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Corporate Social Responsibility (CSR) isn't just a "𝙛𝙚𝙚𝙡 𝙜𝙤𝙤𝙙" action anymore, it's right at the core of any solid business strategy. One key player in successful CSR campaigns? That's supplier diversity. Think of it as an 𝙞𝙣𝙘𝙡𝙪𝙨𝙞𝙫𝙚 𝙖𝙥𝙥𝙧𝙤𝙖𝙘𝙝 𝙩𝙤 𝙗𝙪𝙮𝙞𝙣𝙜 𝙜𝙤𝙤𝙙𝙨 𝙖𝙣𝙙 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 that make sure underrepresented groups are part of the mix. This not only keeps the business sphere lively by broadening the resource base, but it also ignites positive social change and boosts your company's reputation. @Today I'm going to talk more in-depth about how strong supplier diversity programs can really weave social responsibility into every fiber of your business, because at the heart of it, a 𝗗𝗶𝘃𝗲𝗿𝘀𝗲 𝗦𝘂𝗽𝗽𝗹𝘆 𝗖𝗵𝗮𝗶𝗻 𝗶𝘀 𝗮 𝗦𝘁𝗿𝗼𝗻𝗴 𝗦𝘂𝗽𝗽𝗹𝘆 𝗖𝗵𝗮𝗶𝗻.

The seismic shifts caused by the pandemic have left an indelible mark on companies worldwide, offering a compelling case for procurement teams to reassess their indirect spend. As we transition into the new normal, the need to revisit and scrutinize every aspect of procurement, especially the indirect spend categories, has never been more pressing. The burgeoning question remains: Is your organization's procurement strategy attuned to this change in tide?

In the fast-paced world of private equity, companies are under constant pressure to perform and generate returns for their investors. However, even with a strong PE backing, some companies still find themselves struggling financially. This can be due to a multitude of factors such as market conditions, over-extension of M&A and related costs, or unexpected challenges such as high borrowing rates and inflationary times we are in. Whatever the reason may be, one common issue that these struggling PE-backed companies face is a cash flow problem. Without proper cash flow management and improvement strategies in place, these companies risk falling behind their competitors and ultimately failing to meet expectations set by their stakeholders. In this blog post, we will explore various ways in which struggling PE backed companies can improve their cash flow and turn their financial situation around.

Our own #TonerQueen, 🖨️ Heather Fotch 👸 was on Tonkean's Modern Business Operations Podcast, with host Seth Colaner, talking about modern ways to create authenticity in your branding, how to create value within your individual role and within your business unit, and what the best practices are when making new connections - whether you're in #sales, #procurement or another role within your company as these tips can apply to ANYONE.

In today's competitive 🥊 business landscape, companies are constantly looking for ways to gain a strategic advantage and increase their bottom line. While many procurement organizations focus on direct spend categories such as raw materials or production equipment, there is an often overlooked area that can bring significant cost savings and add value to the company - indirect spend. With there being only a few 🗓️ weeks left in 2023 and some org's are currently in the midst of internal performance reviews....🚨 now is the time to start preparing for your Q1 2024 if you haven't already.

In today's competitive business landscape, efficient sourcing and procurement have become critical functions for most companies seeking to optimize their supply chain. However, sourcing is not without its challenges. The cost of raw materials, delivery delays, poor supplier performance, and unpredictable demand can all put a strain on sourcing and procurement activities.

In recent years, environmental, social, and governance (ESG) factors have become increasingly important considerations for investors worldwide. As investors seek to align their portfolios with ethical and sustainable principles, the Uyghur Forced Labor Prevention Act (UFLPA) has emerged as a critical catalyst shaping investor sentiment towards companies implicated in forced labor practices.

In recent times, the issue of forced labor in supply chains has gained significant attention on the global stage. One noteworthy development that highlights the growing concern surrounding this issue is the placement of Chinese company Ninestar on the Uyghur Forced Labor Prevention Act (UFLPA) Enforcement list. This act, which was signed into law to address forced labor concerns in Xinjiang, China, has far-reaching implications for global supply chains and social compliance.

