Author Archives: Kristalyn Mumaw

Atlanta Consulting Firm Named Best Place to Work for 11th Straight Year

Atlanta-based procurement consulting firm named a top workplace for the eleventh consecutive year

ATLANTA, Georgia – September 10, 2018 – The leading procurement advisory firm, Insight Sourcing Group, continues its legacy of being one of Atlanta’s top workplaces, earning a top spot on the Atlanta Business Chronicle’s 2018 list of Best Places to Work.  The list highlights the top 100 companies who have invested as much in their employees’ well-being as they have in their company offerings.  Insight Sourcing Group was named the #2 medium sized employer, marking its eleventh consecutive year on the list.

The Insight Sourcing Group team at the Best Places to Work awards ceremony. The firm was named the #2 Best Place to Work in Atlanta.

“It’s a huge honor to once again be named a top workplace in Atlanta,” said Brent Eiland, President of Insight Sourcing Group. “This is a testament to our incredible team and the culture we’ve built together. Our culture not only reflects what we do, it defines who we are and what our values represent.”

Each year, the Atlanta Business Chronicle teams up with Omaha-based Quantum Workplace to find the metro area’s superior employers. Earlier this spring, Insight Sourcing Group and other metro Atlanta employers were nominated by the Chronicle’s readers, and then Quantum surveyed their workers during June and July to find those organizations where employees are the most engaged. Quantum ranked the top employers in four categories: the top 10 among extra-large employers (500 employees and up), the top 20 among large employers (100 to 499 employees), the top 20 among medium-sized employers (50 to 99 employees), and the top 50 among small employers (10 to 49 employees).

Other distinguished awards for the firm recently include its eleventh straight year on the Inc. 5000 list of fastest-growing private companies; #3 on the AJC’s Top Workplaces list; being named the #1 most innovative consulting firm in the country by Vault.com, and two prestigious SIIA CODiE awards for best data visualization technology and best big data analytics solution for its SaaS-based spend analytics platform, SpendHQ.

To view the full list of Atlanta’s Best Places to Work in 2018, click here.

About Insight Sourcing Group
Insight Sourcing Group is the largest boutique consulting firm in North America focused exclusively on Strategic Sourcing and procurement-related services. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client results, its entrepreneurial and innovative approach to the space, and for its ability to consistently deliver strong outcomes. The firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients of all sizes and over 50 Private Equity firms.  Learn more at www.insightsourcing.com.

Insight Sourcing Group Named a Top Boutique Firm for Fifth Straight Year

Atlanta-based procurement consulting firm ranked the #2 Best Boutique Firm by Vault.com

ATLANTA, Georgia — August 27, 2018 — Insight Sourcing Group announces today that it has been ranked the #2 Best Boutique Consulting Firm by Vault.com, its fifth straight year within the top 3.  The Best Boutique Firms sub-ranking is part of Vault’s 2019 Consulting Top 50 listing of the country’s best firms to work for.  Insight Sourcing Group previously ranked #1 in 2015, 2016, and 2018.

Insight Sourcing Group also ranked highly for firms with the greatest work / life balance (#2), overall employee satisfaction (#4), and the best firms for innovation (#4), putting it ahead of some of the largest and most respected consulting firms in the U.S.  And for the first time in its history with Vault, Insight Sourcing Group made the 2019 Best Firms for Diversity list, demonstrating its commitment to creating a work environment that is inclusive for all.

“It is an honor to be recognized as a top consulting firm by Vault once again,” said Brent Eiland, President of Insight Sourcing Group. “We take great pride in our firm, our culture, our team, and the quality of the work we deliver in support of our clients. Our amazing team members continue to make this a special place to work and help us in our ongoing effort to never settle or become satisfied with past accomplishments. We strive for constant improvement in all facets of our business, and our inclusion this year in new areas, like diversity, prove that we are continuing to get better together.”

The Vault Consulting 50 rankings are based on scores from almost 17,000 consulting firm employees surveyed earlier this year, who were asked to rate firms on a scale of 1 to 10 based on a variety of factors that include prestige, firm culture, compensation, work/life balances, the outlook for the firm, and overall satisfaction.

To view the full Vault Consulting Top 50, click here.

About Insight Sourcing Group
Insight Sourcing Group is the largest boutique consulting firm in North America focused exclusively on Strategic Sourcing and procurement-related services. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client results, its entrepreneurial and innovative approach to the space, and for its ability to consistently deliver strong outcomes. The firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients of all sizes and over 50 Private Equity firms.  Learn more at www.insightsourcing.com.

