What’s Trending?

June 14th, 2019

Do you know what’s trending?

 

 

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

You may have noticed while researching topics or just browsing through videos online that there are topics that say “trending”. So, what does that really mean? Like any trend, it is something that is growing in popularity, most likely at a higher rate than normal. Sometimes topics or videos “trend” due to recent media coverage and a large number of people are seeking more information. Sometimes, though, the trending topics seem obscure. Is it possible that “trending” could be based on more than popularity alone?

The short answer is yes. You can, with a certain amount of money, pay to have your video, tweet, or topic show “trending” in certain platforms. The idea behind this is that if your chosen topic trends enough, you will get a larger amount of exposure, thus increasing personal ad revenue, site traffic, and simply gaining a larger audience of potential customers.

While this may seem entirely good, there can adverse effects. Let’s say your topic is trending and many people are exposed to it. What would happen if, say, you have a typo or bad grammar, or even worse – wrong information? Then any positive exposure you had hoped for is likely turned to negative and negative exposure can actually lessen your customer base. With the overwhelming power of social media, someone is able to expose wrongdoings like corruption in civil services or blatant discrimination, yet they can also resurrect a beloved television show or spread positivity of doing good deeds for others. So, being careful about what you present is important. We at SafeSourcing can help with your trending needs or help you achieve the trending goal of cutting costs without sacrificing quality of service.

For more information on how SafeSourcing can help your procurement 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.

 

 

 

Concepts of Creative Problem Solving!

June 13th, 2019

Here are two methods for overcoming a shortage of creative solutions:

 

Today’s post is from our  SafeSourcing Archives

Have you ever faced a business problem that you just couldn’t find an answer to? Or have you thought something isn’t working as well as it should but you were unable to think of a better alternative? Here are two concepts to help you get past your creative barriers:

1.  Assume you can’t do things the way you currently do.Take a goal or core competency of your business, and figure out how you would accomplish this goal if the only way you COULDN’T do it, is the way it’s being done now. You may find your ideas taking you places that were obvious but never brought up before, simply because of your bias toward the familiar. If you can’t think of new activities you CAN do, assume what you’re doing NOW is off the table, which then opens up everything else for you to consider as a possible solution.

2.  Expand the Realm of Possibility Through New Associations.Look into how other systems solve similar problems.  I often find it helpful to think of data communication in terms of signal path from my audio engineering days. There have been buildings whose ventilation problems were solved mimicking termite mounds, adhesives inspired by anemone, virtual workspaces inspired by physical workspaces, etc. Many experts agree that the cross pollination of traditionally unrelated ideas is the greatest single reason why Silicon Valley has been such a successful hub of innovation. Simply surrounding yourself with new informational inputs will get your brain to access new physical areas that allow more transparent interconnection between concepts.

At SafeSourcing we deal with an enormously wide range of procurement projects. Sometimes concepts we originated in waste removal help us streamline projects for shipping, or we’ll learn something about Hotel Stays that give us insight into Janitorial Services. There really is no limit to the variety of ways our experience can help you find solutions for your procurement needs.

How do you push past your own problem solving “writers block”? Share your tips in the comments section below!

Thanks.

Coca-Cola Rolls Out Energy Drinks

June 12th, 2019

This product appeals to people that want more of an energy boost.

 

 

Today’s post is by Gayl Southard, Administrative Consultant at SafeSourcing, Inc.

Coca-Cola Chief Executive, James Quincey, has announced the launch of Coca-Cola Plus Coffee in 25 markets by the end of the year. This product appeals to people that want more of an energy boost than just a regular Coke. It also provides a new taste. Coca-Cola acquired the British coffee-shop chain, Costa, in the first quarter of 2019 for $5.1 billion. Plans to launch the first ready-to-drink Costa product is set for this spring. Costa serves roughly 3,800 cafes currently. There are 2,500 in the U.K. and an ever growing presence in China. Coca-Cola owns an 18.5% stake in Monster, the leading energy drink in the U.S. Monster said the launch of this product is in direct violation of an agreement struck in 2015. The companies are currently in arbitration.

Meanwhile, Coca-Cola Energy drinks will be launched in Europe. The company has diversified beyond soda into water, coffee, juice and other drinks. A reformulated Coca-Cola Zero Sugar grew by double digits this last quarter. The February launch of Orange Vanilla Coke was the first new flavor in a decade, increasing retail sales by 6%. Monster and Red Bull energy drinks are big in the U.S. and Europe. This market is expanding rapidly and the opportunity to to create drinks that blur the lines between energy drinks and cola is a great marketing opportunity.

