Monthly Archives

August 2019

Premikati Marketplace

What is the Premikati Marketplace?

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The Premikati Marketplace is everything you’ve been dreaming about to streamline your purchase request to order process and better manage the relationship with your suppliers. Procurement software leader, SAP Ariba™, and Premikati together have designed a solution for the SMB space providing SAP® Ariba Buying as a BPO service – reducing monthly costs and the need for implementation all together. This is the same software used by Fortune companies around the world, and is supported by Premikati’s team of procurement experts. 

Everything You Need In One Place

Stop wasting resources on inefficient purchases from uncontracted suppliers. Earn back your cash and control by shopping tens of millions of products through our intuitive interface that functions with the same familiarity as personal, online shopping. Our B2B marketplace offers non-sourced goods all on a single, simple platform. 

Find products for a variety of needs, including: 

  • Office Supplies
  • Electrical & Test Equipment
  • Technology & Accessories
  • Facilities & Maintenance
  • MRO & Industrial
  • Other Goods

Want to Add Your Own Suppliers?

We can do that for you!

You have the option to use both the Premikati Marketplace catalog as well as your own contracted catalogs with your favorite suppliers.

The Premikati team will work with your suppliers to get them onboard and transacting!  There are hundreds of suppliers already on the Marketplace offering thousands of goods and services.  Adding your own specific suppliers will add a bit more cost and implementation time.

The Name of The Game Is Savings… And Our Customers Are Winning

The Premikati Marketplace helps your business save in every way. 

Save time by integrating a single platform to meet all your needs into your buying process. Save cash by finding new savings opportunities in our trusted array of affordable, high-quality suppliers. Save your sanity by gaining visibility and control over your business’s purchasing with features like user access and spend controls, price thresholds, and easy-to-manage reporting.

Plus, you can expect to find price savings on average of 8-10%, and as high as 35% by reducing tail spend, rebate savings of around 1% on typical Premikati purchases, and process savings of days or weeks simply by making the switch.

The Premikati Marketplace utilizes a prime, subscription-based approach that leaves your business richer—in time, money, and data—every step of the way. 

Without All The Technobabble And Wait Times

Opt out of overly-complex purchasing solutions that require you to hire a whole tech team just to keep it running after lengthy implementation periods. Opt in to the Premikati Marketplace for 24-hour turnaround on implementation—start to completely finished. And, while you don’t need any IT Systems Admin, and there’s no technical implementation to delay your growth, we do offer free help desk support. However, our platform is so easy to use that we won’t mind if you call the help desk just to chat—our help desk folks are getting lonely in all that silence. 

Healthy, Efficient Supply Chain

Vendor management and the supply chain process should work for your business, not against it. Streamline your processes with the Premikati Marketplace to ensure you’re getting the best deals, using your time wisely, and giving your business its best opportunity to grow to its fullest capacity. Our SAP Ariba backed, compliance-ready, procure-to-pay purchasing platform is the measurable, manageable, and convenient way to find trustworthy suppliers, control ad-hoc spending, and keep your data clear and close at hand. Plus, it starts as little as $500 month. 

Do you want to find out more about the Premikati Marketplace or learn more about how to strengthen your supply chain for free—from our experts to yours? Join any of our e-learning webinars with industry expert, Ryan Matthes, Senior Vice President of Global Procurement at Premikati, Inc. And if you’re ready to dive into the Premikati Marketplace, you can start your subscription here through our sales team. 

why procurement is the best job in the world

Why Procurement is the Best Job in the World

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When you pass someone on the street and mention procurement as a career, you’re likely to get blank stares and maybe even snores from the uninitiated. In reality though, procurement professionals have a whole host of opportunities to find joy and gratitude in their jobs as well as chances to make a real difference in the world. What makes this job so great? 

Friends In High Places… And All Places

When you’re in procurement, you’re constantly talking to people both in and outside of your company. You have the opportunity to form connections with suppliers all over the world (which can, in turn, lead to even more opportunities) as well as folks from all manner of department within your own company. Procurement pros regularly interface with marketing, finance, PR, and everybody in between. If you play your cards right, this can result in real, meaningful interpersonal relationships just as it can career opportunities.

The Coolest Tech in the World

Procurement and technology go together like peanut butter and jelly. Especially at top, enterprise-level companies, the technology utilized in procurement departments can be staggering. Even in small and mid-sized businesses, though, it’s likely you’ll get to work with cool new tech like artificial intelligence and predictive analytics. This type of tech can be used for things like accurate supply and demand planning.

The Nomad Life If You Want It

Procurements pros can go literally anywhere if they’re good at their jobs. Have you always wanted to take the plunge and move to Costa Rica? France? Cambodia? There will be jobs ready and waiting to utilize your skills. Additionally, as with many other professions, lots of procurement workers are opting for the remote-work route, letting them work from coffee shops and shared workspaces in a new city every day of the week.

Life-Saving Superheroes

From avoiding environmental catastrophes brought on by poor human ethics to providing aid in the event of national disasters, procurement professionals are in the lineup to help save the world. In procurement, you get to help decide to utilize sustainable, environmentally- and socially-healthy suppliers over the ones who cut corners, pollute the planet, and take advantage of people through forced labor and other similarly heinous actions.

