded and live data.  The scan tool is the more expensive of the two and offers a variety of features not found in the basic reader.  The devices are fairly simple to use and connect to a standard connector usually located under the dash.  Some of the devices are Bluetooth or Wi-Fi enabled and can connect to your smart phone using apps that are available for download.  There is many apps available that offer unique features, you just need to make sure it is compatible with your OBD-II device you own.  To use the scanner, simply plug the device into the vehicle’s connector, connect to the device using your smartphone and then open the OBD-II application.  The most common use for the device is reading current trouble code(s).  These are codes that can be given off by the check engine light, check transmission light, ABS light, airbag light or other modules.  These codes can be accessed and cleared by using the downloaded application.  Depending on the application you may also be given additional information about the trouble codes such as possible causes and possible fixes for the recorded code.  Below are some other diagnostic features that are available with a scan tool and compatible application.

• Engine Temperature
• Fuel Rate
• O2 Sensors
• MAF Airflow Rate
• Batter Voltage
• Vehicle Speed
• RPM

If you would like some help finding the right scanner, we can gather all the necessary information for you and help you decide which one will meet 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.

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

Businesses today are continually searching for ways to streamline operations, reduce costs, and gain a competitive edge. One of the most significant advancements in this journey is the convergence of e-procurement and artificial intelligence (AI). This powerful combination is not just transforming procurement processes but is also setting the stage for a more efficient, transparent, and responsive supply chain ecosystem. Artificial Intelligence has been a game-changer across various industries, and procurement is no exception. When integrated with e-procurement systems, AI brings a host of benefits that fundamentally reshape how businesses manage their purchasing activities.

One of the most significant advantages of AI in e-procurement is its ability to analyze vast amounts of data quickly and accurately. AI algorithms can process historical purchasing data, market trends, and supplier performance metrics to provide actionable insights. These insights enable procurement professionals to make informed decisions through a number of diverse ways.

The integration of AI into e-procurement is still in its initial stages, but the potential for growth is immense. As AI technology continues to advance, we can expect even more sophisticated applications in areas such as cognitive procurement, where AI systems can learn and adapt to the nuances of an organization’s procurement processes. Additionally, AI’s ability to process natural language and interact with users through conversational interfaces could lead to the development of intelligent procurement assistants that simplify the purchasing process even further.

As we move forward, the continued evolution of AI in e-procurement will likely usher in a new era of innovation, where procurement is not just a back-office function but a key driver of business success.

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

Today’s post is by Ron Southard, CEO at SafeSourcing Inc

According to Research and Markets, The Procurement as a Service Market is expected to grow from $7.4B in 2023 to $13.2B in 2030. That’s a CAGR of 8.65%.

As our customers know, we have shifted our focus away from Software as a Service where you use our tools to source your goods and services to Procurement as a Service where we use our tools to do it for you. An additional benefit here is that we will also do it for you using your tools like Ariba or Coupa and others. So, no lost investment. The benefit to you is the capability of taking more categories to market in a shorter period of time and get a better return on your investment. SafeSourcing’s average savings on eRFX  events over the last five years is greater than twenty-four percent. No one in the industry gets those kinds of numbers. SafeSourcing’s average tenure for our procurement knowledge workers is eleven years. So why hire someone new?

While our services cover all eRFX  types such as RFI’s, RFP’s and RFQ’s, SafeSourcing also provides services in Spend Management, Contract Management, Document Management and supports it all with our SafeSourceIt™ Global Supplier Database.

Talk to SafeSourcing about our unique “Eight Step Process” a White Glove Procurement as a Service offering for taking any category to market with our tools or yours.

Today’s post is from Ronald D. Southard, CEO of SafeSourcing Inc.

1. Interest on US debt was equal to 76% of income tax collected in June
2. Consumers are paying as much as 26% on credit card debt and can’t afford basic needs.
3. Non-bank lending rates are stupidly high, and terms are ridiculous.
4. Bankruptcies continue to mount.
5. In March 2024 alone, there were 59 new corporate bankruptcy filings most in part due to high interest rates.
6. Several notable retail companies have filed for bankruptcy in 2024.

Yup, the policies are working so let’s just keep doing what we are doing.

SafeSourcing can help you reduce costs immediately. Then you can share it with your customers and employees.

Don’t just sit around, do something.

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

Today’s post is from Ronald D. Southard, CEO of SafeSourcing Inc.

I read and interesting story yesterday by lvaranasi@insider.com. It was titled AI won’t replace human workers, but ‘people that use it will replace people that don’t,’ AI expert Andrew Ng says.

I thought this a pretty provocative statement but probably true. At SafeSourcing we use Ai for a number of things. Our Spend Analytics tool uses Ai to analyze customers spend data. It does it in a fraction of the time we used to take using Excel and power query as well as manual activities. The thing is our customers won’t replicate it and our competition won’t either. We built the prompts that drive how any Ai tool interacts with our customers data and then interacts with our data to produce an evaluation that is worth literally millions of dollars to our customers. It is accomplished so quickly that the impact on current operational results in the current accounting period are very possible. We can tell you.

