Archive for the ‘Sourcing Strategy’ Category

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Are you spending enough time and focus on the bottom line!

Wednesday, December 6th, 2023

 

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

I was listened to a rant by Bernie Marcus today on MSN about focusing on the bottom line and not being distracted by wokeness.

One quote resonated with me. “We need leaders who are basically thinking about the shareholders and their employees,” he added. “And I think today it’s all about woke diversity, things that don’t hit the bottom line.” While I agree with the 1st sentence of the quote, I do think there continues to be a need to focus on a more diverse workplace.

I rant fairly frequently about the treatment of employees who are too often used to reducing costs because of a lack of focus on other cost areas that can return similar results. In fact, this focus is part of our elevator pitch as is the need to focus on the bottom line.  It goes like this. “We assist our customers in significantly reducing costs to improve gross margins and net earnings, support growth plans and maintain, retrain where needed and grow associate headcount”. That’s’ who SafeSourcing is!

How do we do it you ask? With SafeSourcing’ s eProcurement White Glove Services. And we average greater than 24% savings across all categories. Apply that number to your cost of goods and expense plan. Then compare it to savings attributed to your planned employee layoffs.

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. That includes our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

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

 

 

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Have you seen the new features and Artificial Intelligence (Ai) coming in Google Maps?

Monday, November 20th, 2023

 

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

As you probably know, Google Maps is one of the most popular navigation applications in the world.  If you haven’t heard Google Maps got a massive new AI upgrade recently and added 5 new features that makes it smarter and more helpful than older versions.  One of the new features and probably one of the most impressive is the Immersive View feature.  This feature allows you to see your routes from the street level in an amazing 3D view.  This new feature allows you to get detailed and realistic views of your surroundings, landmarks, and directions before you even begin your trip.  Using this feature is very useful when your trip involves complex or unfamiliar areas where most people may get lost by the confusing directions or surroundings.  This feature works by allowing you to preview every step of your trip whether you are driving, cycling, or walking.  For example, if you wanted to take a scenic bike route, you would just request cycling directions to the destination and then tap Immersive View preview to see your route in a stunning, multidimensional view from start to finish.  Doing this can help you prepare for each turn as if you were there with detailed, visual turn by turn directions.  It has a time slider that you can use to view helpful information like weather conditions and simulated traffic.  This will allow you to avoid taking the trip during bad weather or during heavy traffic times.  Below are some of the other new features.

  • Google Maps Search with AI
  • AI enhanced Google Maps Navigation
  • Added EV Charging Station Info
  • Lens in Maps Feature

If you are looking to purchase new smartphones or devices for your company and would like help researching available options, feel free to contact SafeSourcing.   We can gather all the necessary information for you and help you decide which one 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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The Vital Role of Procurement Services in Business Success

Friday, November 17th, 2023

 

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

In the complex ecosystem of modern business operations, the role of procurement services stands as a linchpin for organizational success. Procurement, often regarded as a behind-the-scenes function, plays a pivotal role in driving efficiency, cost savings, and sustainability within businesses across industries. It encompasses the processes involved in acquiring goods, services, and works from external sources.

Driving Efficiency and Cost Savings

At its core, procurement is about optimizing the purchasing process to ensure the right resources are obtained at the right time and at the best possible cost. Leveraging procurement services allows businesses to streamline their supply chain, negotiate favorable terms with suppliers, and source high-quality materials or services while minimizing expenses. This efficiency not only impacts the bottom line but also enhances operational agility.

Strategic Decision-Making

Procurement services extend beyond mere transactional activities. They involve strategic decision-making that aligns with a company’s overall objectives. Procurement professionals evaluate supplier performance, assess risks, and identify opportunities for innovation and collaboration. This strategic approach helps in fostering long-term relationships with suppliers and mitigating potential disruptions in the supply chain.

Mitigating Risks and Ensuring Compliance

In an increasingly globalized marketplace, navigating through various regulations, compliance standards, and ethical considerations is a complex task. Procurement services play a crucial role in mitigating risks associated with supplier relationships, ensuring adherence to regulatory requirements, and maintaining ethical sourcing practices. This not only safeguards the company’s reputation but also reduces potential legal and financial risks.

Fostering Innovation and Sustainability

Procurement services contribute significantly to fostering innovation and sustainability initiatives within organizations. By engaging with suppliers to identify environmentally friendly materials or sustainable practices, businesses can reduce their environmental footprint and align with evolving societal expectations. Collaborating with suppliers on innovation leads to the development of cutting-edge products or services, giving companies a competitive edge.

Enhancing Supplier Relationships

Effective procurement services are built on strong supplier relationships. Cultivating partnerships based on mutual trust and understanding fosters collaboration, flexibility, and responsiveness. Strong supplier relationships often result in preferential treatment, better terms, and a more agile supply chain network, ultimately benefiting the organization’s overall performance.

