Prime Advantage Blog

School is in Session for Your Business Too

Posted by Guest Contributor on Aug 23, 2016 1:14:29 PM

It’s the time of year for the kids to go back to the classroom. Maybe we should too.

Prime Advantage has invited industry experts to share insights on achieving manufacturing and business success. In this post, Andy McNulty of Communication Performance Management Associates, discusses how we should never stop applying the fundamental principles we learned in the classroom.

Shhhh…listen. Do you hear it? Do you hear the sobbing, the sniffling, the moans and the groans? That’s right kids, the bus is coming. And the teachers and bus drivers are not happy. OK, ideally the teachers and bus drivers ARE looking forward to another school year. Hopefully the only sobbing and sniffling is coming from the kids who, understandably, don’t want summer to end. They want to keep playing, going to the pool, and sleeping late. Who wouldn’t?

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Topics: Talent and Leadership

Lessons from the World’s Most Innovative Companies

Posted by Joe Ptak on Aug 19, 2016 9:28:00 AM

Most businesses are on a never-ending journey for innovation. Finding revolutionary products, advanced business practices, and better predictive analysis of where industries and markets are heading, shape much of our goals and strategies. Even if your business is far from Silicon Valley on the map or isn’t playing in a space conducive to rewriting the history books, there are still many overarching ideologies we can glean from the ones who are. These are philosophies that can be applied to businesses of any shape, color, or size. Here are some lessons to highlight from Fast Company’s list of The Most Innovative Companies of 2016 that you can incorporate at your organization to infuse more innovation:

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Topics: Industry News

4 Steps to Scaling Your Business

Posted by Dan Grant on Aug 16, 2016 1:12:05 PM

When it comes to business, we like to think that bigger is better. Goals of a bigger customer base, bigger revenues, and bigger profits, drive most of the strategic decisions any company makes. As long as an organization doesn’t bite off more than it can chew and can handle the increased load without sacrificing quality or service, then let it snow, let it snow, let it snow. So if capacity is not an issue, how do we go about expanding our company’s breadth while pumping up that bottom line?

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Topics: Talent and Leadership

How Group Purchasing Organizations (GPOs) Save Time and Money

Posted by Mike McDonald on Aug 11, 2016 8:30:00 AM

Manufacturers join a Group Purchasing Organization (GPO) to help solve sourcing and procurement concerns through advice and networking. GPOs achieve this by combining the purchasing power of businesses to get discounts from its vendors. The primary goal for Members is saving on cost, although there are many other advantages of joining a big network. Suppliers benefit from the increased market share and by building better relationships with customer organizations.

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Topics: Buying Groups and Group Purchasing Organizations

How Sound is Your Procurement Data?

Posted by Alison Chebuhar on Aug 9, 2016 8:10:00 AM

If you’re making good procurement decisions, you’re most likely using a significant amount of data to determine when and where to pull the trigger. But, how confident are you with the numbers fueling your conclusions? What about the dark matter numbers that you know are out there, but your eyes just can’t seem to corral? Complete spend visibility may be an insurmountable peak, but always striving to reach it will place your organization’s sourcing strategy in the best position for success.

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Topics: Procurement, Analytics and Technology

Is Your Company as Good at Relationships as it Thinks?

Posted by Joe Ptak on Aug 4, 2016 1:07:21 PM

I recently read a story about how a Zappos employee set a company record by staying on the phone with a customer for 10 hours and 43 minutes. Yes, 10 hours and 43 minutes. That’s a jaw dropping level of customer service, relationship building, and insanity all wrapped up into one. Of course, this form of dedication isn’t possible for every company nor is it necessary for every type of product or service. But the bones of what Zappos is doing cracks open an important question for all of us to ask ourselves: Is my company doing everything within its power to create long-lasting relationships with our customers?

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Topics: Talent and Leadership

6 Stages of Strategic Sourcing

Posted by Dan Grant on Aug 2, 2016 2:00:00 PM

Strategic sourcing can make or break your business and finding the right suppliers will require research, meeting with the vendors, and even a certain amount of trial and error. In order to foster the best strategic sources more quickly, there are some general steps that will outline the path to follow:

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Topics: Strategic Sourcing, Procurement

Only Focusing on Price Will Make You Broke

Posted by Joe Ptak on Jul 26, 2016 3:58:24 PM

I used to have a roommate who thought he was a really savvy shopper. He'd come home with a 50-count bag of frozen chicken breasts because "it was such a steal." But I always thought the purchase was quite short-sided because he only focused on the volume he was getting for his buck, completely ignoring total cost of ownership. Time and time again I'd watch him throw out much of the uneaten chicken, because um, who in their right mind has the stomach for 50 frozen chicken breasts? How's your price per unit now buddy? Not to mention it wasn't fresh meat so he was consuming an inferior product. And he was ignoring the amount of energy being gobbled up by that behemoth bag in the freezer, as well as how that space could have been used for something else.

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Topics: Supply Chain, Strategic Sourcing, Procurement

Curbing the Pain of Healthcare Costs

Posted by Mike McDonald on Jul 22, 2016 1:11:55 PM

The cost of healthcare in the United States is in dire straits. Premiums are skyrocketing at an alarming rate and there seems to be no end in sight. The Health Affairs journal estimates that healthcare spending in the U.S. reached $3.2 trillion in 2015 and will make up a fifth of our economy in the next few years. Advancements in healthcare technology, treatments and medicines are all great for life expectancy, but they also bring an immense fiscal burden along with them.

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Topics: Talent and Leadership

5 Steps to Strategic Supplier Relationships

Posted by Mike McDonald on Jul 20, 2016 9:08:00 AM

Refining strategy is a never-ending process. Once you get a project, a relationship, a product line to lift-off, there will always be room for improvement and opportunity to tinker with its underlying strategy. When it comes to sourcing, sure we may be getting the job done, but are there areas that can be enhanced or further developed? We don’t just want suppliers who meet requirements or who are merely “good enough.” We strive for true partnerships, mutual benefit and shared skin in the game. We want vendors who can help take us to performance and end products that smash our goals and expectations. So, how do we get there?

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Topics: Buying Groups and Group Purchasing Organizations, Strategic Sourcing, Procurement

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