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Look outside the Box: Stretch Your Advertising/Marketing Dollars

Posted by Tracie Rohn on Sep 8, 2016 8:00:00 AM

Let’s say you were challenged to solve a complex math equation with a paper and pencil or you could solve the equation with a computer program that would provide results more quickly that you could manually—the method you choose to get to the final solution is somewhat of a no-brainer—you choose the easiest, fastest and most efficient route to solve your problem.

I think it’s safe to say that just about every organization has advertising/marketing spend included in their annual budget.  As an example, in 2015 Grocery Retailers averaged about 2.5 billion dollars in advertising expenditures. How can you ensure your organization is managing that spend most effectively and efficiently? 

Advertising and marketing are an integral part of any organization and the challenge for Marketing Professionals becomes coming up with new and creative ways to stretch those dollars on a daily basis.  

Imagine if you had a way to streamline some of your day-to-day operations and could focus your attention elsewhere.

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Topics: e-Sourcing Strategy, e-Sourcing Successes

How to: A Guide to Implementing eSourcing

Posted by Lindsay Bernacchi on Jun 2, 2016 8:00:00 AM

Implementing eSourcing within a company can be a daunting task. Especially if it is a culture that has never experienced sourcing in that form. One would think that in 2016 most companies have had some type of experience with eSourcing but that isn’t always the case.

Recently Gregg Brandyberry, President of Rapid Deployment Procurement Excellence Inc. sat down with CPO Rising and gave some advice on successfully implementing eSourcing into an organization. Brandyberry’s 5 lessons to be learned are: 

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Topics: Motivational, e-Sourcing Successes

When Your Sourcing Program Falls Short of Expectations

Posted by Kelly Deacon on Apr 21, 2016 8:00:00 AM

You’d be right to say that eSourcing tools are everywhere these days. And many are quite good. eSourcing technologies, specifically eAuction tools, have quickly gained popularity due to their incredibly effective ability to lower a company’s cost of goods and services, and the subsequent positive impact to the bottom line.

But as quickly as organizations brought eSourcing tools in-house, significant challenges arose. The implementation of eSourcing with the self-serve platform has failed to live up to the lofty promises of providers for three main reasons:

  1. Lack of executive support (more on this here and here)
  2. Attempting to apply a ‘one-size-fits-all’ approach across all categories
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Topics: e-Sourcing Best Practices, e-Sourcing Successes, About e-Sourcing

Looking Ahead: Hot Categories to Source in 2016

Posted by Kelly Deacon on Feb 25, 2016 8:10:00 AM

Out of all the sourcing resolutions you’ve made for this year, your overall goal is likely to deliver more value for your organization and find new, creative ways to save. However, it’s often hard to know what to source and where to look for those savings. In fact, we’ve found 31 percent of procurement professionals are uncertain of the categories they should take to auction.

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Topics: Analysts & Research, e-Sourcing Strategy, e-Sourcing Successes

Category Highlight: Background Checks and Drug Testing

Posted by Alanna Pashley on Oct 1, 2015 8:00:00 AM

Background checks and drug testing are a common expense for many companies. Although it may not be a category that many people consider for an eSourcing project, it is an important part of the new hire process and a way to monitor current employees. Recently, a few of our customers ran eSourcing events for background checks, verification services, pre-employment screening, and drug testing - all of which returned great results!  

These event parameters vary is scope and service depending on each company’s needs and have included the following items:

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Topics: e-Sourcing Successes

When Your eSourcing Program Fails to Deliver

Posted by Kelly Deacon on Sep 18, 2015 7:30:00 AM

sourcing_and_procurement_failsYou’d be right to say that eSourcing tools are everywhere these days. And many are quite good. ESourcing technologies, specifically eAuction tools, have quickly gained popularity due to their incredibly effective ability to lower a company’s cost of goods and services, and the subsequent positive impact to the bottom line.

But as quickly as organizations brought eSourcing tools in-house, significant challenges arose. The implementation of eSourcing with the self-serve platform has seen little success for three main reasons:

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Topics: e-Sourcing Best Practices, e-Sourcing Successes, About e-Sourcing

Translate Complex Categories Into Productive Sourcing Projects

Posted by Michelle Fombelle on Jul 16, 2015 8:30:00 AM

According to a Spend Matters post by Jeff Gilkerson at The Hackett Group, "approximately 70 percent of large organizations have eSourcing tools." However, the article goes on to state that just because companies have purchased an e-sourcing tool doesn't mean that the e-sourcing tools are imbedded in the sourcing process, that they've adequately trained the staff, or that the tools are even used on a regular basis.

It seems surprising that many companies realize the benefits of e-sourcing and yet don't utilize e-sourcing to its fullest potential. Especially considering that our research shows 62 percent of procurement and sourcing professionals report that their e-sourcing strategy has a direct and positive impact on company margins, profitability, working capital, and cash flow. 

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Topics: Analysts & Research, e-Sourcing Successes

7 Sourcing Practices for Driving High Financial Impact

Posted by Kelly Deacon on Jul 9, 2015 8:00:00 AM

“If it’s not broken, don’t mess with it.”

“When in doubt, it’s best to stick with what you know” – or is it?

When presented with change, we can be tempted to default to the status quo – a method that has worked in the past, produced results, and fits within our comfort zone. The same can be true for sourcing, especially when it comes to replacing conventional procurement practices.

Unfortunately, while the “stick with what works” mentality might produce short-term results, it won’t lead to greater, long-term business success. In order to make a real and lasting impact, procurement leaders need to get creative with their sourcing strategies and continuously look for new ways to produce business value.

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Topics: e-Sourcing Best Practices, e-Sourcing Strategy, e-Sourcing Successes, About e-Sourcing

3 Opportunities to Reduce Operating Costs & Boost Bottom-Line Growth

Posted by Michelle Fombelle on Jul 2, 2015 8:00:00 AM

Every business is looking to increase profits. In order to do so organizations must do two things: boost revenue and reduce costs. We are going to specifically talk about operating expenses (aka: operational costs, fixed expenses, and indirect costs) – those annoying expenditures that a company incurs as a result of performing its normal business operations.

There are many reasons a company many need to reduce operating costs, such as:

  1. Demand in the market has declined – thus decreasing profitability
  2. Your organization is losing money and need to return to profitability
  3. Your business is profitable already, however upper management has bigger profit goals and objectives
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Topics: Analysts & Research, e-Sourcing Successes

Sound Sourcing Strategies: IT Equipment

Posted by Lindsay Bernacchi on May 28, 2015 8:00:00 AM

Every company needs some type of IT Equipment to function. PCs and Laptops are probably the most important pieces of equipment a company owns no matter the type of business or number of employees.

Pretty much everything is computerized these days and if you aren’t connected then you aren’t functioning.

With that being said, technology moves pretty quickly and purchasing this type of equipment probably happens on a regular basis. e-Sourcing is a great way to make sure you are getting the best price on the most up to date IT equipment.

A recent sourcing project showed just how successful these types of reverse auctions can be: 

Five vendors quoted on nine different types of PCs and Laptops. Each item was a specific type of equipment with a designated part number.

The event ran for 28 minutes and there were an impressive 480 quotes placed in that time period. 304 of those quotes were placed past the scheduled 15 minute end time.

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Topics: e-Sourcing Strategy, e-Sourcing Successes