Idea Lounge


How To Unlock Savings In Indirect Expenditures

By David Pennino

Thought Leadership / Industry Ideas

Don’t overlook the potential savings in indirect expenditures. Learn how to strategically manage and optimize costs in this uncertain economic climate with expert tips from LogicSource CEO David Pennino and boost your company’s financial performance today.

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Look Beyond GPOs for a New World of Cost Savings

By Mark Van Sumeren

Thought Leadership / Industry Ideas

There’s a massive savings opportunity that healthcare systems miss out on when solely relying on national GPO contracts for non-clinical procurement. Here’s why you need a holistic, in-depth approach to truly optimize non-clinical expenditures.

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The “So What” of Spend Analytics

By Sam Vail

Thought Leadership

Discover the power of spend analytics and see how procurement leaders are transforming their businesses with actionable insights. Learn the value behind gaining transparency into spend to help make informed decisions.

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Build Competencies in these Five Areas to Optimize Indirect Spending

By Editor

Guide

Businesses are facing mounting pressure to cut costs and meet financial goals amid today’s macroeconomic challenges. While headcount reductions are typically the first lever pulled in cost cutting strategies, indirect expenditures also offer significant potential for cost savings. Transition from a reactive procurement function to a more strategic and sustainable model of cost savings and profit improvement.

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6 Actionable Steps to Turn Your Procurement Team Into a Strategic Profit Center

By Editor

Guide

Businesses are facing mounting pressure to cut costs and meet financial goals amid today’s macroeconomic challenges. While headcount reductions are typically the first lever pulled in cost cutting strategies, indirect expenditures also offer significant potential for cost savings. Transition from a reactive procurement function to a more strategic and sustainable model of cost savings and profit improvement.

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Exploring Untapped Savings in Non-clinical Spending: Two New Strategies for Healthcare Leaders

By Mark Van Sumeren

Thought Leadership / Industry Ideas

Healthcare supply chain teams nationwide faced an unprecedented crisis during the COVID-19 pandemic. Teams raced to secure personal protective equipment (PPE). Surges in demand for equipment and transportation disruptions strained our fragile procurement infrastructure. And national lockdowns further delayed shipments, exacerbating these unmatched supply chain challenges. Three years later the healthcare supply chain is taking… Read more »

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The Indirect Spend Opportunity: What You Don’t Know Could Cost You

By Editor

Guide

Businesses are facing mounting pressure to cut costs and meet financial goals amid today’s macroeconomic challenges. While headcount reductions are typically the first lever pulled in cost cutting strategies, indirect expenditures also offer significant potential for cost savings. Transition from a reactive procurement function to a more strategic and sustainable model of cost savings and profit improvement.

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GPOs are a Service Provider, but are they a Working Partner?

By Jonathan Shap

Thought Leadership / Industry Ideas

A group purchasing organization (GPO) model is built on economies of scale, grouping purchasers with similar needs to buy in bulk and reduce costs for member organizations. This works well when it comes to cost-of-doing-business items that companies use for their core offerings. In healthcare, this may be things like PPE, surgical equipment, medical supplies,… Read more »

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How Much of that Marketing Tech Stack are you Really Using?

By Bill O'Brien

Thought Leadership

Remember the days when your Magic 8-ball would always give the right answer? It didn’t matter how many how times you needed to shake it – eventually, you got the answer you wanted. Unfortunately, as digital marketers we can’t rely on a Magic 8-ball for the answers, we need to be much more methodical if… Read more »

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Finding the Buried Treasure in Your Organization

By Editor

Thought Leadership / Industry Ideas

There is a hidden resource hiding within every organization. And it’s one that can help any leader—CEO, CPO, CFO, COO—overcome the primary challenge of today: keep profit margins healthy amidst rising inflation and global uncertainty. For most of the clients we’ve worked with at LogicSource, the focus in rising to this challenge is often revenue-centric…. Read more »

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Five Retail Opportunities Amid Economic Uncertainty

By Editor

Industry Ideas

With growing economic uncertainty driving renewed caution among US consumers, Retailers are facing make-or-break decisions. How they respond to revenue pressures and the financial headwinds disrupting their long- short- and near-term plans will determine whether they are positioned for success or destined to spend years course correcting. In this report, the team at Coresight Research details… Read more »

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Sourcing and Procurement’s Role in the Future of Healthcare