1. How many suppliers you do business with today?
2. What those suppliers do for you.
3. How much have you spent with each of them during the last twelve months?
4. Where you are using to many suppliers in a category and to few.
5. What categories if sourced offer the best possible impact in the shortest amount of time.
6. What savings target you might achieve across your entire spend by category?
7. How many suppliers there are in each category to bid on your business?
8. Whether Terms and conditions already exist in our database.
9. Whether specifications already exist in our database.

All of that can be done using a variety of Ai tools that can essentially use the same prompts either verbal or text. And the Ai gets to know you and how you ask questions as you condition it and use it more.

Can our customers do this? NO. The thing is we don’t sit on our hands and use buzzwords. We use the tools and because we do, we think our jobs are safe and our customers will be better for it.

Call and ask us about SafeSpendAnalysis™ our Ai inspired spend analytics tool.

So is Andrew Ng accurate when he says Ai won’t replace human workers, but ‘people that use it will replace people that don’t. Probably so.

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

Today’s guest post is by Eric Steller Co-Founder | Managing Partner | CRO | Board Member | President

Artificial Intelligence (AI) has revolutionized many industries, from healthcare to finance, offering advanced analytics, automation, and decision-making capabilities. However, when it comes to eProcurement, the adoption of AI faces significant limitations. While AI can enhance certain aspects of procurement processes, it falls short of completely replacing existing eProcurement systems. This white paper explores the primary reasons why AI cannot fully substitute traditional eProcurement solutions.

1. Lack of Incentive for Transparency

In the eProcurement space, transparency is a double-edged sword. Suppliers, buyers, and intermediaries often operate with the intent to maximize their margins. Full transparency, as facilitated by AI, could potentially expose pricing strategies, margins, and other sensitive data that parties are not willing to disclose. This lack of incentive for transparency presents a major hurdle for AI adoption in eProcurement, as the parties involved are not motivated to show all their cards.

2. Complex Relationship Dynamics

eProcurement is not just about transactions; it involves complex relationships and negotiations between buyers and suppliers. These relationships are built on trust, history, and nuanced understanding, which AI systems cannot replicate. The subtle dynamics and the importance of human interaction in negotiating terms and managing supplier relationships are beyond the current capabilities of AI.

3. Data Privacy and Security Concerns

AI systems rely heavily on data to function effectively. In eProcurement, this data often includes sensitive information such as pricing, contracts, and proprietary supplier information. The use of AI raises significant data privacy and security concerns, as unauthorized access or breaches could lead to severe financial and reputational damage. Ensuring the security of AI systems and the data they handle is a critical challenge that limits their adoption in eProcurement.

4. Inability to Handle Unstructured Data

eProcurement processes involve a considerable amount of unstructured data, such as emails, documents, and verbal agreements. AI systems struggle with understanding and processing unstructured data in a meaningful way. While natural language processing (NLP) and other AI technologies are advancing, they are still not capable of fully comprehending the complexities and nuances of unstructured data that are integral to eProcurement.

5. Regulatory and Compliance Issues

The eProcurement sector is heavily regulated, with strict compliance requirements that vary by industry and region. AI systems must be meticulously designed to adhere to these regulations, which can be a daunting task. The dynamic nature of regulatory environments means that AI systems need constant updates and adjustments to remain compliant, posing a significant limitation on their widespread adoption in eProcurement.

Conclusion

While AI offers promising enhancements for certain aspects of eProcurement, it cannot fully replace existing systems due to the inherent complexities and challenges outlined above. When seeking an eProcurement provider, it is crucial to value experience over flashy user interfaces and advanced reporting features. The proof is in the pudding, and a provider with a long history of proven success is invaluable. This market vertical thrives on a hybrid approach that combines white-glove consulting, deep relationships, and a robust software infrastructure that supports a repeatable, predictable process.

To navigate the complexities of eProcurement, businesses should prioritize providers who understand the intricacies of the industry and have a demonstrated track record of delivering reliable, compliant, and effective solutions.

While this topic is a very important area of discussion and a broad topic in today’s procurement space, this white paper intends to provide much needed guidelines and dialogue points to consider as procurement professionals review the use of AI based solutions at their companies

References

1. Handfield, R. B., & Nichols, E. L. (2002). Supply Chain Redesign: Transforming Supply Chains into Integrated Value Systems. Financial Times Prentice Hall.
2. Monczka, R. M., Handfield, R. B., Giunipero, L. C., & Patterson, J. L. (2015). Purchasing and Supply Chain Management. Cengage Learning.
3. Trent, R. J. (2007). Strategic Supply Management: Creating the Next Source of Competitive Advantage. J. Ross Publishing.

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