Prime Advantage Blog

How Artificial Intelligence is Empowering Procurement

Posted by Alison Chebuhar on Jun 21, 2017 10:40:00 AM

As the role of purchasing continues to expand and time becomes more scarce, it’s good to know that help is on the way. Though artificial intelligence isn’t “help” in the traditional sense, its capabilities for strengthening procurement aren’t either. The benefits of AI are much more significant. And if your firm delays in embracing AI, it will be giving the competition who makes it a priority a leg-up. Any company looking to perform true strategic sourcing will need AI’s assistance in tackling the challenging and nuanced task.

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Topics: Industry News, Procurement

4 Best Practices to Generate Company Buy-In

Posted by Guest Contributor on Jun 13, 2017 9:15:00 AM

Prime Advantage has invited industry experts to share insights on achieving manufacturing and businesssuccess. In this post, Steven Nghe of Kloeckner Metals discusses the steps to getting your company on board with your goals and ideas.

In business, there’s long been the concept of A, B, and C players. The A players are the powerhouse members of the team. They’re attracted to challenges, they complete projects above expectation, and they innovate. Meanwhile, B players are accurate, reliable, and consistent; and C players coast. The term was popularized by Jack Welch, CEO of Generic Electric, who had a policy of forced ranking employees and “letting go” of the bottom 10% each business unit.

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Topics: Supplier and Member Best Practices, Talent and Leadership

Procurement’s Growing Need to Crowdsource

Posted by Dan Grant on Jun 8, 2017 9:15:00 AM

None of us is as strong as all of us. And that’s true for all walks of life -- whether you’re playing tug of war, donating to a charity, or trying to come up with a creative solution. The more bodies and -- more importantly -- the more minds you can string together will exponentially increase your chances of reaching your goal. And the world of procurement is seeing this more than ever as it is crowd sourcing to help uncover innovations and solutions to help solve its growing needs. As job responsibilities continue to pile up, even the most elite buyers cannot keep up with every trend, best practice, and new regulation. They’re seeking out “the crowd” and becoming much wiser because of it.

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Topics: Procurement

Technology Trends Driving The Future of Manufacturing

Posted by Guest Contributor on Jun 6, 2017 2:00:00 PM

Prime Advantage has invited industry experts to share insights on achieving manufacturing and business success. In this post, tech enthusiast and freelance writer, Heather Redding, discusses the technologies changing the face of manufacturing.

Like all industries, the world of manufacturing is in the midst of a technological revolution. Traditional industries are being reshaped by technical innovation and things are getting more competitive and faster moving than ever. It's important for businesses to understand the latest technology trends and use this knowledge to bring new products to market and improve processes. In addition to products being improved and costs lowered, the customer experience is being enhanced through customization and speed. Here are some technology trends that are driving the future of manufacturing.

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Topics: Manufacturing, Industry News

5 Supply Chain Risk Myths That Will Cost You a Fortune

Posted by Joe Ptak on May 31, 2017 4:10:00 PM

The moon landing never happened. Lightning never strikes the same place twice. Pigeons blow up if you feed them uncooked rice. As you can see, unsupported, and at times ridiculous, myths are all around us. The world of supply chain management is no different according to Bill DeMartino, General Manager of North America at riskmethods. This was driven home during a recent webinar for Prime Advantage Members entitled, “Five Common Misconceptions in Supply Chain Risk Management.”

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Topics: Supply Chain

Overcoming the Top Risks in Your Supply Chain

Posted by Dan Grant on May 24, 2017 1:00:00 PM

Prime Advantage and riskmethods recently collaborated on a webinar for Prime Advantage Members highlighting some of the biggest threats in supply chain management today. The session was hosted by Bill DeMartino, General Manager of North America for riskmethods. A variety of topics were covered, including supply chain management myths, challenges, and solutions.

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Topics: Supply Chain, Supplier and Member Best Practices

How to Maximize Your Cyber Security Without Sacrifice

Posted by Joe Ptak on May 19, 2017 4:15:00 PM

Cyber security is as hot of a topic as there is out there right now. And that isn’t likely to change anytime soon, or possibly ever, as it is estimated that 75 billion devices will be connected to the internet by 2025. This is a matter that touches each and every one of us in our business and personal lives. If properly addressed, being surrounded by connected devices can significantly enhance our existence and elevate what we’re all capable of accomplishing. But if not taken seriously, the ramifications could cause significant hardships and bring our ambitions to a screeching halt.

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Topics: Industry News

Sourcing Strategies for a Volatile Metals Market

Posted by Alison Chebuhar on May 17, 2017 2:50:00 PM

At the recent Spring 2017 Prime Advantage Conference, Lisa Reisman of MetalMiner gave a Metals Outlook presentation on how procurement should approach the metals market and all of its fluidity. Reisman contends that most forecasters are notoriously inaccurate and that metal production and consumption numbers are largely useless to metal buying organizations. These numbers aren’t very actionable and fail to correlate to the timing of purchases. The chances of hitting a bullseye when prophesying based off of these figures is extremely small.

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Topics: Manufacturing, Strategic Sourcing, Procurement

How to Make Your Company Culture More Data-Driven

Posted by Guest Contributor on May 9, 2017 12:15:00 PM

Prime Advantage has invited industry experts to share insights on achieving manufacturing and business success. In this post, Jonathan Toler, of Kloeckner Metals discusses how companies can make more strategic decisions through better use of their data.

Data Isn’t All or Nothing

Digital transformation is the buzzword of businesses everywhere who are rapidly trying to digitize their organizations to stay competitive. Digital transformation starts with data and building a culture in your organization that’s data driven. But, for all the hype, taking those first steps towards becoming more data driven doesn’t have to be a painstaking, all-in organizational restart. It can start with incremental moves that make data more accessible, bridge siloed departments, and, finally, tie data with departmental and organizational outcomes.

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Topics: Talent and Leadership, Analytics and Technology

Overcoming the Top Challenges Facing Manufacturing Today

Posted by Mike McDonald on May 3, 2017 11:10:00 AM

At the Prime Advantage Spring 2017 Conference, manufacturing professionals came together during the Business Roundtable and Benchmarking Sessions to discuss the biggest issues they’re currently dealing with and teased out solutions for tackling them. Members realize that they’re not alone in the challenges they encounter in their day-to-day activities and that through shared intelligence and experiences, there isn’t a single problem that couldn’t be solved together.

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Topics: Manufacturing, Industry News, Group Surveys

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