Greenwashing, a term coined in the 1980s, refers to the practice of misleading consumers into believing that a company or product is environmentally friendly or sustainable when it may not be. It involves using marketing and advertising techniques to exaggerate or falsely claim the environmental benefits of a product or company.

As global front-runners - we, American businesses - bear a profound responsibility - no, a duty - to sever ties with nations that endorse forced labor practices, because let's face it....countries, entities, and persons engaging in forced labor practices are also intimately linked to the abhorrent crimes of human trafficking and child exploitation. Our economic prowess should never be wielded as a tool to bolster regimes that perpetuate such gross violations of human rights. Instead, our influence should be channeled towards promoting safe and equitable working conditions worldwide, underscoring our commitment to universal human dignity and freedom.

In the fast-paced and competitive business landscape of today, every relationship indeed counts. Hence, shifting from a traditional transactional supplier model to a more strategic business partner model can yield several significant advantages. This model allows organizations to realize cost savings by leveraging economies of scale, improving overall quality through shared best practices, diversifying your supplier base and reducing risk by ensuring supply chain continuity, and enhancing innovation by fostering a collaborative environment. Businesses, therefore, should place substantial emphasis on forming and nurturing these strategic partnerships ~ transforming mere suppliers into valued business partners.

Last year hit the dental industry hard — right in the bottom line, in fact. Sadly, the trends of increasing labor costs, staffing shortages, and high inflation are still making it difficult for practices to gain traction and keep their bottom lines healthy. Fortunately, one great way to improve your chances of achieving optimal profitability this year comes from applying a simple procurement technique to boost your cash flow — indirect spend management.

When companies experience rapid growth through acquisition, it can be challenging for Procurement teams to keep up. Two such industries that have remained resilient in their M&A strategies in the aftermath the pandemic are healthcare and dental services. There are various types of healthcare organizations (HCO’s), from not-for-profit firms, government healthcare organizations (like the VA), and for-profit healthcare entities - these can all include hospitals, home-based healthcare entities, urgent care facilities and nursing homes, etc. Dental Services Organizations (DSO’s) on the other hand, are companies that acquire dental practices and take over their operations, marketing, and administration of the clinic offices (think Sonrava Heath and Heartland Dental). Typically, the for-profit HCO’s and DSO’s grow their businesses through mergers and acquisitions.

Healthcare providers, including dentists, have seen a lot of changes in both patient care and business practices develop over the past few years, as post-pandemic disruptions continue to shine a light on changing societal values and norms. In response to these trends, many providers are showing an increased focus on environmental, social, and governance #ESG policies in an effort to help strengthen their practices and provide a higher, more conscientious level of patient care.

Ethics have always been important to the #dental industry. In fact, research shows that 69% of people choose dental practices that are members of the American Dental Association (ADA) — an organization that promotes a strong ethical code. And, with a growing number of consumers choosing companies that put emphasis on #supplierdiversity strategies, #dentists are finding new ways to combine ethics with ways to improve care and make the world a better place.

Are printer companies like HP trying to protect your device, or are they just extorting more money from you, or getting their consumers to buy-in to their Wolf Pro Security through coercion?

Remanufactured printer cartridges are an excellent way for companies to become more sustainable and meet their Scope 3 #ESG goals. By using remanufactured printer cartridges, companies can reduce their environmental impact while still getting the same quality of print output — or better. Furthermore, these remanufactured cartridges also cost significantly less than new ones, which makes them an attractive option for businesses looking to save money.

Most businesses are aware of the need for more #supplierdiversity and for strong environmental, social, and governance #ESG strategies to be put in place for the success of their business — and the global economy. But what about the deep benefits a supplier diversity program can bring to your business, the micro advantages that help companies realize true growth and profitability?