Bizcast HQ, the video showcase hub that features companies to watch, recently sat down for an interview with Louise O’Sullivan, Chairman and CEO of Prime Advantage. A variety of topics were discussed, including, how group purchasing organizations can help with strategic sourcing, alleviating the rising costs of healthcare, as well as one very important piece of business advice.
Here is a slice of that interview, along with its transcript:
Bizcast: Tell us about your company and what makes it unique in your industry?
Louise O’Sullivan: Prime advantage is a GPO, or a group purchasing organization, or you could call it a “buying group for mid-market manufacturers.” What's really unique about our industry when you think about procurement and manufacturing, is the challenges of the supply chain. Prime Advantage utilizes strategic sourcing, and we do a number of things that make it easy for our Members to save money and reduce costs, including saving time and resources by mitigating risk. Mitigating risk in the supply-chain is one of the biggest challenges today. We also do a lot of benchmarking and best practice sharing, and all of that makes those purchasing professionals stronger and abler to do internal strategic sourcing.
Bizcast: What is something about your business or industry that you’re really excited about?
Louise O’Sullivan: Prime advantage is offering something that our Members asked for in 1997. They came to us and said, “Listen, we love to save money but what about in healthcare? That's an incredibly expensive part of our business and the costs are going up every year.” Back in 1997, when we started, there was no way because everything was so regulated state-by-state. But today, with deregulation, we’ve now introduced a whole new healthcare cost containment program that contains all four parts of healthcare: medical, dental, vision and wellness. It also contains supplemental, which everybody needs for emergencies, and it's all online. So it’s a very exciting time in our industry.
Bizcast: What is the best piece of business advice you’ve ever received?
Louise O’Sullivan: The best business advice I’ve been given -- and I've been giving a lot of the advice -- is to value your employees as much as you value your customers. You really want your employees to treat your customers like gold and the only way that can happen is if you treat your employees like gold. Back in the day, Lee Iacocca said in a famous commercial, “if you can find a better car, buy it.” And I always thought, he's not talking to the marketplace, he's taking to his employees. And he’s helping instill the pride and the success that employees will achieve once they're in there for the long-run.