About Vault
Vault.com provides in-depth intelligence on what it’s really like to work within an industry, company, or profession—and how to position yourself to launch and build the career you want.  Vault is best known for its influential rankings, ratings, and reviews on thousands of top employers and hundreds of internship programs.  The data used to compile these rankings and reviews are collected and verified through directed surveys of active employees and enrolled students.  Vault also welcomes employees and students unable to participate in directed surveys to submit online reviews on their experiences, salaries, interviews, and more.   Vault’s rankings and ratings are regularly featured and cited by the New York Times, the Wall Street Journal, Bloomberg BusinessWeek, Forbes, Fortune, Money, and countless other news outlets. Learn more at www.Vault.com.

Insight Sourcing Group Makes Inc. 5000 for Eleventh Straight Year

Atlanta-based consulting firm among elite group to rank 11 times on Inc’s annual list of fastest growing private companies.

ATLANTA, Georgia — August 15, 2018 — In 2017, Insight Sourcing Group joined the Inc. 5000’s “10x Club,” the elite group of companies that have ranked for ten consecutive years.  Today, the Atlanta-based procurement consulting firm announces that it has been recognized as one of America’s fastest-growing private companies for the eleventh year in a row, reaching a milestone that only a small number of Inc. 5000 honorees reach.

“Of the tens of thousands of companies that have applied to the Inc. 5000 over the years, only a fraction have made the list more than once,” said James Ledbetter, Editor-in-Chief of Inc. Media. “A mere half a percent have made the list 11 times.”

Insight Sourcing Group ranked #3,746 on this year’s list, having posted a three-year sales growth of 98% and adding 45 jobs during the same period.  Outside of the firm’s core business of strategic sourcing and procurement consulting, its various business units continue to contribute to the company’s rapid growth: its SaaS-based spend visibility division, SpendHQ, experienced 42% growth in the first half of 2018 and is used by over 250 clients worldwide; its energy consulting division, ISG Enterprise Energy Solutions, has performed over 450 energy cost reduction projects for clients (including several Fortune 200 companies); and InsightGPO has grown to almost 1,000 members that are now leveraging the firm’s indirect group purchasing programs to achieve rapid, quick-hit savings.

“It is a great feeling to make the Inc. 5000 for the 11th year in a row, and I remember the excitement of making the list for the very first time when our firm placed at #226,” says Tom Beaty, CEO and founder of Insight Sourcing Group.  “Eleven years later, our continued success is a tribute to the extraordinary team we have built and the great results we continue to deliver for our clients.”

To view the complete list of 2018 Inc. 5000 winners, click here.

About Insight Sourcing Group
Insight Sourcing Group is the largest boutique consulting firm in North America focused exclusively on Strategic Sourcing and procurement-related services. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client results, its entrepreneurial and innovative approach to the space, and for its ability to consistently deliver strong outcomes. The firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients of all sizes and over 50 Private Equity firms.  Learn more at www.insightsourcing.com.

About Inc. Media
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders. Winner of the National Magazine Award for General Excellence in both 2014 and 2012. Total monthly audience reach for the brand has grown significantly from 2,000,000 in 2010 to over 15,000,000 today. For more information, visit www.inc.com.

Local Park Revived by Insight Sourcing Group & Park Pride

Atlanta-based consulting firm holds first company-wide community service event by cleaning up a local park

 

ATLANTA, Georgia — August 6, 2018 — As part of Insight Sourcing Group’s continued commitment to giving back to its community, the firm kicked off its first company-wide volunteer event in partnership with Atlanta-based Park Pride, a nonprofit organization that engages communities in their neighborhood parks through volunteer projects, community gardens, community-led park redesigns and by providing grants for capital park improvements.

“A park without people is just a greenspace,” says John Ahern, Volunteer Manager at Park Pride.  “So by creating a cleaner, safer and more accessible park, more neighbors will feel welcomed and encouraged to come out and play together, further developing pride in the neighborhood and bonds in the community. ”

On Friday, August 3rd, over 100 ISG employees met at Montreal Park (located in nearby Tucker, Georgia) to execute a number of projects intended to make the park cleaner, safer, and more accessible for local families.  Some of the projects included rebuilding picnic tables and benches, mulching trees and entrance areas, and limbing trees and clearing overgrown vegetation to provide better and safer lines of sight into the park.

The Montreal Park project is the most recent example of the passion Insight Sourcing Group employees have for investing their time to make a difference within the community.  Earlier this year, the firm held a canned food drive and volunteered at the Atlanta Community Food Bank where they packed over 17,000 pounds of food for senior citizens.  Last fall, employees spent the afternoon on the Veterans Empowerment Organization‘s campus landscaping and planting flowers for senior residents.

