Today’s post is from our Archives at SafeSourcing Inc.

Do you ignore the invitations to participate in Request for Quotes? Do you overlook the “Please click HERE too for your acceptance to participate in the Request for Quote (RFQ)”?

As a business owner, how do you make any money if you do not do business? Why would you turn down an opportunity to earn new business? If it costs you nothing monetarily but a total of an hour’s worth of time, why not participate?

•  Through the SafeSourcing process, the RFQs are paid for by the client/host, which means you are not paying to participate or paying to earn new business.
• Specifications and Terms and Conditions are provided to give you very clear details of the expectations of the items or services required within the RFQ.
• Accepting to participate in a SafeSourcing RFQ is a very simple process that allows you time to ask specific questions about the items or services and a scheduled training of the system tool to enter pricing. The training itself is very detailed and is done in a very short period of time. We at SafeSourcing understand your time is money.
• Our RFQs are blind. Just as in a traditional RFP or RFQ, the electronic view of our system is customized to show you your price and your price only, and if you have the lowest quote will be indicated by a specific color. Also different from traditional methods of price collection, is the opportunity to lower your pricing if you do not have the lowest quote. Traditionally, you submit your best and final, walk away and then never know if you had dropped your pricing just another dollar or two that you would have had the advantage of having the lowest quote.

Again, time is money, so 90% of the RFQ Events that SafeSourcing runs for our clients are 20 minutes with 2 minute extensions. Rarely are the RFQs longer. Many of the clients are on a tight timeline themselves and do not have hours to dedicate a person to watch the live event.

We hope with this post that it will open the eyes to businesses wanting new business to participate in future RFQs. Should you have questions regarding our system tool and process or are interested in how SafeSourcing can run a RFQ or RFP 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.

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

Is it just me or do you find it strange the way certain things are disappearing because of the COVID-19 virus? First it was toilet paper. Why toilet paper? If you are locked down for a month or so how much toilet paper do you actually use that you need to hoard it? Then it was hand sanitizer and sanitizing wipes. This one I get because this is actually something that you would use more than usual to keep your surroundings clean and safe. We also have had a shortage of yeast and flour. Really, when was the last time you made a loaf of bread? And what makes you think you are going to start now. The latest thing to get my attention is this weird coin shortage. Where did all the coins go? Is everyone hanging on to them for safe keeping? After going to a few places over the weekend and seeing the signs about the “coin shortage” I decided to do some research and see what is going on. According to the Federal Reserve it is because of a dramatic deceleration of coin circulation because of the adjustments made by consumer’s patterns and payments during COVID-19. The Federal Reserve last month said that it would have to start rationing the distribution of coins putting limits on how much banks would be given. This has caused the banks to give less currency to such places as stores and gas stations. Places like these account for about 165 million transactions a day. According to the US Mint, they have put together a coin task force in an effort to reduce the disruption to coin circulation. The reason for the recent demand for circulating coins is thought to be caused by the reduced retail sales and the decrease in the number deposits from third-party coin processors. Because of the lack of coins, places are asking customers to use exact change or to use debit, credit, or other forms of payment. If you would like to do something to help end the shortage they are recommending that people take their coins and trade them in for cash at your local bank or in the coin counting machines that can be found at local grocery stores. Below are some other items that are hard to find due to COVID-19.

• Thermometers
• Water Filters
• Bikes
• Bakeware
• Exercise Equipment
• Swimming Pools
• Hair Clippers
• Freezers
• Laptops
• Game Consoles

Interested in learning how SafeSourcing can help your company run more efficiently? 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 post is by David Wenig, Senior Vice President of Sales and Services at SafeSourcing Inc.

I am going to get up on my soap box for a couple of minutes if that is alright with you…

Call me old fashioned, but I still try to interact following professional etiquette. It is not necessarily a written code, per se, but more a set of guidelines that have been embedded in my brain over years of training and real-world experience. I make a point to reply to emails and voicemails promptly either in the same day I received them or the next day if I really cannot return the communication faster. I try to include nice notes of thanks when working with customers or vendors who are trying to help me. It is not hard; these are just a couple of things that I do as a matter of professional courtesy.

But is there even still a need for this type of behavior? From time to time, I hear that the eProcurement process removes the human element from the negotiation and boils the whole procurement process down to a computerized negotiation. The last time I was told that, I decided to spend a little time considering that claim with an open mind.

I quickly decided that there is absolutely still a need for etiquette and professionalism in eProcurement. I will elaborate, of course, but I am still surprised I feel the need to.

