The fact is that the procurement and supply chain profession is in the midst of a revolution, getting more global, analytical, and tech-savvy than ever before. It’s also getting younger — 40% of the buyers on the Thomas Network at Thomasnet.com are between the ages of 18 and 34.
This emerging generation of professionals aren’t just up-and-comers — they’ve arrived. Many are in leadership positions, heading up initiatives and driving discussions on the other side of your negotiating table. Knowing what makes them tick can help you forge better relationships with these important players in the supply chain.
The shopping frenzy known as Black Friday is almost here. While you will probably see lots of stories about long lines and huge crowds tussling over the latest toys and electronics, there is another story taking place behind the scenes — one of careful planning, lots of moving parts, and plenty of risk. It’s a story of logistics.Read More »
Although each category of purchasing that falls under Maintenance, Repair, and Operations (MRO) poses its own unique challenges, electrical supplies stands out as one that appears to be tactical. However, it does grant the opportunity for significant cost savings and value enhancement when viewed from a strategic perspective.
The “Electrical Supplies” umbrella covers a broad area of products, and depending on the needs of a particular organization, the level of complexity may vary particularly with wires and cables, automation supplies, lighting, and electrical distribution equipment. From a category perspective, there are opportunities to reduce costs when determining the preferred supplier base.Read More »
Though they serve as critical elements in many material handling operations, forklifts can come with many potential hidden costs, such as maintenance and operator salary — in total, costs can reach as high as $250,000 annually per machine!
Despite these expenditures, more and more companies are making use of forklifts; a recent Peerless Research Group survey of material handling managers found that 69% of respondents planned to acquire a new forklift in the near future, with a per-respondent average of seven planned purchases, up from six the year prior.Read More »
It is often later in the product lifecycle that procurement teams are brought in to lead a competitive bid process and conduct negotiations accordingly. This might seem like a straightforward approach to reducing costs. However, taking a deeper look at your product design and raw materials before the manufacturing phase could be the best way to proactively optimize costs.Read More »
ISM2017, The Institute For Supply Management (ISM) annual conference, just wrapped up in Orlando, Florida. The THOMASNET.com team was there, uncovering the latest trends and challenges impacting supply chain professionals every day.
In addition to speaking with supply chain professionals, we also spoke with the duo Tim Grady and Lew Weiss of Manufacturing Talk Radio for a series of interviews. Listen to the podcasts below.Read More »
Business never shuts off — a supplier evaluation is performed every 2 seconds on THOMASNET.com! We are constantly developing new ways for engineers, procurement managers, and MROs to better access data on the platform. That's why we just launched THOMASNET.com Version 3.
The following is an overview of the improvements included in this release:Read More »
Tail spend optimization can be the key to reducing costs and increasing the overall performance of your supply chain. However, many organizations fail to properly analyze their tail spend, or they don't take the proper measures to clean it up and ensure compliance.
Fortunately, there are some proven methods you can use to clean up your tail.
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