Doom and Gloom, nobody is spending MONEY.

December 7th, 2022

That’s a bunch of BS, because Everybody IS!

 

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

I went to a mall this past weekend. It’s something I always liked to do during the holidays. Truth be told I used to love it as a kid during the pre-indoor shopping days. The cold of going from store to store made it seem more like the holidays and if I was lucky, it might even snow. All that much better in my mind.

Well, the hustle and bustle are back even if it is indoors. The first indication that consumers are being, well consumers was that there were no parking spots at 11 a.m. So, we circled and finally found a spot. To say the mall was crowed is an understatement. Literally every single store had waiting lines at the checkout. The restaurants were all full as were the coffee shops. I have never seen so many people in a Nordstroms, and their Café had a line out the door. When we finally left, the line to get in the parking garage was dozens of vehicles in length. So, consumers are not listening to the financial pundits and news channels. Much is still ok with the American consumer and prices will continue to go up on everything other than maybe real estate.

In a supporting article in the Wall Street Journal titled, Stocks Fall After Strong Data Raises Rate Fears Crude-oil prices extend declines, Treasury yields tick lower By Will Horner Follow and Jack Pitcher, the quote David Donabedian “The economy continues to show a degree of strength that I think was not expected,” said David Donabedian, chief investment officer at CIBC Private Wealth US. “The consumer is hanging in there quite well, jobs continue to be added, wage growth is significant, and consumers are still spending.”

Based on my observations and the above article, it does not sound as though consumer spending will be going down any time soon. So, you guessed it, prices are going up for everybody, individuals and businesses alike.

So, how do companies make sure they are sourcing products for you economically? Hey should Contact SafeSourcing Inc. We buy it more often than they do and know the levers to pull.

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.

Resources: Wall Street Journal

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The United States did better financially than we all thought.

December 2nd, 2022

Maybe we need less doom and gloom from everyone. The sky is not falling!

 

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

According to Paul Wiseman of the Associated Press in an Article titled, US Revises up last quarter’s growth. The writer mentioned that regardless of high interest rates and high inflation that our economy grew 2.9% from July through September.

Woe is me, while it appears based on what we here from the media that the sky is falling, consumers continue to spend, companies continue to buy and deals for both are out there if you know how to shop.

In another article from Paul Hannon of the Wall Street Journal titled Eurozone Inflation Declines, but ECB Remains on Guard. This means that the rate of inflation during November was lower than expected by almost 6% at 10% versus 10.6% from the year earlier period.

While we all need to remain vigilant, there are some bright signs out there, like the FED suggesting the easing of rate increases going forward. Every area of the globe has its economic issues, and many are still calling for a mild recession. This author does not agree.

I do think we can all do better with our spending both personally and corporately, and this will help improve corporate earnings and allow companies to retain employees. Personally, it is not different. The savings from proper negotiations will reduce personal debt and the reliance on credit.

How do you go about this? If you don’t ask, you’ll never know. I watched a company today reduce the cost on a category the source by >24%. It’s possible.

How do you make sure you are sourcing your products and services in the best way possible? Contact SafeSourcing Inc. We buy them more often than you do and know the levers to pull. Glad to share some recent examples when you reach out.

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.

 

Sources:

  1. Wall Street Journal, Paul Hannon
  2. Associated Press, Paul Wiseman

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A little early holiday cheer from the markets today!

December 1st, 2022

But don’t bet on it reducing your costs in the near term.

 

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

According to Alex Harring and Carmen Reinicke of CNBC, Stocks climbed Wednesday as Federal Reserve Chair Jerome Powell confirmed that the central bank will slow the pace of its aggressive rate-hiking campaign that has weighed on markets. The Dow Jones Industrial Average was up 730 points, or 2.2%, to 34,587. Meanwhile, the tech-heavy Nasdaq Composite jumped 4.2% to 11,468. The S&P 500 added 2.7% to 4,079.

How do you make sure you are sourcing your cost of goods, expense, and capital projects in the current market? Contact SafeSourcing Inc. We source it all for our customers more often than you probably do and know the current market levers to pull. We’re glad to share some recent examples when you reach out.

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.

References:

  1. Alex Harring and Carmen Reinicke of CNBC

 

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It looks like sugar demand will be going up into the foreseeable future.

November 29th, 2022

And it and may not even be caused by your sweet tooth.

 

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

According to a study on 360 Research Reports In 2022 the growth of Sugar Cane Market is projected to reach Multimillion USD by 2028, In comparison to 2021, Over the next Seven years the Sugar Cane Market will register a magnificent spike in CAGR in terms of revenue, In this study, 2021 has been considered as the base year and 2022 to 2028 as the forecast period to estimate the market size for Sugar Cane.

So you might ask what sugar is used in during the manufacturing process. Sugar is in virtually everything we take, especially in processed foods. There are some uses of sugar, which do not necessarily require us to even eat it.

Based on the study, it does not sound as though consumer spending will be going down during this time. So, what will this growth do to pricing with demand so high. You guessed it. Your prices are going up.

How do you make sure you are sourcing your commodity needs correctly? Contact SafeSourcing Inc. We buy it more often than you do and know the levers to pull.

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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It’s not just the price of turkey that will test your wallet this Thanksgiving.

November 23rd, 2022

The cost of traveling to get where you are going is through the roof!

 

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

According to a really informative and well written and researched article in NerdWallet by Sally French and Sam Kemmis, while overall prices rose by 0.4 percent over the past month, prices within the travel industry were more mixed. Hotel prices decreased slightly by a half a percent month-over-month, but airfares rose a hefty 3.5% in that same period.