In the same vein, procurement pros step in too when humanitarian aid is needed, like in the event of hurricanes in Haiti.

Job Makers

We all know someone who has been passing resumes to everyone who will stop long enough to take one, but who still doesn’t have a job. It’s just the state of the economy sometimes, when skills and job openings don’t align, or the money simply isn’t there. By working in procurement, you get to help create jobs, allowing more people to sustain themselves and their families. In procurement, you impact business at a core level, opening opportunities to create more, sustainable, dignified jobs for the people who are happy to fill them.

Make Money, Spend Money

The name of the game in procurement is to spend other people’s money. You get the opportunity to learn all sorts of tactics for managing money, saving, budgeting, etc.—skills that can carry over to your personal financial life as well.

Speaking of personal finance, this is a job after all. In procurement, you can expect to get paid with some reliability and have a reasonable amount of job security. Luckily, procurement pros also tend to see decent raises and a growth in their value over time as they learn new skills—they may be less likely to stagnate on the income scale compared to other professions. And, with all your procurement skills, you’ll know how to negotiate and manage your money to get every bit of value out of each dollar you earn.

Are you a procurement professional who loves your job? Do you want to connect with suppliers who will make your day even brighter all the while getting great deals on the purchases you make for your business? Check out the Premikati Marketplace.

Costs of Your Supplier Relationships

What are the Real Costs of Your Supplier Relationships?

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Summary: Supplier relationships can be costly in terms of both money and time investments, and can also be rife with risk. Many businesses are turning to B2B marketplaces in order to lower cost and risk alike and instead focus on collaborative relationships, strategic partnerships, and innovation. 

When you’re in business, you have to form relationships with suppliers in one way or another in order to get the job done. However, the way you go about building supplier relationships can make all the difference to your bottom line as well as the innovative potential of your business. When seeking out suppliers and a way to interact with them, it’s important to be aware of the actual cost of the relationship, the risks involved by doing business with them, and the alternatives you have at hand.

What Are The Costs Of Your Supplier Relationships?

When it comes to supplier relationship management, the whole ordeal can be costly if you let it get out of hand. If you have too many suppliers, you risk high costs, confusion, and overcomplication in other areas of business which rely on these supplies, like production. Too few suppliers, and you’re in an “all your eggs in one basket” situation which rarely leads to good things in business or in life.

According to a study by The Hackett Group in 2012,

“It costs roughly $700-$1,400 in internal costs (i.e., labor, outsourcing, technology and related overhead) to source each supplier, set it up in internal systems, transact with it and manage the relationship on an ongoing basis.”

Among the reasons to consolidate suppliers cited in the study, is that added buying power with each supplier can lower your cost of purchase as well as your supplier management costs.

Even beyond money, dealing with paperwork manually, fixing invoice errors and discrepancies, and communicating with suppliers over inquiries costs companies about 6500 hours a year—and you can bet that they are paying someone for each and every one of those hours.

What Are The Risks Of Working With Your Supplier?

Trust, transparency, and longevity are all valid concerns when contemplating the risks of working with suppliers. Contract management alone can be a hefty ordeal, especially if you find yourself dealing with a subpar supplier, since contract renegotiation can be a long and arduous process.

Each supplier you manually add to your supply base also results in a cadre of compliance risks. How do they safeguard their data? How does their preceding supply chain look—are they reliable? Are they utilizing corrupt practices somewhere down the line like forced labor, poor work conditions, or even human trafficking? Without a process in place alongside the skill and man-hours to verify each of your suppliers compliance standards as well as consistent checks to ensure their standards are regularly updated and maintained, you run the risk of severe ethical and reputational harm to your business.

When business neglect to regularly analyze their supplier lists and consolidate where it’s relevant to do so, spend visibility also suffers. Companies may pass along orders to vendors sheerly out of convenience, desire, or cost with little further rationale—all of which can lead to costly situations down the line. Being able to monitor and have full visibility into your company’s spend is vital to healthy, low-risk supplier relationships.

Why Are More Companies Looking To B2B Marketplaces For Their Suppliers?

The middle ground between too many and too few suppliers is paring down to focus on your key suppliers and nurturing those relationships. Similarly, employing the necessary services to validate the compliance of your suppliers can save you many dollars and headaches throughout the course of your business. Both of these reasons are why many companies are turning to B2B marketplaces to source their suppliers.

B2B marketplaces enable buyers to home in on key suppliers, increase spend visibility, lower overhead costs of SRM, and allow businesses to focus on the more important aspects of having supplier relationships and with far fewer worries. Instead, businesses can spend their time developing collaborative, strategic relationships and key partnerships in order to boost innovation and profit for everyone involved.

One well-known supporter of building strong, collaborative supplier relationships as a driver of innovation is Toyota. Approximately 15% of Toyota’s suppliers can be classed as “strategic potential or actual co-developers.” They are sure to invest additional time and resources in these suppliers through activities such as attending R&D shows to spur discussion about new technologies.

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