PepsiCo Inc. is also trying new brands with three new flavors in the U.S. that contain real juice — berry, lime, and mango. New package designs have also been developed.

For more information on how SafeSourcing can help in your procurement 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.

References……………………………………………………………

Jennifer Maloney, WSJ, 4/24/2019

 

Workplace Discipline vs Self-Discipline

June 4th, 2019

Investment and prevention in place of reaction and damage control

 

 

Today’s post is from our SafeSourcing Archives

Nobody hates workplace discipline more than those that are forced into having to dole it out. For management, performing disciplinary tasks are time consuming, awkward, personally taxing, and carry a huge opportunity cost. However, the need for disciplinary action can be reduced by getting ahead of the problem through investment as a preventative measure, and with exponentially better return compared to the alternative.

Most infractions can be reduced to shortcomings in SELF-discipline: Wasting company time, miss-management of schedule, not learning best practices, tardiness, lack of effort, lack of respect, etc. In these common examples, improving self-discipline proactively, prevents the need for discipline reactively. Self-discipline is not just a character trait to be valued in our personal lives; it’s a worthwhile investment for any company to make in its workforce. Although there are many different approaches to improving self-discipline, my research has found several recommended practices common to most approaches, shared below:

  •  Do an assessment of your self-control: How “in control” of your life do you feel? When you have a goal, do you always accomplish it? Or do you feel rolled around by whatever random thought, unhealthy food, uncontrollable desire, distraction or consequence of poor planning might get in your way? Are your circumstances in control of you? If the answer is yes, you’ve found the reason to look seriously at the rest of the steps below, and identified their targets.
  • Increase delayed/deferred gratification: Avoid activities of instant gratification for a while, with one target at a time. Rather than going out to eat: Cook a meal. Instead of buy: Build. Instead of streaming the movie: Read the book. Go throughout the day looking for opportunities to practice delayed gratification, find things you have to “earn” before you get the reward. Start with small things. The point here is to improve your ability to wait for the payoff. Once you can apply that to small goals with short waiting periods, you’ll can keep building up until you are able to accomplish anything no matter how long the investment period, or how hard the work..
  • Increase “grit”:  Angela Duckworth defines grit as “perseverance and passion for long-term goals”. This trait is not the same as delayed gratification, but the two do depend on each other. Grit is a little bit darker, in that it deals with maintaining the belief in our abilities and a positive outcome, in the face of failure or hardship. How do we increase grit if our “grit score” is low (you can take a survey that will score you here https://sasupenn.qualtrics.com/jfe/form/SV_06f6QSOS2pZW9qR)? Small wins are your key to success. Don’t give in to the temptation (or bad advice) to accomplish overwhelmingly large goals before you’re ready. Start small, don’t let perfect be the enemy of good, and get some small wins under your belt before graduating to larger ones.
  • Find alternatives for accountability: Accountability can be summed up as ‘find something you value, and put it at risk as a consequence of failure’. Although it should be used carefully so as not to lead to discouragement or take unwise risks, many people have found this useful in keeping their feet to the fire when they would otherwise slack off. Online programs like www.stickk.com allow you to put money or other objects on the line, and partner with coaches to hold you accountable.
  • Positive self-talk: Have you ever had someone give you encouragement that made you feel what they were saying, even if you didn’t believe it? That’s because the brain’s mirror neurons reflect what we hear emotionally, even if our cognitive functions believe something differently, and hearing ourselves works the same way. Try a quick experiment if you don’t believe it: The next time you find yourself assigned something you don’t want to do, keep telling yourself how tired you are/how difficult it is/how pointless it is. Then the next day compare the difference in how you feel to telling yourself that it’s NOT that difficult/you’re NOT that tired/this IS very important, etc. Using self-talk to get through a task or challenge you find particularly difficult can give you the small edge you need to get over the finish line.
  • Mindfulness Meditation: I love learning. A lot. Sometimes so much so that I lose track of really important things, because I have so many thoughts running at one time that I’m not able to choose and prioritize. Mindfulness meditation involves concentrating on your breathing, then your pulse, then your muscle movements, and so on, until you are keenly aware of the here and now. If you find yourself distracted by your own thoughts, mindfulness meditation can help to pull your head out of the theoretical things you’re learning about, and into the present moment, where you can prioritize and accomplish the tasks in front of you. There are many places online where you can find more detailed instructions.

For more information on how SafeSourcing can assist your team with this process or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.

We have an entire customer services team waiting to assist you today.