And in line with the broader inflation trend, almost all travel prices are still largely still higher than what they were this time last year — and even higher than what they were pre-pandemic. Airfares are up 43% compared to this time last year. Rental cars, which are still down from their record highs set in 2021, are up 47% from their pre-pandemic prices when comparing this month’s average prices with the same month in 2019.

 These are yet additional examples of prices that do not need to be as high as they are. There are ways to mitigate these costs, but you should have been considering that in February and March. And you should have been engaging SafeSourcing Inc.

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.

References:

  1. Sally French and Sam Kemmis, NerdWallet

 

 

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Talking Turkey!

November 22nd, 2022

We all know it will still taste great. But we are paying way more than we need to.

 

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

According to a recent article by Thomas Barrabi in the New York Post, Americans will face a record-high cost for a traditional Thanksgiving turkey this fall because of inflation and a shortage caused by bird flu outbreaks.

The cost of turkey hens — the bird that most often appears on Thanksgiving dinner tables — is currently up 57% compared to its five-year average, according to market data from research firm Urner Barry cited by the Wall Street Journal.

Prices have hit their highest level on record. Turkey breast meat has surged to a record of more than $6.50 per pound this year. The same cut cost less than $2 per pound in 2020.

This is another example of prices that do not need to be as high as they are. There are ways to mitigate these costs, but you should have been considering that in February and March. And you should have been engaging SafeSourcing Inc.

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.

References: Thomas Barrabi,  The New York Post

 

 

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Based on October results are consumers really being impacted by inflation?

November 21st, 2022

Retail Sales Across Multiple Segments were up in October.

 

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

According to TRADINGECONOMICS Retail sales in the US surged 1.3% month-over-month in October of 2022, the strongest increase in eight months, after a flat reading in September and beating market forecasts of a 1% gain. Sales at motor vehicle dealers were up 1.3% as supply chain constraints have been easing while rising gasoline costs pushed sales at gasoline stations 4.1% higher. Excluding gasoline and autos, retail sales were up 0.9%. Other increases were also seen for sales at food services and drinking places (1.6%), food and beverages stores (1.4%).

When results for this quarter are reported, we believe margins will also rise when looking at the cost savings we are seeing for our retail customers. If you want better margins and better earnings, maybe it’s time to talk to SafeSourcing about our risk-free trial. Sales up and costs down is a perfect formula

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.

References:

  1. TRADINGECONOMICS

 

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Your prices will keep rising!

November 17th, 2022

Unless you act, your prices are going to keep going up!

 

Today’s post is from Dave Wenig is the Senior Vice President of Sales and Services at SafeSourcing Inc

There is always something. We have been watching as costs for everything continue to rise every month. There seems to be no end to the scary stories we are being told that seem to keep the prices rising and our wallets lighter.

One that has me particularly disappointed is the news coverage about a potential diesel shortage. The facts are minimal, and the stats are carefully selected. Comparisons are not offered nor are typical averages. The headline just tells us we are only have a 25-day supply of diesel. Of course, that is not really true. If you just look past the click bait and breathless recounting of the story, you will see it is nothing to be worried about.

What is worrisome is the effect that could have on already high prices. We all know that everything runs on diesel. America runs on diesel. That means that even a perceived shortage can spike prices (or just justify the already high prices to hold them there).

Regardless of the story and the excuse, when faced with increasing costs we must push back. Our customers have been doing that already and it is more important than ever.

For more information, please contact SafeSourcing.

 

 

 

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How much more can I expect to pay for holiday dinners this year?

November 16th, 2022

If you are like everyone else you have noticed that you have been spending way more on your groceries...

 

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

If you are like everyone else, you have noticed that you have been spending way more on your groceries now than ever before.  Now with the holidays coming you might be wondering how much more it will cost to buy and prepare your holiday dinners.  According to researchers, grocery prices are approximately 12 percent higher than they were this time last year.  Prices for the traditionally bought items for the holidays like turkey, butter, eggs, and bread are up even more than 12 percent.  The price of turkey is about 17 percent higher, and it is forecasted that it could go as high as 23 percent.  Some reasons for the rise in cost for the turkey is due to inflation and the avian flu which has reduced the supply of the staple holiday bird.  Other ingredients that are used in the holiday preparation such as eggs are up about 40 percent, flour is up about 25 percent and butter is up about 34 percent.  Some analysts are even suggesting that it may be cheaper to dine out rather than buying the groceries and preparing the meals for friends and family at home.  This is because the cost of dining out has risen about 8.6 percent over the last year compared to the 12 percent rise in the cost of eating at home.  Regardless of the price increases nearly 87 percent of people surveyed said that they will be preparing their usual meals this holiday season.  Below is a list of other items and approximately how much more they may cost this holiday season.

  • Ham 9%
  • Canned Fruits 18%
  • Canned Vegetables 18%
  • Potatoes 15%
  • Fresh Rolls 14%
  • Juices 13%
  • Seasonings 10%
  • Flour 24%
  • Sugar 15%
  • Sauces and Gravies 15%

Interested in learning how SafeSourcing can help your company save money during these and other shortages?  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 as

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How do you keep track of all the moving parts with your Procurement Team?

November 14th, 2022

Purchase Orders, Contracts, Specifications, and vendors OH MY.

 

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

You must be a WIZARD, and we have any easy to deploy solution for you.

SafeDashboard™ is the configurable entry point for companies to view every piece of information and tool that they have access to within the SafeSourceIt™ Portfolio.

Custom fit for every company, and to some extent every role and user within the company, the SafeDashboard™ allows a company to see the information that is most relevant to specific users in a way that does not require them to jump from screen to screen.

KPIs can be included to give executives an overview of their overall sourcing event activity within the system.

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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