February 1, 2012 • 12:14pm in eBridge, White Papers
There is a great article out on Spendmatter.com about the impact of the falling Euro on sourcing, procurement and supply chain strategies. Procurement professionals have to develop strategies to circumvent the damage the failing Euro has done to the economy. Contracts have to be rewritten, new sourcing strategies developed and currency hedging will be vital for a successful 2012 business year.
To learn more about the falling Euro, read the full series from Spend Matters here: http://www.spendmatters.com/index.cfm/2012/1/4/20-Ways-the-Falling-Euro-May-Impact-Sourcing-Procurement-and-Supply-Chain-Strategies-Part-1
To learn more about eBridge please contact us at: 1-877-245-8880, or visit our website http://www.ebridgeglobal.com
January 31, 2012 • 3:00pm in eBridge, White Papers
The current unemployment rate has everyone looking at where the American jobs are going. As companies strive for best value, jobs are outsourced to lower priced manufacturers. Of course this low cost comes at a price, the loss of American jobs. So which should the procurement professional be more concerned with, the lower price or the possible job loss?
This issue has been debated from every angle, politically to economically. Ideally, the procurement professional should be concerned with the best-value sourcing, whether that is local or global. Saving money on manufacturing parts internationally, may allow the company to add jobs locally in another area. There will always be disagreements where outsourcing is concerned, however don’t allow this issue to undermine what a procurement was designed for. Concentrate on finding the best-value sourcing for your company, and incorporate those savings to enhance your company.
eBridge prides itself on being a fully managed reverse auction service provider. We provide strategic sourcing based on the criteria provided by the buyer. We source for local, national, or global suppliers, based on our buyers needs. We average 36 suppliers to a buyer’s bid, and strive to reach “true market value” on every bid.
To learn more about eBridge please contact us at: 1-877-245-8880, or visit our website http://www.ebridgeglobal.com
To learn more about best-value sourcing, read the full article from Procurement Leaders here: http://blog.procurementleaders.com/procurement-blog/2012/1/23/paul-teague-best-value-sourcing-pure-capitalism.html
January 18, 2012 • 1:58pm in eBridge, White Papers
The European financial meltdown has made headlines worldwide, but it is just a small part of the global economic crisis. The devaluation of the Euro has many global businesses wondering if global sourcing is such a good idea. Procurement organizations have to consider the outcome of the volatile currency markets, when considering their supply chain risks. Currency hedging is a difficult game to play in a stable market, let alone in such a risky economic environment. In light of this, global supply contracts are being reevaluated, for more local options. Businesses are buying and selling locally, to avoid the risk of currency inflation loss.
eBridge prides itself on being a fully managed reverse auction service provider. We provide strategic sourcing based on the criteria provided by the buyer. We source for local, national, or global suppliers, based on our buyers needs. We also average 36 suppliers to a buyer’s bid.
To learn more about eBridge please contact us at: 1-877-245-8880, or visit our website http://www.ebridgeglobal.com.
To learn more about the eurozone crisis, read the full article from Spend Matters here: http://www.spendmatters.com/index.cfm/2012/1/10/Adding-the-Eurozone-Crisis-to-the-Reasons-Why-Local-Sourcing-Makes-Economic-Sense
January 17, 2012 • 2:28pm in eBridge, White Papers
The failing economy has almost everyone on edge, waiting to see if the next turn will be for better or worse. The job market is increasing marginally, but not fast enough. The downgrading of the U.S. and several European countries’ credit ratings was a blow to the global economy. The stagnant economic growth looks like a bleak outlook on a prosperous future.
However, there are some who disagree, and say we are just in a transitional period. Technology improves so fast, that man often can’t keep up. As soon as we upgrade our technology, a new invention makes it obsolete. There are some scholars who believe our economy will level out, when people adjust to the new digital economy. When major technological advancements are made, it takes time for their adjustments to be accepted. The current argument is whether or not, once these adoptions are accepted if the economy will then catch up?
Let us know what you think? Do you agree with these thoughts, and we are just in a technological transitioning period? At eBridge we believe in an integration of personal interaction with a technological platform. We provide fully manage reverse auction services, within our platform and our customer service. To learn more about eBridge please contact us at: 1-877-245-8880, or visit our website http://www.ebridgeglobal.com.