 

 

Procuring Your Proprietary Product- Part 3

May 24th, 2019

How You CAN Take Your Proprietary Product Out To Market

 

 

Today’s post is written by Heather Powell, Director of Major Accounts and Special Projects at SafeSourcing Inc.

A proprietary process is like grandma’s secret lasagna recipe. Lots of people make lasagna, but nobody does it quite like grandma. In fact, you don’t even like other lasagnas; because grandma’s is so much better that it makes all the others seems cheap and terrible!

You might be currently selling grandma’s lasagna but want to expand your customer base, or you are looking to take the recipe to a manufacture to create your own private label lasagna to be sold by distributors. How do you protect your recipe? How do you maintain ownership of the recipe if you want others to mass produce it?

To be clear, there are a lot of confusing technical terms that need clarification of how to protect your recipe:

Patents: Patents protect new, useful, and non-obvious inventions (ideas!). An invention can be a device, a structure, process, machinery, etc. A patent for a composition of matter, including a food recipe, allows you as a small-business owner sole right to prepare your product for sale to consumers and profit from those sales for a period of years. A United States patent has strict filing requirements, and the approval process can take months to years to complete. You must describe the shape, look and ingredients that go into making your product in great detail. Your product must also meet the “nonobvious” requirement, meaning your recipe must not be easily discernible to a professional with food training or the everyday consumer. A patent for a recipe usually covers either mass market products or those designed to perform specific functions within existing products. In seeking your patent, you must decide how you intend to use your product in the market. For example, if you’re designing a product to increase the shelf-life of existing products, you must name that as your product’s purpose in your patent application. You probably won’t win patent approval if you have no intended use for your product or concrete business plan.1

An inventor’s patent will expire after 20 years, and in any case, require the inventor to publish every step of his or her creation. In essence, filing a patent for a recipe requires the chef to let the cat out of the bag.3

Trademarks: Trademarks protect source identifications, usually for brands, slogans, logos, or designs (sometimes even scents or colors). A trademark protection may extend perpetually.

A trademark allows you as a business owner to protect a word, design, symbol or phrase used in connection with your company’s proprietary products. Many companies large and small choose to trademark brand names for products and business logos to ensure each company’s products and business logos remain easily recognizable to consumers. This helps companies maintain brand recognition over time. You have the right to enforce your trademark in court by suing for damages if another company attempts to use your company’s product symbols or business logo.1

Copyrights: Copyrights protect original textual works and visual or artistic expressions.

Copyright law does not protect recipes that are mere listings of ingredients. Nor does it protect other mere listings of ingredients such as those found in formulas, compounds, or prescriptions. Copyright protection may, however, extend to substantial literary expression—a description, explanation, or illustration, for example—that accompanies a recipe or formula or to a combination of recipes, as in a cookbook.2

Trade Secrets: Trade secrets protect valuable secret information like ideas that must be kept confidential. Others to whom they are disclosed to must also keep them confidential. Similar to trademarks, trade secret protection may extend perpetually.

Unlike trademarks, which protect recognizable designs, trade secrets protect information such as formulas, drawings, patterns, customer lists, programs, devices, methods, techniques or processes. A recipe may be either a “formula,” “method,” or “process” and can be legally protected as a trade secret so long as (1) the owner takes reasonable steps to keep the information secret, and (2) some independent economic value is derived from the information.4

How to Keep Your Trade Secret Top Secret?

Treating your signature product as a “trade secret” is the easiest and cheapest way to protect your culinary assets, unlike the legal hoops required in filing a patent or trademark.

  • Keep your recipe under lock and key. Make sure only your top team members are in your “circle of trust,” such as an executive chef or manager. Word of caution: not every recipe on your menu can be a trade secret, but only those that have a unique feature that sets it apart from competitors’ offerings, like the recipe behind Thomas’ English Muffins’ “nooks and crannies,” may be a trade secret.
  • Quantify the dollar value of your recipe. Keep track of the sales generated specifically by your signature product.
  • Make sure the keepers of the recipe actually know it’s a secret. Include a confidentiality agreement in your manager’s employment contract. Also, remind these employees regularly during training and at staff meetings of their legal duty to not disclose your restaurant’s signature recipes.4

In part four of this series, the author will provide the clarification of a confidentiality agreement and non-disclosure agreement. Meanwhile, SafeSourcing can assist you in exploring your procurement solutions for your proprietary product on our “Risk Free” trial program for RFPs and RFQs, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

We look forward to your comments.