“This was a great reminder that it’s not always about the business, and you have to give back,” said Tom Beaty, founder and CEO of Insight Sourcing Group.  “Our team put an extraordinary amount of effort into the day and we’re excited to see the impact it’s going to have on this neighborhood.”

 

About Insight Sourcing Group

Insight Sourcing Group is the largest boutique consulting firm in North America focused exclusively on Strategic Sourcing and procurement-related services. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client results, its entrepreneurial and innovative approach to the space, and for its ability to consistently deliver strong outcomes. The firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients of all sizes and over 50 Private Equity firms.  Learn more at www.insightsourcing.com.

About Park Pride

Founded in 1989, Park Pride is the Atlanta-based nonprofit that engages communities to activate the power of parks. Working with over 110 local Friends of the Park groups, Park Pride provides leadership and services to help communities realize their dreams for neighborhood parks that support healthy people, strong neighborhoods, vibrant business districts, a robust economy and a healthy environment. Park Pride is active in greenspace advocacy and educating both civic leaders and the public about the benefits of parks, and annually hosts the Parks and Greenspace Conference. Learn more about Park Pride at parkpride.org.

Forbes Names ISG a Top Consulting Firm for 3rd Straight Year

Atlanta-based Procurement & Strategic Sourcing Firm Listed as One of America’s Best Management Consulting Firms for 3rd Straight Year

 

ATLANTA, Georgia — April 24, 2018 — For the third straight year, Insight Sourcing Group has been ranked on Forbes’ list of America’s Best Management Consulting Firms for 2018.

Clients ranked Insight Sourcing Group high in several functional areas and industry sectors including:

    • Chemicals & Pharmaceuticals
    • Consumer Goods & Retail
    • IT, Technology, & Telecommunications
    • Operations
    • Other Industrial Goods
    • Supply Chain Management
    • Travel, Transport & Logistics

To create the list, Statista surveyed 7,500 partners and executives of management consultancies, as well as 1,000 senior executives who had worked with such firms over the last four years. Respondents were asked to recommend consultancies across the predetermined sectors and functional areas; self-nominations were not considered. Statista then identified the firms with the highest number of recommendations and organized them into star ratings: five stars for “very frequently recommended,” four stars for “frequently recommended” and three stars for “recommended.” A total of 229 management consulting firms made the final ranking.

To view the complete list of America’s Best Management Consulting Firms for 2018, click here.

About Insight Sourcing Group

Insight Sourcing Group is the largest boutique consulting firm in North America focused exclusively on Strategic Sourcing and procurement-related services. The firm has developed a reputation for the collegiality and high caliber of our team, our tremendous focus on client results, our entrepreneurial and innovative approach to the space, and for our ability to consistently deliver strong outcomes.

Founded in 2002, the firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients of all sizes and over 50 Private Equity firms.

Typical client results include 20% average savings per indirect spend category, 5 – 15% for direct spend categories, 400 – 600% first-year return on investment, and project payback periods measured in months.

Inc. magazine has ranked Insight Sourcing Group among the fastest-growing private companies in America every year since 2008, making it one of the few firms to be listed 9 years in a row as of 2016. Insight Sourcing Group was also recently named the #1 Boutique Consulting Firm To Work For in the US in 2016 by Vault.

Office Equipment Market Update – March 2018

Fujifilm Plans to Acquire Xerox

Fujifilm has announced plans to acquire Xerox in an effort to create a new combined Fuji Xerox company. The deal comes after declining revenue resulting from reduced demand for copiers and printers at Xerox and pressure from shareholders to improve performance and / or change leadership. As a part of the deal, Fujifilm has announced that it plans to lay off 10,000 Fuji Xerox workers. While many expect the deal to go through, there is still some pushback from investors.

While the Xerox acquisition by Fujifilm is still unfolding, the events reflect uncertainty around how to adapt to declining sales from Xerox, who in 2017 split its business process outsourcing operations from its core business in a similar effort to improve profitability. The Office Equipment industry as a whole is certainly undergoing change as suppliers adapt to declining hardware sales and are attempting to refocus their business strategies. With the change and uncertainty in the industry, Insight Sourcing Group is continuing to monitor the market and ensure that our 800+ Office Equipment GPO members are receiving best-in-class value and service. The Xerox acquisition is unlikely to be the last shake-up in the industry and, instead of having to monitor the daily news for activity, InsightGPO members can be assured that our team is constantly looking to make sure that members have as much stability as possible.