To read the entire article, please click the following link: http://www.businessweek.com/finance/can-the-jobsandincome-crisis-end-well-11252011.html
December 14, 2011 • 11:28am in eBridge, White Papers
During hard economic times, asking tough questions can be a key factor to the success of your business. It is often uncomfortable to ask about the financial health of your business partners, but knowing those answers is vital to your business’ economic health. Buyers and Suppliers must have an honest discussion during the procurement process, or both could face heavy losses with extreme economic consequences.
An excerpt from the article Risk Management Requires Tough Questioning, By Paul Teague, highlights how many business have been affected by this economy over the last few years.
Here is a startling statistic: 49,895 businesses filed for bankruptcy in the US federal courts during the 12-month period ending September 2011. Think that’s a big number? It is – but it’s 14% lower than the number for the 12 months that ended in September 2010. In other words, business bankruptcies in the US have gone down despite a less-than-stellar economy. From a macro-economic perspective, that’s good news. From a micro-economic perspective (that is, your own personal business world), it’s only good if none of your key suppliers were among the companies going bust.
Companies, large and small are doing everything possible to add to their bottom line. They are looking for innovative ways to cut cost, and find true market value for their purchases. Reverse Auction is an exciting method that allows multiple suppliers to bid against each other, allowing the buyer to receive competitive pricing. Purchasing at true market value will allow for a more accurate budget to be developed.
eBridge provides a fully managed reverse auction service, and understands the needs of companies facing financial struggles. Our procurement team would be happy to show you how our process can work effectively with your procurement procedures.
Please contact us at email@example.com, or call us toll free at 1-800-245-8880.
To read Paul Teague’s article in its entirety click here: http://blog.procurementleaders.com/procurement-blog/2011/12/12/paul-teague-risk-management-requires-tough-questioning.html?printerFriendly=true
April 20, 2011 • 1:24pm in White Papers
In a white paper published by ThreeCore Purchasing Consultants, the author highlights six common pitfalls of reverse auctions. Below each pitfall, I address the objection and how our services complement each roadblock.
At eBridge we work hand-in-hand with our clients to not just avoid pitfalls, but achieve remarkable results. Take a look at these pitfalls and let us know what you think.
1. Lack of supplier preparation: Prior to the event, eBridge gives one-on-one tutorialsto each pre-approved supplier. Our procurement team is available throughout the process for additional training and to answer questions that will naturally arise.
2. Inviting the wrong suppliers: Although a key part of our process is supplier sourcing and recommendation, the buyer always reviews and approves which suppliers will participate.
3. Including too many suppliers: A common misconception in reverse auction procurement is that the number of participating suppliers determines a successful event. Through eBridge’s sourcing and recommendation process, our team brings an average of 32 suppliers to the buyer for their consideration. On average, 6 suppliers participate per event. A competitive environment is the ultimate goal for our customer.
4. Starting with difficult materials: At eBridge, our team provides the expertise to determine which items are appropriate for the process. Our comprehensive Spend Analysis report provides customers with a full view of the items on their upcoming purchasing schedule that will fit the process. Our analysis clearly defines the items that fit the reverse auction process- and those that do not.
5. Not enforcing the rules: Reverse auction software companies and third party providers do not provide the leadership and guidancenecessary to integrate reverse auctions into your purchasing strategy. At eBridge we recognize that leadership is an integral part of the solution. Our mission is “to provide leadership in reverse auction procurement and process change that creates meaningful value for our customers.”
6. Setting artifically low targets: At eBridge, the cornerstone of our services is to allow the free market to reign. The competitive environment created through our process yields an average net savings of 14%, but ultimately gives customers assurance they are purchasing at market.
February 28, 2011 • 3:08pm in White Papers
Finding ways to do more with less
By Paul Davidson, USA Today
The post recession American workplace is a leaner and more productive workforce. Today companies across the US are finding ways to do more with less and are operating as a team that shares jobs/responsibilities and enjoying higher job satisfaction.
For example, a bank branch of Anderen Bank in Orlando has a frontline team of four employees today vs ten. This team of four are not chained to their stations but are cross trained to fill in and help out as needed as tellers, customer service reps, new account salespeople. Bank deposits at Anderen have gone from $35 to $100M.
Increased workforce productivity across the country (up 3.5% in 2009) is the new normal.