• Return communication in a timely manner. Pretend for a moment you represent a company that sells a product or service. Now, also pretend that it is your job to make sure that other companies buy that product or services. Congratulations! You are pretending you are in sales. With that in mind, you receive an invitation to provide quotes (RFQ) for $1,000,000 worth of the product or service you are selling. Bear in mind that you are paid based on your ability to sell. What do you do? SafeSourcing sends invitations like this all the time. The values differ, but you get the idea. Many of the contacts we send these to do not respond at all. It is not just that they are delayed or that they somehow missed the email. SafeSourcing’s associates absolutely hound these salespeople for a response. Sometimes it can take weeks just to get a vendor to engage and consider an opportunity to sell that we brought them on a platter with a little bow tied on it. This is such a systematic issue that we must accommodate that within our timelines. That means a salesperson who is non-responsive is technically causing a buyer’s project to be delayed. You might think that this is all happening on computers and in the dark, but we see your behavior.
• Communicate with courtesy and respect. Sometimes I wonder if this is a lost art. In the example above, would you ignore SafeSourcing’s attempts to contact you or would you respond in some simple fashion.

That is the end of my rant for today. Because I do not appreciate when others criticize without offering suggestions, I will share my thoughts on how to address these issues in Part II of my post on Monday

For more information or speak with David, please contact SafeSourcing.

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

In today’s social media prevalent world and access to every kind of information, how do you determine what is true and what is not true? In my own experiences, many people tend to believe things that align with their own personal beliefs rather than the credibility of the source. For example, one may be more inclined to defend an untrue or misleading news article if it ultimately supports their political, religious, or moral position, and this holds true across the board. In fact, this is so common there is a name for it – Confirmation Bias. Confirmation bias is so strong that two people with opposing views can read the same information and have different interpretations that confirm their own beliefs.

For many, once the false information has been said, they may forever consider it true regardless if it can be proven untrue. This is especially true if it was the first time one heard about it. This is called the Anchoring Bias. The Anchoring Bias is where a person will regard a piece of information true if it was presented first, not necessarily if the data is true or misleading. From here they build upon that idea and rarely change their opinion from the one initially presented.

If a piece of information can be proven untrue, people often determine their own opinions were always in line with it. This is called Hindsight Bias. Hindsight Bias states that people will reflect back on their previous predictions and insist they were in line with what actually happened, which is why it is sometimes also called knew-it-all-along bias. For example, if someone is going to flip a coin and asks you to mentally predict what the outcome will be, once the coin is flipped and has a result, you will likely recall that you predicted it correctly.

Ultimately, there are a number of ways we can convince ourselves that what we read, what we believe, and what has happened all align with our own personal views – regardless of whether or not it is true. The three biases mentioned above are just a small amount of cognitive tricks our minds can play on us without even knowing it. So how does one overcome a bias? First, acknowledging that there are these biases can help one realize they have become susceptible. Another great way to uncover biases is to seek other perspectives. Sometimes just listening to someone else’s point of view can bring in new light to any idea, problem, or situation. This idea can especially hold true in business. For example, a business may need more of a product, but the supplier keeps raising their price. This business may believe that the product they order is the best and no other person can supply it for them. However, but reaching out for a new perspective, like a procurement partner such as SafeSourcing, this business may find out that not only are there a large number of options available for said product, but also a large number of people ready to provide that product with benefits above what they currently have.

If you want an outside perspective on the challenges your business faces, help with souring the products you seek, 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 our archives at  SafeSourcing Inc.

For years you purchase from the same supplier, expect the same product level, anticipate some price increases due to market changes. You think you know what you are ordering; however, when you want to take your product out to test the market prices from other suppliers is when you realize you have not been purchasing what you thought you were.

In procurement we see this often whether it be elastomer requirements in an O-ring or broiler chickens. History has told us that elastomers are critical to the function of mechanics, as we lost the Space Shuttle Challenger in 1986 due to an O-ring failure. There are over 24 synthetic rubber and thermoplastics that make up O-rings and over 8,000 different sizes. Does your product require heat and freezing variables? Does your product require a specific lubricant that is EPDM compliant?

In another example, recently a client wanted to test the market for their diced chicken needs. They provided their current product specifications and pricing and quickly found out that the major manufacturers could not meet the client’s needs. Why? Because the client thoughts they were getting broiler chickens from their current supplier and they were receiving fowl chickens. Fowl chickens are the older chickens that can no longer produce eggs and the meat is considered by some to be a tougher meat. Needless to say, this was a big awakening for the client and they needed to re-evaluate their needs for their product manufacturing.

Are you sure you are purchasing exactly what your specifications require? Are you testing your suppliers products to ensure quality, quantity, safety expectations are met? Are you paying a fair price for your product needs? If you answered no to any of these questions, SafeSourcing can assist you in exploring your procurement solutions for your business or on our “Risk Free” trial program for RFPs and RFQs, 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.