By Chris Maher

Thought Leadership / Industry Ideas

This article was originally published by Healthcare Business Today. America’s hospitals are projected to lose billions in 2022, as expenses are expected to increase by an eye-watering $135 billion from 2021, with the most optimistic predictions expecting margins to be 37% lower than pre-pandemic levels, according to the American Hospital Association. On the ground, multiple… Read more »

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Procurement and Legal: The Great Contract Management Debate

By Sam Vail

Thought Leadership

Since 2009, LogicSource has delivered indirect procurement assessments, services and technology for hundreds of clients across a wide range of industry verticals. One of the most common challenges that we help resolve for our clients is Contracts Management. Ownership of the technology used to manage the contracting process and subsequent storage of contract documents and… Read more »

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A Cure for Complexity: Streamlining Source-to-Contract with OneMarket’s Mark Flowers

By Mark Flowers

Thought Leadership / Industry Ideas

Today’s disruptive and fast-paced business environment is putting unprecedented pressure on Procurement teams, meaning modern Procurement professionals need enabling technology that can meet the dynamic needs of their organization. Responding to that increasing need, OneMarket has made significant user experience enhancements to its Source-to-Contract solution. In this candid discussion, Managing Director of OneMarket Product Management,… Read more »

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Indirect Procurement: Fueling Innovation in Retail’s New Reality

By Mike Crawford

Thought Leadership / Industry Ideas

This article was originally published by Retail TouchPoints. These days it takes about everything businesses have just to get goods on shelves. Product inventories have fallen to historic lows. Goods are held up by shipping container shortages, congested ports and a long-simmering lack of truck drivers that’s worsened with unprecedented resignation and retirement rates. These… Read more »

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How to Fix Failing Procurement Technology Before it’s Too Late

By Jo Seed

Thought Leadership

This article was originally published by Supply & Demand Chain Executive. Procurement technology can unlock transformative value for the procurement function and the company. But, to realize these benefits, there must be a plan for overcoming human barriers. Sourcing and procurement technology solutions are sold based upon the promise of enabling purchasing efficiencies throughout an… Read more »

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The Value of Indirect Procurement to the CEO

By David Pennino

Thought Leadership

This article was originally published by Procurement Magazine.  “CEOs, of course, have a great deal of help and resources at their disposal. However, they, more than anyone else in the organization, confront an acute scarcity of one resource. That resource is time. There is never enough time to do everything that a CEO is responsible for.”… Read more »

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Can Procurement Departments Keep Up with AI’s Evolution?

By Jo Seed

Thought Leadership / Industry Ideas

This article was originally published by EPSNews. As artificial intelligence (AI) capabilities mature, an increasing number of businesses are investing in AI initiatives and leveraging automation in their daily business operations. This once leading-edge technology is becoming more ubiquitous and is quickly becoming an imperative to long-term success. In fact, analysts project the global AI… Read more »

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AI’s Emergence in Strategic Business Functions: Is Procurement Getting Left Behind?

By Jo Seed

Thought Leadership / Industry Ideas

This article was originally published by betanews.com. 50 percent of respondents to a recent McKinsey survey reported that their companies adopted artificial intelligence (AI) in at least one business function in 2020. As interest and investment in AI and machine learning (ML) continue to grow across different business functions, is Procurement keeping pace with its business unit… Read more »

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Three Lessons Learned: From One Woman in Procurement to the Next

By Niki Heim

Thought Leadership

This article was originally published by Future of Sourcing. Women in the C-suite are slowly gaining momentum, with leaders like Jane Fraser, CEO of Citi, Cathy Engelbert, CEO of Deloitte, and Karen Knudsen, CEO of the American Cancer Society all being named “first female CEOs” within the last few months. But there is still opportunity… Read more »

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Using Data Analytics to Manage GNFR Expenses and Improve Profitability

By Editor

Industry Ideas

Uncovering potential savings in GNFR (goods not for resale) expense has become increasingly important, as many US retail and CPG companies have encountered constrained profit margins as a result of the Covid-19 pandemic. Titled “Using Data Analytics to Manage GNFR Expenses and Improve Profitability”, the findings in our co-authored study are derived from a February… Read more »

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Why Procurement Has Yet to Solve the Spend Data Challenge

By Sam Vail

Thought Leadership / Industry Ideas

This article was originally published by Supply and Demand Chain Executive. As a procurement leader looking to fix a spend data challenge, take time to evaluate your spend data and understand how you can deliver valuable and actionable insights to find new savings. Spend analytics, or the process of collecting spend data, categorizing and analyzing… Read more »

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Covid-19 Gave Procurement a Seat in the Boardroom. Capitalize on it.

