Archive for the ‘E-procurement’ Category

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Procurement and Artificial Intelligence (Ai)

Monday, July 28th, 2025

 

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

Procurement and many other industries are undergoing a radical transformation, thanks to artificial intelligence. Specifically, procurement has been able to utilize ai tools in its sown unique way. In fact, procurement is now becoming a strategic driver of value and innovation with AI tools lending an ability  to play a central role in this evolution. From automating routine tasks to enabling predictive analytics and strategic sourcing, AI helps procurement teams save time, reduce costs, and make smarter decisions.

AI can analyze large datasets to uncover hidden patterns in spending. These tools consolidate data across departments, identify maverick spend, and highlight opportunities for savings. These tools can offer ai-powered spend analytics and can combine machine learning and data cleansing for added insight. AI tools continuously monitor supplier performance, financial health, geopolitical risks, and compliance issues. They can alert procurement professionals to potential disruptions before they happen.

Ai can also assist in other ways. Reviewing contracts manually is time-consuming, but AI tools can read and extract key terms, flag risky clauses, and ensure compliance with internal policies and regulations. These tools can assist in contract visibility and risk mitigation along with contract management.

AI may also lend a hand in supplier selection based on price, quality, lead time, and other variables, while some ai tools even simulate negotiation scenarios and recommend optimal outcomes. AI chatbots, virtual assistants, and robotic process automation can handle customer facing questions, purchase requisitions, invoice processing, and some follow-ups.

While AI tools offer major advantages, implementation can be complex. Organizations must ensure high-quality data, employee training, and system integration. Ethical AI use, transparency, and change management are also key concerns.

AI tools in procurement are not just a trend; they’re a necessity for organizations that want to stay competitive in a data-driven world. Whether you’re aiming to boost efficiency, reduce risk, or gain deeper insights, AI can empower procurement teams to deliver more strategic value than ever before. The future of procurement is intelligent and it’s happening now.

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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Prompts developed correctly are critical to benefiting from AI tool usage Part I of II

Thursday, June 19th, 2025

 

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

We have all heard about the impact that AI will have on jobs in the future. For some of us that time is now, for others maybe down the road a bit.

I have personally been using AI tools since they first became available. The speed at which it helps with all types of work is amazing. The tools are becoming better, smarter, faster, and more accurate every day. However, a caveat is that if you are trying to solve a business problem and have no experience in the industry or business area you are prompting to, you may create more issues than you solve for your company and your customers, because you do not know the right questions to ask to begin with. Experience does count even in the AI space.

In the procurement space where I work, there are many people blogging and writing about how to correctly use eRFX tools. Questions abound about the proper use of an RFI’s, RFP’s and RFQ’s. You may even have a desk full of finished examples of these processes. The question is, have you written one, supported one, evaluated one. If the answer is yes, have you done so across multiple industries? Have you delivered the final results  through a written executive summary that recommends award scenarios  and next steps required to proceed to a contract.

If the answer to any of the above is yes, then maybe you can write a Prompt that will deliver clean results in a usable format that may save your business time and save your customer money and potentially process improvement. If the answer is no, how can you write a good Prompt  to begin with and how will you know if the answers being provided by your AI tool of choice are correct.

Once you develop a great Prompt, what do you do with it? That’s a question we’ll answer tomorrow in Part II.

SafeSourcing is a Procurement as a Service (PaaS)  provider of a number of e-Procurement solutions and associated white glove services that are part of our PaaS offered SafeSourceIt™ eSourcing suite. We have the tools, we have the knowledge, we have the experience, and we have the AI prompts that deliver results.

To learn more, please contact a SafeSourcing customer services associate.

 

 

 

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Procurement and Tariff Increases

Friday, April 18th, 2025

 

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

In an ever-challenged economy, procurement professionals are no strangers to volatility. One of the most impactful—and unpredictable—variables in recent years has been the rise in tariffs. Whether due to trade disputes, geopolitical tensions, or efforts to protect domestic industries, tariff increases are reshaping how organizations approach procurement.

Tariffs, essentially taxes on imported goods, directly increase the cost of affected items. For procurement teams, this can quickly escalate total spend, especially if critical materials or components are sourced internationally. Tariff-related cost hikes can blow through carefully planned budgets, especially for long-term contracts negotiated before tariff changes. Suppliers in tariff-affected regions may raise their prices or pass on additional costs to buyers. Frequent changes in trade policy make it difficult to forecast and plan procurement strategies with confidence.