References:

  1. https://smallbusiness.chron.com/recipe-patent-vs-trademark-20893.html
  2. https://lizerbramlaw.com/2015/04/07/copyright-protect-recipes/
  3. https://www.tuckerlaw.com/2018/03/19/secret-recipe-still-secret-protect-restaurants-signature-recipes/
  4. https://www.tuckerlaw.com/2018/03/19/secret-recipe-still-secret-protect-restaurants-signature-recipes/

 

 

Retail Seesaw

May 23rd, 2019

Retail sales for 2019 have been on an up and down swing from January to April

 

 

Today’s post is written by Ivy Ray, Senior Procurement Specialist at SafeSourcing Inc.

Retail sales for 2019 have been on an up and down swing from January to April. Sales rose by .2% in January and went down .2% in February, followed by a big 1.7% jump in March, and now a .2% drop in April. Economists are not sure how to gauge the mood of consumers this year, as if they have ever.

The retail industry has had to constantly reinvent itself to keep up with the ever evolving market. Brand loyalty is not enough to keep customers engaged, in our extra competitive ecommerce environment. Whether online or in-store, retailers need to find ways to up their game in order to attract customers’ attention.

Most millennials are seeking a more engaging experience rather than merely shopping for products. Companies will have to consider the image their brand conveys to the world, and work to create retail experiences that match consumers’ changing values and world views. Many shoppers will research consumer reviews before ever making a purchase.

When it comes to fulfillment, customers are looking to get their products fast and free. I can recall 30 years ago when Sears didn’t have the product available in the local store, I could opt to order it from the catalog and patiently wait for it to arrive…about three to four weeks later. These days consumers are used to being able to order an item and have it delivered within a day or two. This can be a deal breaker for some, so cutting down on shipping time is a major consideration.

BigCommerce’s 2018 Omni-Channel Retail Report found that only 11.8% of Gen-Z shops on Facebook, while nearly 25% of Baby Boomers shop on the social platform. Millennials, meanwhile, prefer to buy products they discover on Instagram and Snapchat. Convenience, price, and free shipping were the top 3 reasons U.S. consumers across all generations chose to buy an item at a branded online store. Brand reputation and loyalty rewards were close 4th and 5th reasons.

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

We look forward to your comments.

References…………..

https://tradingeconomics.com/united-states/retail-sales

https://www.stellarising.com/blog/consumer-trends-2018-brands-inside-the-glass-box

The 2019 Omni-Channel Retail Report: Generational Consumer Shopping Behavior Comes Into Focus

Baseball Season and eProcurement Part 3

May 21st, 2019

Hitting a double and enjoying the savings!

 

 

Today’s post is by Dave Wenig, Vice President of Sales and Services at SafeSourcing, Inc.

This is the third entry in the Baseball Season and eProcurement series. In the previous posts in this series, we highlighted some examples of how SafeSourcing customers have achieved and enjoyed hitting a Single. At SafeSourcing a Single is achieved when a customer attains between 5% and 9.99% savings in their online Request for Quote (RFQ) Events.

Today’s blog post will similarly review some examples of when our customers have hit a Double. SafeSourcing defines a Double as between 10% and 14.99% savings. Hitting a Double is a very good outcome for any category. In future installments of this series, we’ll focus on Triples, Home Runs, and Grand Slams.

The first example we will review is for bottled water. One of SafeSourcing’s retail customers was due to source the bottled water that they sell in their stores. They had the impression that given the limited number of suppliers that they were aware of that could support their network of stores, that negotiating this category was not possible. While this category does only have a finite number of suppliers based on any given geography, there are plenty to be able to host a competitive RFQ Event. In this case, five suppliers quoted including their incumbent. Their incumbent is a large and well-known national brand. As a result of the competitive bidding process being paired with the vendors that SafeSourcing identified and brought into the live RFQ, the customer was able to achieve an impressive 13.84% savings. Best of all, this low quote savings came from their incumbent supplier which meant they would easily attain the savings beginning with their next shipments.

Our next example is from another retail customer that operates many pharmacy locations and sells a wide variety of items in their stores. One of the categories that we focused on with this customer was their propane tank exchange service. This has become a common category for RFQ as there are several suppliers that operate nationally and many more that operate regionally. The incumbent supplier is one of the largest national suppliers in this category. Again, SafeSourcing identified and brought in three additional suppliers that were qualified and capable of servicing this customer’s locations. The result was a 14.48% savings. It was nearly a Triple. Here again, the customer was able to lower the price substantially while retaining their current source of supply.

There are many results like these and there are interesting stories including great savings dollars behind each. In the next entry in this series, some examples of Triples will be shared.

If you’re interested in learning more about how RFQ Events can help your company advance the bases and achieve savings, please contact SafeSourcing.