The importance of procurement services cannot be overstated in today’s dynamic business landscape. Beyond simply acquiring goods and services, it plays a multifaceted role in driving efficiency, mitigating risks, fostering innovation, and ensuring compliance. Businesses that prioritize robust procurement strategies position themselves for sustained growth, resilience, and competitive advantage in the market.

For more information on what the SafeSourcing Procurement Managed Services 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.

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Why use SafeSourcing versus other providers in the Procurement Space?

Wednesday, November 15th, 2023

 

Today’s post is from a collection of data and other tools that SafeSourcing’s CEO Ronald D. Southard uses regularly in the pursuit of fresh content.

  1. Cost Savings: SafeSourcing can help businesses achieve cost savings through strategic sourcing and negotiation processes. By leveraging their expertise and technology, they will assist in obtaining better prices from suppliers than you can.
  2. Efficiency in Procurement: SafeSourcing offers tools and platforms that streamline the procurement process, making it more efficient and reducing the time and resources required for sourcing all categories of goods and services.
  3. Supplier Relationship Management: SafeSourcing might provide services to help businesses manage relationships with their suppliers effectively. This can include monitoring performance, addressing issues, and fostering collaborative partnerships.
  4. Risk Mitigation: The company may have tools and processes in place to assess and mitigate risks associated with the procurement process. This could include evaluating supplier reliability, compliance, and other factors that may impact business operations.
  5. Access to a Network of Suppliers: SafeSourcing could offer access to a wide network of pre-vetted suppliers in their SafeSourceIt™ Supplier Database. This can be particularly beneficial for businesses looking to expand their supplier base or enter into new markets.
  6. Technology Integration: If SafeSourcing utilizes advanced technologies, businesses may benefit from the integration of these tools into their procurement processes. This could include e-sourcing platforms, analytics, and other technological solutions embedded in the SafeSourceIt™ family of solutions.
  7. Compliance Support: SafeSourcing through regularly sourcing hundreds of categories may assist businesses in ensuring that their procurement practices comply with relevant or evolving regulations and industry standards. This can be crucial for avoiding legal issues and maintaining a positive corporate image.
  8. Customized Solutions: The company may tailor its managed services to meet the specific needs of individual businesses. This personalized approach can be advantageous in addressing unique challenges and optimizing the procurement process.

To learn more please contact a SafeSourcing Customer Services Representative.

 

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Bankruptcy is not fake news, and you might be next if you don’t pay attention.

Thursday, November 9th, 2023

 

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

I read an article today on TheStreet.com by Kirk O’Neil titled Beloved fast-food chain files for Chapter 11 bankruptcy. Quite frankly it took a while to figure out what chain the article was referring to because it spent a lot of the article talking about the problems Rite Aide is having who also filed for Chapter 11. Then it went on to talk about  a furniture company that had to close 27 stores in 14 states and ultimately had to file for Chapter 7 liquidation.

The article did finally mention a restaurant chain that had to file for chapter 11 because sales have not recovered from the Covid Pandemic. How often have we heard this?

The fact is the fast-food sector of the retail is suffering, the model has changed quite a bit. How often do you go inside your favorite location to order your food (it is faster). Most of the takeaway or to go traffic is done through the drive-up windows. I’m pretty sure we are going to start seeing them again in the c-store space as they continue to try and capitalize on fresh food offerings, some of which have become outstanding. Even food service distributors are shifting their attention to the c-store vertical as a new source of business.

So, what’s the point? There is a lot of pain in all retail, it’s a war for the customers reduced spending. Thank the FED, The current Democrat Administration, and the Banks for that. However, where there is pain there is opportunity. If you look for it, it may just save some jobs or pay for that new self-checkout because you can’t find enough staff  for the shift work in 24-hour operations.

If you ask, you can find lower prices on just about everything. Capital Projects, Cost of Goods and Expense. Here’s the thing, you are understaffed for the job you have to do. There are other projects that the company will never get to.  You don’t have the time to do it yourself. That’s where SafeSourcing comes in. We know the categories as well or better than you do. We know where all of the suppliers are and have relationships with them, that you do not.

If you wan to reduce costs, I mean really reduce them so you can afford to do other things, Contact SafeSourcing. We guarantee our work, and our ROI is often greater than 10X and immediate.

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All of you Retailers are paying way more than you should be for just about everything.

Tuesday, November 7th, 2023

 

Today’s post is by Ron Southard CEO and Chief Money Saver at SafeSourcing Inc.

The pandemic scared everyone. The retail industry had moved largely toward single source supply chain initiatives. The last two years has not really seen much movement away from that. The result is that retailers are paying way too much for everything. As a good cop in this equation, I try to keep customers and prospects informed as to market movement on as many commodities, supplies and services as I can. It’s pretty easy, because I can actually look back at what retailers were paying two to four years ago and I can compare it to what other retailers are paying now. The best I can do with that information is share it in a nonspecific way. Example: Two Years ago, you paid X for Y. Last week another customer ended up paying X for the same Y. They are paying less than you are.

My reaction to the above would be, tell me more and tell me how soon we can fix it. In fact, SafeSourcing has reduced its costs on everything we do including interest rates on all types of debt. We can do the same for you.