To mitigate the impact of tariff increases, procurement professionals can adopt more agile and strategic approaches. Relying too heavily on suppliers from a single country or region increases vulnerability. Diversification helps reduce exposure to tariffs and supply chain disruption. For instance, if tariffs rise on goods from China, sourcing alternatives in Vietnam, India, or Mexico could offer relief. Some organizations are reevaluating their global sourcing strategies altogether. Bringing production closer to home—or at least to regions with favorable trade agreements—can reduce tariff exposure and shorten lead times.

Changing markets reinforce the need for changing contracts as well. Many companies are renegotiating terms to include clauses that account for tariff changes, allowing for cost-sharing or pricing adjustments in response to policy shifts. Focusing on purchase price alone is no longer sufficient. Procurement leaders must also factor in tariffs, shipping costs, lead times, and risk factors—to evaluate the full cost of sourcing decisions.

Tariffs are just one of many forces reshaping global procurement, but their impact is profound. With the right strategies in place, procurement partners, like SafeSourcing, can help your organization not only weather the storm but also thrive.

For more information on how 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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The Evolving Procurement Environment!

Friday, February 28th, 2025

 

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

Procurement plays a vital role in the global economy, but it is constantly influenced by geopolitical tensions, economic changes, and technological advancements. As we move forward, current affairs can and will shape procurement strategies.

The ongoing Russia-Ukraine conflict has disrupted global supply chains, especially in sectors like energy, raw materials, and food. Procurement teams are now prioritizing supply chain resilience, diversifying suppliers, and exploring nearshoring and reshoring to reduce dependence on unstable regions.

Sustainability is more crucial than ever, with consumers, regulators, and investors demanding ethical and eco-friendly practices. Companies are adopting green procurement strategies, such as sourcing renewable energy, choosing sustainable materials, and ensuring ethical labor practices. Blockchain and other technologies are enhancing transparency in supply chains, making it easier to verify product origins and sustainability standards.

The rise of AI, machine learning, and data analytics is revolutionizing procurement. These tools help businesses forecast demand, optimize inventory, and select the best suppliers. E-procurement platforms and automation are streamlining processes, reducing administrative costs, and fostering innovation. Blockchain technology is also ensuring secure and transparent contracts, which is crucial in today’s complex supply chain landscape.

Instead of transactional relationships, many companies are now focusing on long-term, collaborative partnerships with suppliers. This approach fosters innovation, ensures continuity, and reduces costs. Businesses are also diversifying their supplier base to include more diverse and inclusive partners, reflecting a commitment to social responsibility.

The procurement landscape is evolving, driven by global events and innovative technologies. To thrive, procurement professionals must embrace innovation, sustainability, and collaboration. By staying agile and adapting to these changes, businesses can position themselves for success in the increasingly complex global marketplace of 2025.

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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Are there more product recalls today than historically?  

Thursday, February 27th, 2025

 

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

If you pay attention to the news, you probably noticed that several times a week some type of food, drink or medicine is being recalled.  I was wondering if this is normal or are there more recalls over the past year than in other years in the past.  According to the FDA, recalls have become more of a buzz topic after we encountered a huge deli meat recall last summer.  Besides all of the coverage of the recalls the FDA states that there has not been a spike in recalls when compared to previous years.  While there appear to be a perception of more recalls, the number of food recalls over the past year has been generally consistent with past years.  The FDA’s claim on the recalls is also supported by a recent study published in the Journal of Food Protection, which showed that the number of recalls has declined over the past few decades.  This is in the most part due to the increased safety regulations that were put in place.  After doing some of this research it is concerning to me that we have so many recalls of which we are not aware.  According to research we have had around 2100 recalls over the last year, which averages around 5 to 6 per day for food, medication, and health equipment.  According to them this number appears to be the average amount of recalls over the past 8 years.  The reason for the heightened awareness seems to be because it has become trendier for news outlets to cover the announcements.  This is a good thing because it is important that consumers be aware of the recalls because they can cause injury or illness.  Below are some products that have been recalled recently.

  • Deli meats
  • Apple Juice
  • Eggs
  • Canned Tuna
  • Tahini Pasta
  • Alfalfa Sprouts
  • Cinnamon
  • Vegetables
  • Plant-based milk.
  • Coffee
  • Cheese
  • Baby food

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.

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On the Twelve Days of e-Procurement Christmas.

Tuesday, December 24th, 2024

 

It is actually twelve days until Christmas and today’s post is a holiday favorite by our CEO Ron Southard from our SafeSourcing Archives.