It is predicted 2.4 M jobs will be added in 2011 but won’t recover the 8.3M lost. That is due to efficiencies that businesses achieved in the downturn. Many combined two to three jobs into one and have become more efficient through implementing new technology and software into their process.
Human resources CEO Harry Griendling of DoubleStar said, “The downturn forced companies to re-examine everything they were doing and come up with a new model.”
“I think there is a generation of leaders who went through a crisis and are going to manage and lead this way for the next 10 years,” said Walt Shill, managing director of Accenture.
eBridge’s fully managed reverse auction procurement team has become an innovative part of company’s new business model. Their efficient online procurement process (with no upfront costs) delivers net savings of 10% to 25% on purchases over $100k and assures their clients achieve an ‘at market’ transaction every time.
February 17, 2011 • 2:34pm in Professional Services, White Papers
According to a recent survey conducted by Accenture, “80 percent of senior finance executives said their scope of responsibilities has expanded, with finance also now overseeing programs in other departments across the enterprise.” This includes supply chain and procurement departments.
With the expanded responsibility of CFOs in procurement and supply chain, financial officers need to find ways to create efficiencies and cut costs.
What’s the solution? Reverse auctions. Reverse auctions benefit the supply chain by increasing productivity, reducing purchasing cycle time and create cost savings. These benefits to the purchasing professionals make a big impact in the effectiveness of a CFO.
The reverse auction process automates many of the manual processes associated with the procurement process. eBridge works on behalf of buyer to modify or create specifications, source and train suppliers and manage correspondence with suppliers. According to a report from CAPS Research, buying firms report cycle-time reduction to be reduced by as much as 40% over traditional sourcing processes.
Reverse auctions also deliver efficiencies through cost savings. Reverse auctions give suppliers an opportunity to submit multiple bids in an effort to win business. When placed in a competitive environment, typically the buyer is able to glean an average 14% net savings from everything run through the process.
Reverse auctions should be a well-seasoned tool in an organization’s procurement department- they are very useful when applied to the right project and can make a significant impact to the bottom line.
Are you enjoying the benefits of reverse auctions?
February 10, 2011 • 11:45am in White Papers
I recently read an article about the importance of having clear purpose for your organization. I learned that establishing a clear purpose early on in your history provides a foundation and reference point from which you make decisions now and in the future. With a clearly defined purpose, you can look at an opportunity or a challenge and ask yourself, ‘Is this the right thing to do given our purpose?”
At eBridge, our purpose is to help customers implement the reverse auction process by leading them in orchestrating organizational change.
As eBridge seeks new business opportunities, our team members share our purpose with customers so they can determine if our purpose aligns with their organization’s needs. In turn, we ask ourselves, “Is engaging with this customer staying true to our purpose?” Making principled decisions helps you stay focused on your core business offerings so you can deliver your product or services with the highest quality.
It’s not what you sell; it’s what you stand for. And while staying true to your purpose may require you to pass on some business opportunities, it will help you determine what organizations are the best fit for your products or services- leading to growth and profitability.
What is your organizations’ purpose?
February 9, 2011 • 2:01pm in organizational change, White Papers
Individuals are an organization’s greatest asset. Creating an environment where employee’s thoughts and ideas are valued and where they feel comfortable sharing these insights, is an organization’s greatest opportunity to soar- in productivity, job satisfaction and morale. When leadership learns to effectively facilitate open communication, employees handle change with greater ease- transforming organizations and employee potential.
In a recent article entitled, The Biggest Mistakes in Managing Change, Dr. Carol Goman outlines several common mistakes organizations make when managing change. The most pivotal mistake she discusses is not being aware of the importance of people, under-valuing their opinions and feedback and not making them part of the process.
Statistics show that nearly 75% of all restructurings fail- not because of strategy, but because of the “human dimension”. Organizations don’t change- people do or they don’t. If staff people don’t trust the leadership, don’t share the organization’s vision, don’t buy into the reason for change, and aren’t included in the planning- there will be no successful change- regardless of how brilliant the strategy.
The use of reverse auctions is rapidly increasing in businesses across the world. The online auction process creates tremendous efficiencies and dramatic cost savings- but does require organizational change.
eBridge, a reverse auction consultant, provides leadership in running the reverse auction process and understands the value of people and orchestrating process change- getting everyone “in on things” to collectively implement the purchasing solution.
Technological innovation, including online reverse auctions, continues to shape the way companies do business. Will your organization be a part of the change?