Netflix’s New Audio Platform

May 17th, 2019

As a tech enthusiast I get excited when I hear technology news.

 

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

As a tech enthusiast I get excited when I hear technology news. I recently purchased a surround sound system for my family room that supports Dolby Atmos. For those of you who do not know what Dolby Atmos is, it’s basically an expansion of Dolby Digital 5.1 and 7.1 to include speakers that reside above which adds height to the sound. This technology allows for the sound to be played directly to certain speakers throughout the room. So, for example, when there is a scene of a plane flying overhead and to the left, the sound will start from behind you, then move overhead and then move to the left and fade away. When a scene contains rain, it will sound like the rain is coming from directly above. The reason I am bringing this up is because Netflix just announced earlier this month that they developed and launched high-quality audio. With this new technology they are able to improve the sound quality to “studio quality” audio that sounds closer to what the creators hear within the studio. This results in higher quality audio to all of their content without needing more bandwidth or buffering. If you are looking forward to utilizing this new platform you will need to meet the following requirements:

  • A Netflix Premium plan is required for the Dolby Atmos
  • Compatible Television or device such as Amazon Fire TV Cube
  • Sound System that supports 5.1/Dolby Atmos
  • Watch movies or shows with 5.1 or Dolby Atmnos support
  • Internet connection that supports 5 Mbps for HD and 25 Mbps for 4k/HDR

If you are interested in upgrading any of your electronic devices, 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.

 

 

 

 

Tariffs

May 16th, 2019

How do you prepare for uncertainty in the global market?

 

 

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

The global market is something we all rely on in a number of different ways. Whether for personal use or business use, we each rely on products that are bought and sold throughout the world. Part of the global market includes trade between different countries, which can be susceptible to tariffs. Tariffs are nothing new, so how should a business handle the looming tariff increases and what can we do to better prepare ourselves?

One thing many businesses do to avoid tariffs, specifically between two countries, is to simply move to another country. For example, if there are increased tariffs between American products going into China, many businesses may move their production from America to another country, like Mexico or Canada, and import those same products, but with those tariffs.

Another way businesses try to avoid paying extra tariffs is by simply minimizing the market they use. For example, if a company normally buys steel from overseas, they may now seek purchasing within the same country to avoid paying the extra tariffs, which can actually be less than they were spending initially.

No matter how a business handles changes in the global market, a procurement partner may be the best way for a company to obtain the products they need without sacrificing quality. A company like SafeSourcing can even help you obtain the same goods, but at an even lower price, helping your company’s spend and overall help your organization thrive in times of change.

For more information on how SafeSourcing can help your procurement 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.

 

 

 

 

Should you join a Group Purchasing Organization (GPO)?

May 15th, 2019

There are literally hundreds of Group Purchasing Organizations (GPO's) that support specific specialties, industries and products. So how should you choose one, or should you?

 

Todays post is by Ronald D. Southard, CEO at SafeSourcing Inc.

According to Wikipedia a Group Purchasing Organization (or GPO) is an entity that is created to leverage the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members.

When is a company a GPO and when are they something else? Many organizations take on procurement functionality based on the spend of their members. They can be industry wholesalers, share groups, consortiums, distributors and a variety of other types of organizations. They may take on all procurement opportunities or specific opportunities like energy. GPO’s can be vertically focused or horizontally focused. They can also be horizontally focused within an industry vertical. An example might be a wholesale grocer that is focused on a retail industry vertical like supermarkets.

The question is should you join one or many? Maybe you shouldn’t join any. The only way to answer the question is to understand your own organization in terms of its strengths and weaknesses relative to the products or services categories you hope to source. As an example; if you are just buying from a wholesalers price book, it’s a good bet you are not getting the best price. It’s also a good bet that other members of the same wholesaler are getting a better price and they may be smaller than you. However you may also have a huge energy spend and this is something that your product wholesaler can’t help you with. As such, there may be a specific GPO for energy that can offer some expertise.

This author believes that your best bet is to focus on a procurement company that is horizontally focused with specific expertise in a number of verticals such as health care, retail, distribution, financial services etc. I have often seen these companies significantly out perform GPO’s by a significant amount as the overall overlap of expertise across multiple industries suggests a level of creativity that GPO’s may not have.

Ultimately understanding what your company’s limitations are as well as the opportunities that are available to you is a first and important step. After that, it’s who can do the most for you with the least disruption across the broadest area of spend.

SafeSourcing is such a company. Please contact a SafeSourcing Project Manager  if you would like further information on how to improve your bottom line in the present quarter.

We look forward to and appreciate your comments.