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

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

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

What to Do When Your Engineering Resources are Limited

Posted by Dan Grant on Mar 21, 2017 2:00:00 PM

When a company’s engineering department is being stretched to its limits, this can have a debilitating effect on the organization. For one, this constrains the number of projects that can be in full-process at any given time. This in turn stifles production and innovation, which can weaken a company’s bottom line and decrease its competitive advantage. Limited engineering resources also leads to engineers having to work on administrative tasks rather than being able to stay dedicated to their core manufacturing competency. This creates a ripple effect throughout the organization as procurement isn’t able to source in the most effective way possible without thorough feedback from engineering. This causes management and executives to find themselves in a constant state of scrambling to assess where resources should be imperfectly allocated.

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Topics: Manufacturing, Procurement

The Top Global Risks Affecting Procurement Today

Posted by Dan Grant on Jan 31, 2017 11:15:00 AM

Procurement professionals are always striving to not only make better decisions, but to make them more rapidly. The level of intelligence purchasing departments can attain on precisely where supply chain risks lie, as well as on the most cutting edge solutions to dealing with them, will dictate how successful they are in reaching these goals. According to Spend Matters, as supply chains become increasingly global, the possible threats become more and more of a moving target.

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Topics: Industry News, Procurement

When Does Product Sourcing Become Ideal for an Organization?

Posted by Guest Contributor on Jan 10, 2017 1:00:00 PM

Prime Advantage has invited industry experts to share their insights on the present and future of manufacturing success. In this post, Shruti Agrawal, Director at Excella Worldwide, discusses how to be more strategic with product sourcing.

A lot of companies outsource services for a host of benefits, and product sourcing works on similar grounds as that of sourcing customer service, as well as operations. Product sourcing is much like outsourcing, but what is being procured from overseas is a product or products manufactured by partnered wholesale companies.

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Topics: Supply Chain, Strategic Sourcing, Procurement

How Procurement Teams Can Cut Through Process Complexity

Posted by Dan Grant on Jan 3, 2017 10:50:00 AM

How can purchasing departments stop adding to the densities of procurement and better leverage technology and skills to make the whole process less difficult? That is the million dollar question that Procurement Leaders explores in its 10-part series, “Making Procurement Simple.” Never before have purchasing professionals been called on to do so much with this level of ambiguity on which routes to take to get it all accomplished. This often leads to solutions that create more questions than they answer and add more tasks than they subtract.

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Topics: Procurement

Is Your Procurement Strategy Long Overdue for a Reboot?

Posted by Mike McDonald on Dec 20, 2016 2:15:00 PM

The days of procurement being able to successfully hammer suppliers down solely on price are long gone. In many cases, vendors are operating at bare minimum profit margins so there just isn’t any additional juice to squeeze out of pricing. But that doesn’t mean there is any less of a premium on saving every last dime for purchasing departments at their respective companies. So where can procurement turn to keep satisfying this thankless part of the trade? According to Supply Chain Dive, the biggest opportunity for savings in the future lies in increased focus on transactional costs.

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Topics: Procurement

Ordering Custom Parts in Bulk: 3 Ways to Make It Easier

Posted by Guest Contributor on Oct 4, 2016 2:00:00 PM

Prime Advantage has invited industry experts to share insights on achieving manufacturing and business success. In this post, Allison Wilkinson discusses the top strategies for ordering customized parts.

When it comes to ordering custom parts in bulk, the devil is in the details. In order to get through every step of the process with minimal hassle, you've got to have every detail of your order fully fleshed out in advance.

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Topics: Supply Chain, Procurement

The Easiest Way to Expand Your Procurement Network

Posted by Dan Grant on Sep 28, 2016 2:30:00 PM

One of the biggest challenges purchasing professionals are met with every single day is locating enough resources to meet the demands of the job. It seems like procurement is being asked to do more and more each passing year, causing it to further stretch the resources it currently has at its disposal. Buyers are then forced to come up with creative and innovative methods to corral this predicament. Some of the savviest procurement professionals will tell you, the easiest way to get some much needed help is to join a group purchasing organization.

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Topics: Procurement

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