Archive for the ‘E-procurement Solutions’ 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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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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The Evolution of SaaS in Procurement

Friday, February 7th, 2025

 

Today’s post is by Eric Steller, Chief Revenue Officer at SafeSourcing Inc.

The Software as a Service (SaaS) industry has undergone a profound transformation. What once promised efficiency and scalability through out-of-the-box (OOTB) solutions has, in many cases, become a paradox—overly complex yet insufficiently tailored to an organization’s unique needs. The reality is that most SaaS platforms, when left to operate as standalone solutions, fail to deliver their full potential. This is why leading organizations are shifting toward hybrid SaaS and services models—an approach that accelerates time to value, ensures seamless execution, and maximizes financial returns.

The Limitations of Traditional SaaS: A Market Reality

While SaaS solutions were originally designed to streamline operations, market research confirms that the complexity of modern business environments renders most OOTB implementations ineffective. A recent study from Allied Market Research projects the hybrid cloud market—an indicator of demand for mixed technology and services—will surge from $96.7 billion in 2023 to $480.2 billion by 2033, growing at a staggering 17.4% CAGR. This shift underscores an essential truth: organizations require more than software; they need expert guidance and executional support to drive measurable results.

Moreover, pricing models within the SaaS ecosystem have evolved to reflect this reality. Hybrid pricing strategies, which combine software subscriptions with usage-based service components, are now critical in optimizing customer value and revenue scalability. Companies that fail to integrate service-led models risk leaving significant financial gains on the table (Hyperline Research).

SafeSourcing: A Procurement Powerhouse That Redefines ROI

SafeSourcing embodies this hybrid SaaS-services paradigm to perfection. Founded over 15 years ago by procurement visionary Ron Southard, SafeSourcing initially launched as a Software-as-a-Service (SaaS) platform. However, it became evident that while the technology itself was powerful, most organizations lacked the internal expertise to unlock its full potential.

Clients, almost universally, sought SafeSourcing’s direct involvement—not only to deploy the solution but to lead their procurement events with surgical precision. Today, SafeSourcing operates as a fully managed Procurement-as-a-Service partner, leveraging:

  • A proprietary tech stack for seamless execution of RFIs, RFPs, RFQs, also known reverse auctions or on-line bids.
  • A database of nearly 600,000 vendors spanning every conceivable category
  • A dedicated team of procurement specialists who run sourcing events daily, ensuring superior outcomes

The EBITDA Multiplier: Doubling Profits Without Adding Headcount

The results? Unmatched cost reductions. SafeSourcing clients consistently realize savings of 25% or more per category—a staggering figure that, in many cases, translates to a doubling of EBITDA. The impact is so profound that if an enterprise were to do nothing else—no process optimizations, no internal restructuring—SafeSourcing alone could double profitability through sheer procurement efficiency.

Can any other solution make such a claim?

A Strategic Imperative for Every CxO

Every executive, from the CFO to the COO to the CEO, faces a relentless directive: deliver better results, faster, and at a lower cost. Amidst growing economic pressures and increasing competition, the imperative to optimize procurement is no longer optional—it is existential.

SafeSourcing is not just a SaaS provider. It is a strategic partner that transforms procurement from a cost center into a profit engine. If your organization isn’t actively exploring SafeSourcing, the only question is: Why not?

For more information on how the SafeSourcing can help you improve your EBITDA NOW through our Procurement as a Service offerings, or regarding 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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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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Salt Life is the most recent  brand to close retail stores (28) after bankruptcy auction!

Monday, September 30th, 2024

 

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

I have said over and over again that this does not need to continue to happen at the scale that it is happening today! If companies were more aggressive in managing their cost structure in their supply chains their results would be different.

The word AUCTION in this posts title is a key reason that many companies are not getting the best net landed cost for their products and services. And that is ALL products and services.  Reverse Auctions (a negative connotation from the past) or Online Bids as we mostly call them today when managed properly against your entire cost model (Indirect, Direct and Capital) do return results that your internal procurement team cannot and will never be able to achieve.

While I cannot speak to each of the companies below individual issues, and certainly ecommerce competition is one, what would have happened if they had reduced their costs across the board by 20% in the current accounting year. Is it possible. Simple answer YES! Can it be done with existing tools? Contact SafeSourcing to find out. We guarantee our results. Our average annual savings against all categories is 24.8%

Here they are, five prominent retail companies that have declared bankruptcy in 2024. I hope we don’t see any more!

  1. Big Lots: This discount retailer has struggled with declining sales and competition from e-commerce. In 2024, Big Lots filed for bankruptcy and announced plans to close about 550 stores across the U.S.
  2. LL Flooring (formerly Lumber Liquidators): Known for hard-surface flooring, LL Flooring filed for Chapter 11 in August 2024. While it was partially acquired by a private equity firm, over 200 of its stores are still closing​.
  3. Conn’s HomePlus: A long-standing furniture and electronics retailer, Conn’s filed for Chapter 11 in July 2024. The company is set to close all its locations​
  4. Rue21: This apparel retailer, filing for bankruptcy for the third time, will close all its stores.
  5. Eastern Mountain Sports and Bob’s Stores: Both outdoor and apparel chains filed for Chapter 11 in June 2024.

These filings highlight the difficulties many retailers face as consumers shift toward e-commerce and grapple with economic challenges continually like rising costs or inflation.

If you would like more information on how SafeSourcing can help you reduce all of your costs, please contact a SafeSourcing Customer Service representative.  We have an entire team ready to assist you today.

 

 

 

 

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