Why You Need Better Benchmarks for Your Non-clinical Spend
Amid the rising cost of care, the need to double down on non-clinical spend categories to find efficiencies is greater than ever.
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How To Unlock Savings In Indirect Expenditures
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.
Easing RFP Angst: A Guide to Selection of the Right Media Agency
Find out how a procurement consultant can help you source the right media planning and buying agency for your business, with tips and insights from years of experience in conducting media agency RFPs. Don’t take a leap of faith when it comes to choosing a partner – make an informed decision based on these important… Read more »
Going Local versus Going National for Non-clinical Procurement: The Power of Local Contracts
Learn how local contracts can provide distinct advantages over GPOs when it comes to procuring non-clinical goods and services. Discover the key reasons why your health system should consider opting for localized contracts rather than nationwide agreements.
Look Beyond GPOs for a New World of Cost Savings
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.
Level-Up Your Sourcing From Chaos to Clarity by Overcoming These Challenges
From lost time to decreased profitability, inefficient sourcing can have far-reaching implications. Discover what common roadblocks you could be facing and why you may need to take a closer look at sourcing technology.
A New Approach to Overcome Healthcare’s Annual Budgeting Challenges
Find out how healthcare CFOs can overcome traditional budgeting challenges and optimize the budgeting process without impacting the patient delivery model.
Why Procurement Is the Key to Improved Profitability
Indirect procurement can reduce operational costs by up to 12%, but many organizations aren’t equipped to leverage its full value. Find out how LogicSource is uniquely positioned to address this gap in the corporate workflow.
Health System CFOs, Don’t Overlook the Potential Savings in Non-clinical Spending
Amid the rising cost of care, the need to double down on non-clinical spend categories to find efficiencies is greater than ever.
Decoding Source-to-Pay Solutions: Questions Every Procurement Team Should Be Asking
Get the most out of your source-to-pay technology by asking the right questions. Here, we provide seven essential questions for procurement teams to ask in order to find the right software for their needs, with recommendations on how to get started.
Fighting Inflation with Better Buying
LogicSource’s David Pennino talks about how procurement can enable companies to succeed amidst volatility — without raising prices or hurting their consumers.
To Thrive in an Inflationary Market, Harness the Full Value of Indirect Procurement
Why is it important for procurement teams to work faster and smarter? Find out how a high-performing, well-funded, and well-resourced procurement team can drive long-term business growth, even in an inflationary market.
6 Common Procurement Technology Red Flags You Should Not Ignore
Choosing the right procurement technology can streamline operations and maximize savings potential. Find out the common red flags you should watch out for so you can make the right choice.
5 Procurement Performance Management KPIs to Change the Game and Elevate Procurement
Ready to improve your indirect sourcing and procurement performance? Find out why you should switch to a modern PPM solution for enhanced visibility, greater efficiency, improved decision making, lower costs, reduced risks and more.
In Search of Cost-Saving Opportunities? Take a Closer Look At Your Indirect Spend
There is more than one way to keep profit margins healthy amidst rising inflation and global uncertainty. Discover how you can unlock sources of funds by tackling your indirect spending.
The “So What” of Spend Analytics
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.
10 Questions You Should Ask When Choosing A Procurement Tech Vendor
Our guide provides a checklist of ten essential questions to help you make an informed decision when choosing a procurement technology partner to find the best solution for your business.
Motivating Healthcare Leaders to Address Non-Clinical Costs: Four Actions to Take
Amid the rising cost of care, the need to double down on non-clinical spend categories to find efficiencies is greater than ever.
Breaking Barriers: How Procurement Analytics Helps You Secure Leadership Buy-in
Learn how CPOs can overcome common roadblocks and demonstrate the strategic value of procurement in order to earn a permanent seat at the decision-making table with the C-suite.
The Procurement Puzzle: Why Traditional Procurement Solutions Aren’t Fitting the Bill
Struggling to get the most out of your source-to-pay solutions? Our guide goes into why traditional S2P technology solutions often don’t meet expectations and introduces a different strategic approach for procurement teams.
Integrating Fintech with Procurement Technology to Optimize Spend
Learn how procurement technology can help your company reduce costs and optimize spend. Find out the 4 key areas you need to consider before choosing the right solution for you.
The Key to Unlocking Hidden Savings: Taming the Complexities of Indirect Procurement
A lack of expert resources. Poorly adopted technology. Limited visibility into total spending. When these effects snowball, the result is needless internal complexity leading to inefficiencies across your indirect procurement function.
Procurement Tech 101: Key Questions to Address before Selecting Your New ProcureTech Partner
As businesses aim to manage costs in a shifting economic climate, layoffs are a common strategy. However, this seemingly simple solution can have harmful consequences.
Indirect Procurement Data and Analytics: The Four Key Challenges and How to Solve Them
As businesses aim to manage costs in a shifting economic climate, layoffs are a common strategy. However, this seemingly simple solution can have harmful consequences.
Build Competencies in these Five Areas to Optimize Indirect Spending
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.
6 Actionable Steps to Turn Your Procurement Team Into a Strategic Profit Center
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.