  1. On the first day of Christmas our e-procurement service provider gave to us, a streamlined procurement process.
  2. On the second day of Christmas our e-service provider gave to us, more suppliers to source our goods and services from.
  3. On the third day of Christmas our e-procurement service provider gave to us, pricing that works for smallest categories.
  4. On the fourth day of Christmas our e-procurement service provider gave to us, consistent and customized product specifications.
  5. On the fifth day of Christmas our e-procurement service supplier gave to us, more time for other priorities.
  6. On the sixth day of Christmas our e-procurement service provider gave to us, improved quality in our products and services.
  7. On the seventh day of Christmas our e-procurement service supplier gave to us, better supplier education.
  8. On the eighth day of Christmas our e-procurement service provider gave to us, a simple award of business process.
  9. On the ninth day of Christmas our e-procurement service provider gave to us, support for a better carbon footprint.
  10. On the tenth day of Christmas our e-procurement service supplier gave to us, total category e-procurement.
  11. On the eleventh day of Christmas our e-procurement service provider gave to us, safer products for our customers and planet.
  12. On the twelfth day of Christmas our e-procurement service provider gave to us, a sustainable e-procurement process and improved corporate net earnings.

Now, ask yourself if all of these goals are accomplished on your company’s behalf by your present e-procurement service provider. If n0t, please contact a SafeSourcing customer services account manager.

Continued best wishes for a very Merry Christmas the rest of the 2023 Holiday Season.

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Want to be more Efficient? Here are some MSFT Teams application shortcuts.

Thursday, November 21st, 2024

 

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

Are you utilizing the Teams application shortcuts?

A while back I wrote a BLOG on how to utilize the shortcut keys for Zoom.  Since then, Microsoft Teams has become a lot more popular tool used by professionals.  If you spend a lot of time using the Teams application, you could save some time and be more efficient by learning some of the built-in shortcuts.  The keyboard shortcuts are used by clicking a combination of the keyboard keys.  Two things that you probably do most often while using Teams can be done by using the shortcuts “Alt+Shift+V” and “Ctrl+Shift+H”.  These two shortcuts allow you to start a new video call and to end the active video call.  Besides these two shortcuts there are many more shortcuts available for use.  For example, using “Ctrl+Shift+K” will allow you to raise or lower your hand and “Win+Alt+K” will allow you to toggle mute during a meeting.  Memorizing the available keyboard shortcuts will make you more efficient because you don’t have to remove your hands from the keyboard to use the mouse.  Below are some other shortcuts that can be used.

Teams Shortcuts

  • Ctrl+Shift+A – Accept a Video Call
  • Ctrl+Shift+S – Accept Audio Call
  • Ctrl+Shift+D – Decline a Call
  • Ctrl+Shift+D – Start Audio Call
  • Alt+Shift+V – Start a Video Call
  • Ctrl+Shift+H – End Audio Call
  • Ctrl+Shift+H – End Video Call
  • Win+Alt+K, or, Ctrl+Shift+M – Toggle Mute
  • Ctrl+Shift+K – Raise or Lower Hand
  • Ctrl+Shift+Y – Admit People from Lobby Notification
  • Ctrl+Period (.) – Show Keyboard Shortcuts
  • Ctrl+E – Go to Search
  • Ctrl+Shift+F – Open Filter
  • Ctrl+Shift+N – Start a Chat in a New Window
  • Ctrl+Comma (,) – Open Settings
  • Ctrl+Equals sign (=) – Zoom In
  • Ctrl+Minus sign (-) – Zoom Out
  • Ctrl+0 – Reset Zoom Level
  • Cltrl+Alt+Shift+R – Report a Problem

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.

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Procurement and the Fluctuating Market

Tuesday, November 19th, 2024

 

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

As we all know, market fluctuations are inevitable. From geopolitical tensions to supply chain disruptions and unexpected shifts in consumer demand, people and businesses are often at the mercy of unpredictable forces. Amid this uncertainty, procurement has emerged as a critical function that enables organizations to remain agile, cost-effective, and resilient because procurement isn’t just about buying—it’s about planning and mitigating risks.

In volatile markets, prices of raw materials, logistics, and labor can swing wildly. Procurement teams play a vital role in mitigating these risks by negotiating long-term contracts, leveraging bulk purchases, and providing insight into the market. Locking in prices for key materials through long-term agreements can protect businesses from sudden price hikes. Aggregating demand across business units can lead to economies of scale, driving down costs. Regularly analyzing market trends helps procurement professionals anticipate fluctuations and make timely purchasing decisions.