I know planning for the future and worrying about what to do about shrinking labor pools or lack of shift workers or how to attract more customers away from one format (fast food to C-Store) to yours is all top of mind, but many a fine MBA professor has told their students ITS ABOUT THE MONEY. What are the two most important things to a retailer? People (customers) and Money (cashflow/profit).

I can help you get there sooner rather than later.  Or maybe you’re just waiting to be bought out or get fired.

SafeSourcing is a Procure to Pay SaaS based Managed Services provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite . Our average annual savings against all categories are in excess of 24%. Think about what those numbers would do to your bottom line whether they are from cost of goods or expense. Protect your precious headcount because it is the right thing to do,

For more information, please contact a SafeSourcing Customer Services Associate.

 

 

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Post-Consumer Materials and the Circular Economy

Thursday, October 26th, 2023

 

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

How is your company planning to work with evolving circular economy issues?

According to Wikipedia A circular economy (also referred to as circularity and CE)[2] is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible.[3] CE aims to tackle global challenges as climate change, biodiversity loss, waste, and pollution by emphasizing the design-based implementation of the three base principles of the model.

Global business is now thinking way past post-consumer materials which as we all know drove many of the early recycling initiatives implemented by businesses. A definition of that term which is a beginning point but less broad than circular economy is below.

The term post-consumer materials are finished products, packages, or materials produced or created by a business or consumer.  Post-customer materials have served their intended uses and have been recovered or diverted from the waste stream with the intention of recycling or reuse. An example of post-consumer materials is paper recycling.  The purpose of paper recycling is to turn paper into new paper products.

SafeSourcing is an eprocurement company that operates across multiple industries. Our SafeSourceIt™ Global Supplier Database of over 457,000 suppliers provides easy access to alternative sources of supply based on post-consumer materials and or circular economy requirements. To learn more, please contact a SafeSourcing customer services associate.

Sources: Circular economy – Wikipedia

 

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Ghost of Prices Past

Tuesday, October 17th, 2023

 

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

Fall has arrived and with it comes the anticipation of the holiday season. October starts with the cooling temperatures, theme and costumes galore, and the eerie décor of all thinks spooky. Some of us celebrate with the day of the dead, remembrance, and those spirits that are never truly gone.

Something often remembered fondly are the prices we once paid for the things we needed, often just a few years ago, as if the spirit of what the price used to be still lingers when they are far from present. Indeed the spookiest things to be seen are rising grocery bills and prices tags of the things we need.

But there is hope. You can still utilize procurement partners to help find the suppliers, goods, or services you need and potentially stop the ever escalating prices. In fact, many customers wind up saving more than they expect when utilizing a procurement partner, like SafeSourcing. We can help you find what you need and help to save money too. There’s nothing spooky about begin able to get what you have already been buying, but for less than you thought you could.

In addition to finding what you already purchase, a procurement partner can help identify areas that could be good candidates to save even more. If you are starting a new project, the entire process can take resources and time away from your team and partnering with SafeSourcing can help streamline your process, provide central reporting tools, and also keep your team’s time free for their other activities. A collaborative opportunity would be a great treat, just in time for the season!

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.

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Did you win Monday night’s Powerball?

Wednesday, October 4th, 2023

 

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

While I can’t provide the customer’s name, they are NOT a $5B retailer per yesterday’s posts example. However, they are smart and focused and may well be some day. They took SafeSourcing up on our No Risk Offer. Their ROI will more than pay for their contract moving forward. Most procurement teams do not believe these types of results are possible in the current economy. Most of your teams will tell you this is a waste of time. I’ll bet you could use another $338K right now.

Here are the results:

  1. Expense Category: Pilot Event Number One:
    1. Savings $298,270.80
  2. For Resale Category: Event Number Two:
    1. Savings $40,072.32
  3. Total Savings: $338,343.12
    1. ROI 26X

You can still test me, if you’d like, this link will come directly to me. Your team will tell you this is not possible. I guarantee that your odds are better than 1 in 292 million to win Powerball.

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

For more information, please contact a SafeSourcing Customer Services Associate.

 

 

 

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How does your company protect their important non-contract documents?

Tuesday, September 12th, 2023

 

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

How does your company protect their non important noncontract documents?

Every company, in fact every individual has important documents that they would like easy access to as well as tracking and check in and checkout sharing features to maintain continuity and history of use. While maybe not to the degree of a contract, but then again why not?

SafeDocument™ is a document repository that allows companies to collaborate on documents through an online tool that is a cloud-based SaaS offering available through simple internet access. This tool Provides document sharing and collaboration options where users can organize, edit, protect, and track their documents.

SafeDocument™ includes safety features and controls that enable users to safely share large files across their organization, including the ability to save and recall multiple versions of a document and a notification system that alerts users when changes to the document have occurred.

Implementing SafeDocument™ provides companies with a cost-effective alternative to enterprise content management solutions that is safe and easy to use.

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.

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

 

 

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