30 days after joining us, I asked our latest recruit how she feels about working for Insider Pro:
Casual dining restaurants have created mini food factories around the globe where consistency, quality, speed and value are key. Downtime costs each restaurant hundreds if not thousands of pounds per minute in lost sales and spoiled product.
So, when a restaurant chain approached us to help reduce their maintenance cost, reducing risk as well as cost was at the forefront of our minds.
Topics: Case Studies
Few businesses experience the joy of uninterrupted, problem-free growth; most hit bumps in their journey.
Why is it that any two businesses in the same industry facing the same challenges can have completely different outcomes?
Why do some overcome challenges and others fail to fulfil their potential?
And what is the key to unlocking business growth?
Topics: How to grow a business
"Enterprise Value" is a term that is used to value a business beyond it's market capitalisation. The usual definition is market capitalisation (share price multiplied by the number of outstanding shares) plus net debt.
But we think that enterprise value can and should be looked at in an entirely different way....
Companies that have surpassed the £20m turnover mark have already worked hard to structure their business in a way that maximises business growth and the value of their enterprise;
They’ve been focused on driving sales
They've negotiated costs to the best of their ability
They’ve reviewed and optimised their operational processes.
In short, they’ve already examined each area of the business.
Yet many CEO’s and investors that I speak to know that they could do even better. They’re just not sure how.
"Best practice" is a phrase that can be over-used, but nonetheless sought-after by all concerned. This list combines suggestions from the top industry gurus - including our modest selves!
Disruptive procurement is the process of creating real business value and competitive advantage by:
- deconstructing what the business really needs,
- challenging established business processes,
- leveraging knowledge from outside the normal points of reference, and
- designing, assembling and managing the supply chain in new and innovative ways.
Topics: Disruptive Procurement
If your procurement team took steps to reduce the total cost of ownership for a piece of equipment, they’d probably deserve a pat on the back (at least!).
But what if they took a further step and looked at the function of that piece of equipment and determined a better way?
Procurement teams are generally assessed on their ability to meet budgets. But if they hit their target every time, does that mean they are really good at their job, or that the spend target is too easy to achieve?
Should you be asking your procurement team to cut costs even more, or should their success be more closely aligned with company goals and driving shareholder value?
Clearly, when margins have been cut back several times there comes a point where simple cost cutting cannot be achieved. As a consequence, the more astute procurement teams focus instead on ways to impact total cost of ownership, overall profitability, business competitiveness, risk reduction and other elements that drive enterprise value.
To test whether your team has made that leap and moved away from the traditional procurement role into the more dynamic, mission-critical role that your business needs, try this simple checklist:
Today's procurement teams are being challenged to reduce costs, but in many cases are finding that suppliers have no further room for negotiation.
After round upon round of cost reduction projects, the traditional approaches are running out of steam.