Prime Advantage Blog

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

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

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

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