By Jo Seed

Thought Leadership / Industry Ideas

This article was originally published by epsnews.com Business stakeholders often overlook sourcing and procurement departments, viewing them as tactical purchasing and contract administrators or even as barriers to the buying process. The pandemic gave procurement an opportunity to prove its value, as businesses relied on cost savings and critical supplies such as PPE-related goods and services to… Read more »

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2021: The Year of Bringing Buying To the Board Room

By Sam Vail

Thought Leadership / Industry Ideas

This article was originally published in the Sourcing Industry Group (SIG) Speaks Blog – 12/10/20, featuring LogicSource Managing Partner, Sam Vail. It is hard to believe 2021 is at our doorstep, and while the immediate future is uncertain, the mid-to long-range outlook is virtually unknown. What we thought would be a ‘two-week’ work-from-home in March,… Read more »

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Why Not-For-Resale Savings Could be the Key to Unlocking Profitability

By Editor

Industry Ideas

The last six months have been among the most challenging many businesses have ever experienced. With the economy closing—and still only partially reopened—the retail and consumer packaged goods (CPG) industries have been disproportionately affected. According to a recent study conducted by LogicSource in partnership with Coresight Research, a data-driven retail and technology research firm, 88%… Read more »

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Women in Procurement

Women in Procurement: The New Power Players

By Editor

Thought Leadership

It’s a reality of the US workforce that women are underrepresented in almost every industry, especially at the corporate level. Procurement at large is no exception. Though companies that want an edge on their competitors would be wise to course-correct. Based on its own experience, LogicSource knows there is great benefit to be gained from… Read more »

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Building the Talent of Your Company’s Dreams

By Editor

Thought Leadership

I’m reminded of the common Field of Dreams misquote, “If you build it, they will come.” All Ray had to do was build the ball field and open the doors, and apparitions of history’s greatest baseball players along with Iowans from far and wide would show up to play in and watch the games. Thinking… Read more »

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Procurement Pros: You Have Major Brand Vulnerability!

By David Pennino

Thought Leadership

Brand vulnerability is the degree to which a brand is exposed to risk. Companies have studied the subject for decades. Whether it’s misalignment of messaging and execution, a crisis of credibility, or a struggle to innovate and stay relevant, analyzing how a brand is perceived, with its various stakeholders, customers, and partners, is a critical,… Read more »

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Taming the Procurement Tornado

By Editor

  Speeding Complex Categories to Market with Fewer Hands on Deck   As companies focus on core competencies, resources are shifted away from internal service organizations, in particular procurement departments. Ideally, the theory is that lean strategic sourcing teams select suppliers and negotiate rate cards, which IT builds into online catalogs where business stakeholders can… Read more »

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What You May Be Missing

By Editor

Too often, strategic sourcing initiatives are far better at identifying potential savings than delivering real savings that clients can actually measure. Real results often bear little resemblance to projected savings – with shortfalls exceeding 20 to 30% in many cases – and with process erosion occurring in as little as nine months. Let those numbers… Read more »

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See the Forest: Digital Asset Management (DAM) Sustainability

By Editor

By Carol Thomas-Knipes, Director of Digital Asset Management, for the DAM Guru Program Blog As technologists, especially in digital asset management (DAM), we often work in feature-rich systems. One system can do a lot and be utilized for multiple purposes. That flexibility and the capability to be a content hub is one of the reasons… Read more »

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Aligning the Interests of Buyers and Suppliers

By Editor

Thought Leadership

The Counterintuitive Truths of Supply Chain Management    Important ideas get lost in translation when moving from concept stage to real-world execution. LogicSource believes the best way to align buyer and supplier interests is to embrace the counter-intuitive truths of supply chain management. Reconciling all perspectives will help you build and maintain a network where… Read more »

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Introducing … Buying as a Service

By Sam Vail

Thought Leadership

One company can’t do it all. That’s why organizations often seek external support for areas outside of their core competency. They work with outside legal counsel, employ advertising agencies, rely on public relations firms and outsource payroll.  Allow me to introduce you to the latest business process outsourcing (BPO) category – Buying as a Service…. Read more »

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