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We hope you all enjoy your extended holiday weekend. The best to our customers, suppliers and you and your families!

Today’s post is from Ronald D. Southard CEO at SafeSourcing

Yesterday Aldi announced that their new capital plan includes building five hundred new locations across the USA in the coming years. Obviously, everyone knows who Aldi is and how  they attract and retain customers. Quality products at low prices. In the face of inflation that is not headed in the right direction, customers are exasperated with the pricing they find on the shelves of their local supermarkets and other food retailers.

In a post titled Inflation still hotter than hoped By Cate Chapman, Editor at LinkedIn News notes that, A key gauge of inflation rose more than expected for a second month in February, as gasoline prices and shelter costs increased. While this does not directly point to food costs, it does mean that your customers are being hit in every direction. It would appear to me that wise company executives might try to figure out ways to help their customers by focusing on their cost of goods and expense spending as a priority, and pass some of it on to their customers and not just to the bottom line.

As someone who has a front seat to bids for cost of goods and expense items in the retail space, I’m here to tell you that as retailers you are paying too much and as such so are your customers.

I have often posted about the benefit of asking for better pricing through the use of cloud-based bid tools that are supported by white glove hands on services and the impact the results can have on your bottom line. This can benefit your customers and your shareholders. A simple answer as to why we get better results than you do, is that we source the categories more often. While a company may source a category like trash hauling every two or three years, we source it dozens of times every year. While you may have sophisticated tools, unless they are supported by a team that has multi event annual experience, your results will not be as good.

Our average annual savings across all categories for the last five years is greater than 24% below what our customers have negotiated on their own. Those kinds of savings mitigate rising costs elsewhere, raise gross margins, improve earnings, and maybe leaves something on the table for your customers.

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 .

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

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

Return on invested capital is a good approach!

The return on capital for building a new convenience store can vary widely depending on numerous factors such as location, size of the store, competition in the area, operational efficiency, and overall market conditions. Generally, convenience stores aim for returns that exceed their cost of capital to justify the investment.

As an example, one company may have a high profile ready to eat or fresh food program but no carwash. Another may have a carwash but limited ready to eat or could have a franchise food offering. Some key areas affecting the return on capital for a convenience store could include all of the following and most businesses perform detailed financial analysis to assess a return that is meaningful for their company.

1. Location
2. Operating Costs
3. Revenue Streams
4. Marketing and Branding
5. Competitive Landscape
6. Economic Conditions
7. Regulatory Environment

One area that can have a significant impact on capital is to reduce the use of capital through the use of strategic sourcing tools, like the ones SafeSourcing offers. Most companies in this space do not use them or use them effectively. This should be of concern to investors interested in this area.

Calculating the precise return on capital for a convenience store should involve analyzing the initial investment, ongoing operational costs, and projected revenues over a specific time horizon. Some companies perform detailed financial projections in order to assess the potential return on investment before committing to building a new location.

If you want 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.

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

In the dynamic landscape of modern business, success is often a collective effort that extends beyond individual achievements. The symbiotic relationship between teamwork and business-to-business partnerships can shed light on how collaboration can propel organizations to new heights.

Teams thrive when they share a common vision and align their goals with the overarching objectives of the organization. Collective commitment to a shared purpose fosters unity and motivates team members to work towards a common goal.

Open and transparent communication is the backbone of successful teamwork. Regular team meetings, feedback sessions, and collaborative tools facilitate seamless information exchange and idea sharing. A well-rounded team comprises individuals with diverse skills and expertise. Leveraging the strengths of each team member enhances problem-solving and innovation capabilities. Trust is the foundation of any successful team. Establishing trust among team members promotes collaboration and a positive working environment. A culture of accountability ensures that team members take ownership of their responsibilities, contributing to overall success.

Successful B2B partnerships are built on mutual benefit and a clear understanding of each party’s objectives. Aligning interests and goals creates a win-win scenario that fosters long-term collaboration. Clear and transparent communication is equally crucial in B2B partnerships. Establishing effective communication channels helps partners stay informed and aligned throughout the collaboration. B2B partnerships are strengthened when organizations share common values and culture. A cohesive cultural fit promotes seamless collaboration and minimizes potential conflicts.

B2B partnerships often lead to joint innovation and the development of groundbreaking solutions. Organizations should prioritize team development initiatives to build a cohesive and high-performing workforce. Success requires ongoing collaboration and adaptability to changing circumstances.

In business, the combination of effective teamwork and strategic B2B partnerships is a formidable force. By fostering a culture of collaboration, organizations can unlock new levels of success, innovation, and sustainable growth. Embrace the power of teamwork and forge meaningful B2B partnerships to propel your business towards a future filled with achievements and shared victories.

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

Do you know why your company needs to embrace eProcurement?

In the fast-paced realm of modern business, efficiency isn’t just a buzzword; it’s the cornerstone of success. Enter eProcurement – a revolutionary approach transforming traditional procurement processes into streamlined, efficient, and cost-effective operations. Despite its undeniable advantages, some companies remain hesitant to fully embrace this digital revolution. If you aren’t using a sourcing partner or e Procurement, now is the time to make the switch.

Cutting costs while maintaining quality is the holy grail of business operations. EProcurement enables just that. By assisting in the purchasing processes, working with suppliers, and streamlining spend data, companies can significantly slash costs. Moreover, the transparency in pricing and spend analytics empower businesses to make informed decisions, driving cost savings further.

Healthy supplier relationships are the backbone of a successful business. Partnering with a sourcing partner, like SafeSourcing, can facilitate better communication and collaboration with suppliers. Streamlined order processes, transparent communication, and improved negotiation power contribute to stronger, more beneficial partnerships, fostering mutual growth and reliability.

