Premikati, Inc. with Aon Cornerstone
Partnership, A “Win-Win” For Premikati, Inc. Clients Looking to Diversify Their Supply Chain
Indianapolis, IN Nov.2, 2016 – Premikati,Inc. today announced a strategic partnership with Aon Cornerstone, a business unit of Aon plc (NYSE:AON) that focuses on fostering strategic alliances with minority business enterprises. (MBE), headquartered in Indianapolis, is a WEBNC certified woman- owned firm with extensive experience in the risk mitigation industry. Aon plc is the leading global provider of risk management, risk and reinsurance brokerage, and human resource consulting and outsourcing solutions.
Aon Cornerstone unites the global risk management and human resource solutions of Aon with the local presence and functional knowledge of (MBE) to deliver distinctive value to clients. By leveraging the specialized expertise, broad resources, global network, intellectual capital and best practices of the two firms, this partnership is positioned to deliver strategic, integrated strategies and solutions for managing risk and human resource demands while meeting important diversity and inclusion imperatives in an increasingly complex global environment.
Through a rigorous vetting process, Premikati, Inc. was chosen by Aon Cornerstone as a new addition into their exclusive network of partners seeking to care for existing clients’ needs surrounding diversity and exploring new endeavors that would afford global corporations, Fortune 100 companies, and large public entity clients the opportunity to work with a minority-owned firm, while simultaneously giving them the comfort of Aon’s extensive global network of resources, support and service.
Premikati is a WBENC certified WBE Management Consulting and BPO firm that is specifically tailored to Contract Management and Procurement. We help our clients with all facets of contracting and procurement strategy as well as outsourced Contract Management Services. We employ procurement executives, attorneys, contract management professionals, Six Sigma Black Belts, and certified Change Masters with extensive experience either inside or consulting with the world’s top companies.
For more information on Premikati, Inc., log onto https://www.premikati.com
For more information on Aon Cornerstone, log onto http://www.aon.com/cornerstone
Certified WBE outsourcing firm leverages cloud-based solutions to fuel efficient digital process that delivers savings and compliance
PALO ALTO, Calif., November 16, 2016 – The cloud is where efficient contract management is happening. But many businesses lack the technology and resources to get there. Premikati is out to change this, with some help from SAP Ariba. The business process outsourcing and management consulting firm today announced that it will leverage Ariba® Contract Management Professional™ to drive an efficient, digital process for managing contracts that delivers savings and compliance.
“We have seen clients of all sizes and industries struggle with contract management,” said Marisol Buczynski Buchanan, CEO of Premikati. “Lack of tracking with respect to items such as expiration dates, renewal terms/price increases, service level agreements, notice provisions, and even counter signatures is all too common. With SAP Ariba, we can help them overcome these issues.”
An SAP Ariba BPO partner, Premikati will use SAP Ariba’s technology to perform contract management services not only for large enterprises, but for companies under $500 million in annual revenue. And in doing so, it aims to eliminate many of the barriers that prevent them from pursuing digital strategies such as a lack of resources to implement and manage software. “We can have them up and running in two to three weeks at a very cost-effective price point,” Buchanan said.
Ariba Contract Management Professional is the industry’s leading SaaS solution for contract management. Uniquely designed to eliminate the paper and ink from the creation, execution, and management of any type of contractual agreement, the offering enables companies of all sizes to efficiently:
- Automate and accelerate the entire contract lifecycle
- Standardize and control contract development
- Collaborate with all stakeholders
- Strengthen operational, contractual, and regulatory compliance
“Contracts are the lifeblood of any organization and managing them effectively can deliver strategic advantage,” said David Johnston, Senior Vice President, Partner Ecosystem, SAP Ariba. “With SAP Ariba’s technology and Premikati’s contract management expertise, companies of all sizes can get on the road to automation and drive an efficient process that lowers both their costs and risk.”
To learn more about SAP Ariba’s contract management solutions and the value they can deliver, visit: www.ariba.com. Learn More.
Premikati is a WBENC certified WBE Management Consulting and BPO firm that is specifically tailored to Contract Management and Procurement. Premikati helps its clients with all facets of contracting and procurement strategy as well as outsourced Contract Management Services including the drafting and negotiation of contracts. They employ procurement executives, attorneys, contract management professionals, Six Sigma Black Belts, and certified Change Masters with extensive experience either inside or consulting with the world’s top companies.
About SAP Ariba
SAP® Ariba® is the marketplace for digital business, creating frictionless exchanges between millions of buyers and suppliers across the entire source-to-pay process. Our market-leading solutions enable companies to simplify collaboration with their trading partners, make smarter business decisions and extend their collaborative business processes with an open technology platform. More than two million companies use SAP Ariba solutions to connect and collaborate around nearly one trillion in commerce on an annual basis. To learn more about the company’s offerings and the transformation they are driving, visit www.ariba.com. Learn More.
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable approximately 335,000 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com. Learn More.
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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 turSAP Procurement Softwaren, 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.
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.
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 rest of Premikati site!
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.