6 Actionable Steps to Reduce Non-clinical Spending and Improve Operating Margins
Non-clinical spend typically equates to 20% to 25% of a health system’s net patient revenue and represents a significant opportunity for cost savings. But overcoming entrenched buying practices and managing these expenses can be a complex challenge for healthcare providers.
Evaluating Procurement Technology? Look Beyond Legacy Providers
As businesses aim to manage costs in a shifting economic climate, layoffs are a common strategy. However, this seemingly simple solution can have harmful consequences.
Addressing Indirect Spend to Maximize Sales Revenue and Impact
As businesses aim to manage costs in a shifting economic climate, layoffs are a common strategy. However, this seemingly simple solution can have harmful consequences.
5 Stats That Show Cutting Costs by Cutting Jobs Hurts Business (and What to Do Instead)
As businesses aim to manage costs in a shifting economic climate, layoffs are a common strategy. However, this seemingly simple solution can have harmful consequences.
Exploring Untapped Savings in Non-clinical Spending: Two New Strategies for Healthcare Leaders
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 »
The Indirect Spend Opportunity: What You Don’t Know Could Cost You
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.
Non-Clinical Spend Optimization: The Solution to Healthcare System Margin Pressure?
Non-clinical spend typically equates to 20% to 25% of a health system’s net patient revenue and represents a significant opportunity for cost savings. But overcoming entrenched buying practices and managing these expenses can be a complex challenge for healthcare providers.
GPOs are a Service Provider, but are they a Working Partner?
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 »
How Much of that Marketing Tech Stack are you Really Using?
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 »
Finding the Buried Treasure in Your Organization
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 »
Five Retail Opportunities Amid Economic Uncertainty
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 »
Sourcing and Procurement’s Role in the Future of Healthcare
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 »
Cut Jobs or Cut Costs? How CFOs Can Better Navigate an Uncertain Economic Environment
This article was originally published by Supply & Demand Chain Executive. In the face of mixed economic signals, many businesses today are uncertain of the steps they need to take to best position themselves for growth in the months and years to come. Organizations are faced with issues on multiple fronts, painting a concerning picture for… Read more »
Procurement and Legal: The Great Contract Management Debate
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 »
A Cure for Complexity: Streamlining Source-to-Contract with OneMarket’s Mark Flowers
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 »
Indirect Procurement: Fueling Innovation in Retail’s New Reality
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 »
How to Fix Failing Procurement Technology Before it’s Too Late
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 »
The Value of Indirect Procurement to the CEO
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 »
The Spark: A View from the Other Side – An Argument for Procurement to Break Out of Its Comfort Zone
Can Procurement Departments Keep Up with AI’s Evolution?
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 »
AI’s Emergence in Strategic Business Functions: Is Procurement Getting Left Behind?
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 »
Three Lessons Learned: From One Woman in Procurement to the Next
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 »
No One is Talking About What We Really Need to do to Get More Women in Leadership
This article was originally published by Fast Company. The events of 2020 risk reversing the progress we have made towards gender disparity in company leadership. As many as two million women in the U.S. have either left or considered leaving the workforce because of caregiving burdens and lack of work flexibility, according to a McKinsey study… Read more »
Using Data Analytics to Manage GNFR Expenses and Improve Profitability
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 »
Why Procurement Has Yet to Solve the Spend Data Challenge
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 »
Covid-19 Gave Procurement a Seat in the Boardroom. Capitalize on it.
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 »
2021: The Year of Bringing Buying To the Board Room
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 »
Why Not-For-Resale Savings Could be the Key to Unlocking Profitability
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 »
Procurement Perseverance: How Businesses are Surviving the Pandemic
As we enter the third month of the COVID-19 pandemic in America, the shock can be felt far and wide by communities and businesses alike. Initially, none of us was sure what the overall global impact would be, which led to a variety of responses from the business community. Many forged ahead with business as… Read more »
Women in Procurement: The New Power Players
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 »
Building the Talent of Your Company’s Dreams
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 »
Procurement Pros: You Have Major Brand Vulnerability!
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 »
Taming the Procurement Tornado
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 »
What You May Be Missing
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 »
See the Forest: Digital Asset Management (DAM) Sustainability
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 »
Aligning the Interests of Buyers and Suppliers
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 »
Introducing … Buying as a Service
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 »
Refreshing the Brand without Breaking the Bank: Remodeling Stores on a Budget
By Jo Seed, Chief Operating Officer, LogicSource This article was originally published in the Journal of Corporate Renewal Disruption is the new norm across the retail industry as retailers pursue the best omnichannel approach to engage with their customers. The proliferation of internet retail and omnichannel delivery is resulting in new priorities for the in-store… Read more »
The CPG Marketing + Procurement Dilemma
For Consumer Packaged Goods (CPG) companies, Marketing is a mission-critical function and a major barometer for overall brand health. The same reason we know the names Nike, Budweiser and Kleenex is the reason why Marketing is king within CPG. On the shelves, on TV and on the Internet, it’s the core function that connects products with… Read more »
Keep ‘Em Separated: Construction Project Management and Procurement
Time is money. We all know this truism yet how many hours do construction project managers spend per week – outside of their key focus area – on sourcing and procurement? For instance, how much time is spent finding and negotiating with suppliers? How about dealing with GC contracts? Why not leave it to the… Read more »