As businesses grow, scalability becomes paramount. EProcurement systems are inherently scalable, adapting seamlessly to evolving business needs. Whether it is handling increased transaction volumes or expanding supplier networks, these systems evolve with the company, ensuring sustained efficiency and growth.

Beyond the operational benefits, eProcurement aligns with corporate sustainability goals. By reducing paper waste, optimizing transportation routes, and promoting digital processes, companies contribute to a greener, more sustainable future.

The advantages of eProcurement are too compelling to ignore and embracing this digital transformation isn’t just a step forward; it’s a leap toward operational excellence, cost savings, and sustainable growth. Now is the time to revolutionize your procurement processes, future-proof your operations, and unlock the immense potential of eProcurement.

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.

Mason, OH – November 28, 2023 – SafeSourcing, Inc., a leading eProcurement company offering a complete Procure to Pay suite of applications supported by their White Glove Seven Step (7) managed services program, has announced they will be releasing a new white paper titled Successfully Sourcing Categories!

In this new white paper titled “Successfully Sourcing all Categories”, CEO Ronald Southard dives into the details as to what it takes to run successful sourcing events and shows the results that can be achieved when the legwork and required research are completed properly.

This white paper is among many that Ron Southard, an industry leading procurement expert, has published over the years The white papers aim to educate those in the procurement field on the nuanced details of what the procurement space has to offer when approached correctly. The white paper will serve as a guide and a tool for those in the industry on what steps can be made to achieve more success in their own sourcing efforts and to demonstrate the overwhelming value of a procurement partner such as SafeSourcing into any organizations sourcing environment. Other titles can also be found at this link to the SafeSourcing Website.

The white paper will be available to industry professionals and the public via the SafeSourcing website, www.safesourcing.com and LinkedIn.

SafeSourcing, Inc. provides cost effective tools under the SafeSourceIt™ product family that allows companies to dramatically reduce cost of goods, capital spending, and expenses in a timely manner while also reinforcing environmental and product safety programs. Focus is placed on a company’s entire spend for all products and services. SafeSourcing’s early-stage client engagement is specifically focused on cost reduction through the use of a detailed seven step, white glove process using the SafeSourceIt™ e-RFX application suite. Visit www.safesourcing.com to learn more.

Contact Information:

Marketing Department, marketing@safesourcing.com 888-261-9070

Today’s post is from Ronald D.  Southard, Founder and CEO at SafeSourcing Inc.  I am a very proud USAF Veteran. I began my supply chain career as an Inventory management specialist 645XO in the War Materials Department of Base Supply during the Vietnam War. The logistics involved at the time are still advanced to many things industry is doing today. What an education. Thank you to all my veteran brothers and sisters for your service past present and in the future.

SafeSourcing is extremely proud to be a Veteran founded and owned company.

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

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

We guarantee our results, so if we can’t fix your problem you don’t have to pay us.

At SafeSourcing, we help buyers save considerably on costs by providing tools that enhance the ability to do business in a better, safer, smarter, more streamlined, and cost-effective way. Our Customer Services team is one of the best in the industry at complimenting existing procurement teams to help structure and develop projects in less time for better results. Our flexible service offerings and suite of e-procurement tools deliver savings that can be referenced that are greater than 10 times the cost of our services. Improve GM and Earnings by clicking here, it will come directly to me.

Don’t keep suffering the same problems and answering managements same questions.

Reach out Today

Today’s re-post with a twist is written by Ivy Ray, Senior Procurement Specialist at SafeSourcing Inc.

Most people are familiar with the phrase, “He who has the gold, or BITCOIN today makes the rules”, believed to be coined by the writers of the comic strip “The Wizard of Id” originally published in “The Dallas Morning News” in 1964 and later became syndicated. The phrase has been commonly used in reference to oil, one of our most lucrative resources. Currently the oil of the digital era is data. Data rules the world and technology is changing our economies, societies and daily lives.

Our personal data is constantly being collected by retailers and service providers that we utilize every day. Initially this practice was designed as an effort to discover the customers’ likes, dislikes, preferences, needs, and goals and then use that information to shift gears to better meet their needs in the future. Also this assists the supplier in retaining customers by creating incentives for repeat purchases. Our data is valuable and we give it freely in exchange for access, or for discount offers and select promotions.

In some cases, it simply gets taken from us by use of Artificial Intelligence (AI) software such as Facial Recognition Systems and Intelligent Virtual Assistant (IVA). Apple’s Siri, Amazon’s Alexa, Microsoft’s Cortana, and Google Assistant are at the forefront, so it’s no surprise that the current giants that “deal in data”, are Google, Amazon, Apple, Facebook and Microsoft. They are the five most valuable listed firms in the world. Amazon has been systematically collecting data from its customers since its inception as a book reseller in the mid ‘90s and now runs a cloud service and it’s the most powerful cloud service in North America. The global intelligent virtual assistants market size is expected to reach USD 25.63 billion by 2025.

Information from marketing campaigns, customer service inquiries, and purchase histories are encoded and used to run predictive analytics, and projections. The data utilized must be based on complete and correct data. If the data is not complete and correct then projections will have limited value. We all create and utilize data daily. Creating quality data the first time saves time and money in the long run.

Although data is an essential tool, it is only as valuable as its quality. Remember the garbage in, garbage out (GIGO) concept, the quality of output is determined by the quality of the input. As Albert Einstein once said, “Not everything that can be counted counts, and not everything that counts can be counted.”

For more information on how SafeSourcing can assist you in exploring your procurement solutions for your business efforts, or on our Risk Free trial program, please contact a SafeSourcing Customer Service Representative. We have an entire team ready to assist you today.

We look forward to your comments.