Procurement functions are closely tied to risk management. By identifying potential risks in the supply chain, procurement professionals can assess supplier stability and create contingency plans. Evaluating suppliers’ financial health and operational capacity can prevent future disruptions. Having backup suppliers or inventory buffers ensures operations continue smoothly during unexpected events.

Technology-driven procurement processes help businesses stay ahead in a fluctuating market. Tools like predictive analytics, AI, and blockchain enhance data-driven decisions and transparency. Predictive analytics provide insights into market trends, enabling timely and informed procurement decisions. Blockchain technology ensures supply chain transparency, helping businesses trace and verify sources.

As market conditions continue to fluctuate, the importance of procurement will only grow. Businesses must recognize procurement as a strategic function rather than a back-office task. By investing in skilled procurement professionals, leveraging advanced technologies, and building resilient supplier networks, organizations can turn market challenges into opportunities for growth. Procurement is not just about securing the best deal—it’s about building a foundation for sustainability, resilience, and long-term success. By prioritizing procurement in your organization, you’re not just managing costs—you’re building a resilient and adaptive enterprise ready to face any market conditions head-on.

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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 Why are small business and home insurance costs rising?

Thursday, October 17th, 2024

 

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

Well, if you are like everyone else you noticed that when your home insurance policy renewed there was probably a significant jump in cost.  Rates are skyrocketing across the country, and they are more likely to be other price increases coming.  According to researchers, the insurance rates have increased nearly 22 percent since 2020 and two of the biggest contributors of this are inflation and weather disasters.  This increase is affecting everyone even if you have not made any changes or any claims reported.  Another factor for the increases is due to the fact that the cost of rebuilding a home has skyrocketed as well over the last few years.  They estimate that labor costs alone have increased by 25 percent, which sharply increased the expenses for the insurance companies.  The lumber and building material needed to build a home have gone up significantly since the pandemic which has not helped the situation.  The areas that are seeing the highest price increases are states like Arizona, Colorado, Florida, Massachusetts, California, and Pennsylvania.  If you are wondering if there is anything that you can do to bring down your home insurance rates you may consider researching the suggestions below.  After researching these items, you may want to start comparing your current company to other companies that insure in your area to see if you can negotiate better at the same time.

  • Add Protective Devices
  • Review your current coverage.
  • Increase your Deductible.
  • Bundle Multiple Polices
  • Review Available Discounts
  • Improve your Credit Score

If you need help researching more affordable insurance policies, feel free to contact SafeSourcing.   We can gather all the necessary information for you and help you decide which company 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.

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It’s a Miricle (on 34th Street) that we still have Santa Claus!

Tuesday, October 15th, 2024

 

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

Miricle on 34th Street was one of my favorite childhood movies, I mean who does not want to believe in Santa Claus. We probably need more of that magic today than we have in many years. If you don’t remember, a divorced New York mother hires a nice old man named Kris Kringle to play Santa Claus at Macy’s, and we get to watch a lawyer prove in court that he really is Santa Claus.

In a recent article regarding the closures, it mentioned that this is part of a larger cost-cutting and investment realignment with a focus on more profitable stores and expanding e-commerce.

Now for Magic!

Well as you know, I am all for cost-cutting and I don’t know what Macy’s is doing about it, but I know it can be done better.

Personally, I have a distaste for bottom line improvement via headcount reduction, when I KNOW that more money can come out of cost of goods, expenses, and capital projects. While these may be areas of focus, most companies do a poor job of it even with advanced tools and big consulting firms helping them and charging out their nose for it.

And now we hear another American Icon is declaring bankruptcy and selling to the competition True Value announces their discontinuation. And While I’m at it, Walgreens another American household name has announced closing 1200 locations.

It’s true that e-commerce has made it easier for people to shop from home and that makes it more difficult for companies to offer in-store marketing plans that encourage upselling, but we also know that many are not shopping because they cannot afford it. Prices are just too high. I recently read Walmart’s CEO said they are doing everything in their power to keep consumer prices down. Congratulations!

More companies need to do the same by focusing on compressing their prices on all for resale products, all services, and all non-P&L related projects. Who knows, you might still be able to improve margins and earnings.

If you don’t know how, give me a jingle (as in bells). You’ve got to love holiday magic.

For those of you that are looking for an opportunity to claw back against the recent price increases on everything, it is right in front of you. For those that listen to your vendors, expect the price increases to continue.

For more information, please contact SafeSourcing.

 

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