Prime Advantage Blog

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

Are You Searching For the Right Customers?

Posted by Joe Ptak on Jul 5, 2016 2:27:59 PM

"How do we get more customers?" It's the question that echoes in company boardrooms across the land. Because if you're going to beat last year and smash the forecast, the simplest way to go about it is to just get more business, right? Or is that actually the most complicated way? Because the question shouldn't be, "how do we get more customers?" But instead, "how do we get more of the right customers?"

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Topics: Procurement

How to Consistently Create High-Performing Contracts

Posted by Guest Contributor on Jun 22, 2016 1:50:37 PM

Prime Advantage has invited industry experts to share their insights on the present and future of manufacturing and business success. In this post, Shayla Price, a B2B Content Marketer, discusses how to create contracts where all parties involved can prosper. Disclaimer: The information below isn't legal advice. Seek an attorney before making any legal decisions.

For manufacturers, reliability is paramount among their suppliers.

According to Aberdeen, 70% of enterprises say that measuring supplier performance is critical or highly important to their success. A manufacturing enterprise cannot sustain without competent, dependable suppliers.

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Topics: Procurement, Talent and Leadership

How to Build Resilience in Your Supply Chain

Posted by Dan Grant on Jun 7, 2016 6:30:00 AM

Having a strong supply chain in today's rapidly changing and innovating marketplace is no longer enough to keep pace. A company's supply chain also needs to possess the fluidity to respond seemingly instantaneously to the unexpected that tomorrow brings. Gone are the days where merely having well-managed logistics and an advanced ERP system could set you apart from the competition. Procurement and supply chain managers now must be able to roll with disruptions as if they already had their calendars marked that the failures were coming.

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Topics: Supply Chain, Procurement

Make Risk Your Advantage, Not Your Obstacle

Posted by Guest Contributor on Mar 10, 2016 10:19:05 AM

As part of Prime Advantage, Endorsed Suppliers have been invited to share their insights on the present and future of manufacturing success. In this post, Andrew Dickerson from Constellation Energy Resources, discusses managing your energy risks.

What do you think of when you hear the word, "risk"? Oftentimes it feels like a threat, like hearing on the news that there’s high risk for flooding in your seaside town. Sometimes risk can be daring or dangerous, like a bungee jumper standing at the edge of a bridge seeking a thrill. So whatever you think of when risk is brought up, chances are, it’s nothing good.

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Topics: Procurement

10 Skills All Purchasing Professionals Must Have

Posted by Joe Ptak on Mar 8, 2016 11:02:14 AM

Elite procurement professionals seemingly possess a Swiss Army knife of diverse skills to excel in their job. It's a position that requires a keen understanding of several angles of the production process to know what goals to set, as well as the goals business partners will need met. It commands fighting through constraints to find sweet spots, appropriate tradeoffs and accurate calculations of the unknown. If this is the life you've chosen or if you've been saddled with finding a candidate for this position in your company, here is the Most Wanted Skills List for the most dangerously good purchasing managers in the world:

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Topics: Procurement

Are you Tracking your Procurement Savings?

Posted by Mike McDonald on Feb 11, 2016 1:17:03 PM

Before you can address any problem in business, you first have to know it exists. One of the most essential spotlight shining tools that successful supply chain managers possess is their spend data. Knowing where the budget is going, and examining the appropriate purchase information to determine how you are performing, is a key component to assessing the issue.

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Topics: Procurement, Analytics and Technology

The Top Seven Myths about Buying Groups

Posted by Mike McDonald on Jan 19, 2016 6:00:00 AM

Myths pervade our existence. Some people think you need to drink eight glasses of water every day. But in reality, you should just drink when you’re thirsty. Some people think that if you shave your hair, it will grow back thicker and darker. Nope, that’s not actually happening. And some of us even think we only use 10% of our brains. Okay, maybe that one’s true for me. Nevertheless, myths are everywhere. Fall victim to them and you might find yourself making some questionable decisions.

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Topics: Buying Groups and Group Purchasing Organizations, Supply Chain, Procurement

That Isn't Strategic Sourcing

Posted by Thyra Nelson on Jan 14, 2016 6:30:00 AM

People in procurement use the phrase "strategic sourcing" frequently. It means using a fact-based approach for optimizing an organization's supply base to improve the overall value proposition. With this definition in mind, let's walk through some traditional procurement behaviors to see where they may be lacking the strategic component.

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Topics: Strategic Sourcing, Procurement

The Hidden Costs of Changing Indirect Suppliers

Posted by Dan Grant on Jan 7, 2016 10:43:31 AM

Indirect goods are a great place to make cost saving transitions for your company. Suppliers vying for your business by offering you a better deal are pretty easy to find. They may even allow you to keep the same brands you are currently using. But don't forget about the organizational impacts when engaging in this type of transition.

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Topics: Supply Chain, Procurement

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