Office Supplies Market Update

Office Supplies Market Update – March 2018

 
Following the failed merger of Staples and Office Depot in mid-2016, both office supplies chains are being forced to find ways to forge new paths in an increasingly competitive landscape with pressures from many sides, including the digitization of office environments and the proliferation of e-commerce sites like Amazon.

With office supplies spend decreasing across the breadth of their customer bases, retail stores declining in sales year-over-year, and the sell-off last year of both organizations’ international business units, each organization believed that major changes were necessary to remain competitive in an increasingly competitive landscape.  In late 2017, both companies have signaled their responses to these pressures and taken steps toward major market-shifting strategies that demonstrate how they may plan to face the future.

Office Depot / CompuCom Merger
In late 2017, Office Depot acquired technology services provider CompuCom for $1 billion. Traditionally, office supplies companies have viewed themselves as one-stop shops for office spaces.  However, this concept focused primarily in highly-commoditized areas, like paper/printer supplies/filing, etc.   As businesses have become increasingly diverse and broad, their operating needs have expanded outside of traditional office products, and price pressures in these areas have forced traditional office suppliers to look outside of standard products for growth. Office Depot believes that, in the long term, businesses and consumers alike will need technology support on a more frequent basis.

In this sense, Office Depot’s purchase of CompuCom serves as a way to both increase their product offering outside of traditional office products and serve the continually digitizing nature of businesses today. Furthermore, in creating a dependency by clients through their IT products/services, Office Depot could see less attrition of accounts on the product side (office supplies, facilities supplies, furniture, etc.) to competitors with an exclusive product focus.  This strategy for broadening its lines of business through the lens of technology exists in competition with Staples’ strategy of expanding its touch points with its customers through broadened product offerings alone. Only time will tell which strategy offers the best path forward but expect Office Depot and Staples to try to find more touchpoints to latch onto within their customers’ spend stacks.

Sycamore Partners Acquires Staples
Announced in mid-2017 and finalized in late 2017, Staples was acquired by the private equity firm Sycamore Partners for $6.9 billion. Sycamore Partners, a private equity firm that still believes in the power of the retail store, has holdings in Belk, Dollar Tree, Hot Topic, and Talbots among others. As its largest buyout to date, Sycamore Partners is betting big on Staples and its retail presence.

In a quickly changing office supplies market with only two large players, it is yet to be seen how Sycamore Partners plans to alter Staple’s sales strategy and product offering. Although this acquisition has generally been reported on in a positive light, Staples did have to take on over $4 billion in debt to finance this transaction. How Staples handles this new debt and the strategy shifts brought about by Sycamore’s leadership will prove to be important points to monitor in the coming months.

InsightGPO will continue to monitor how these changes affect business-to-business sales, group purchasing strategies, and the overall competitiveness of the office supplies industry. As new opportunities arise from these companies broadening their value propositions, InsightGPO will be evaluating how to incorporate these new offerings into the existing InsightGPO office supplies program and, ultimately, drive value for our clients.  Please reach out to us if you have any questions, and we will continue to keep you updated on this ever-changing market.

 

Insight Sourcing Group Named Top 5 Workplace for 2018 by AJC

Atlanta-based procurement consulting firm named one of Atlanta’s Top Workplaces for 2018 by the Atlanta Journal-Constitution

ATLANTA, Georgia — February 28, 2018 — Insight Sourcing Group, the leading consulting firm focused on strategic sourcing and procurement-related services, is proud to announce that it has been named one of the best places to work in Atlanta in the 2018 Top Workplaces awards conducted by the Atlanta Journal-Constitution. The firm—recently named the #1 Best Boutique Consulting Firm to Work For and the #1 Most Innovative Consulting Firm in the country by Vault.com—ranked at #3 on the list of companies with less than 150 people.  2018 marks the fourth consecutive year Insight Sourcing Group has ranked within the top 5.

“It’s a huge honor to once again be named a top workplace in Atlanta,” said Brent Eiland, President of Insight Sourcing Group. “This is a testament to our incredible team and the culture we’ve built together. Our culture not only reflects what we do, it defines who we are and what our values represent.”

Being named a top workplace once again is a testament to our incredible team and the culture we’ve built together.

More than 2,300 companies were nominated or requested to participate in the 2018 Top Workplaces contest, but only the top 150 of those enterprises could be included.  Employees across metro Atlanta responded to print and online solicitations that began appearing in September.  To determine the top places to work, Energage −a Philadelphia-based human resources consulting company − surveyed 256 metro area companies.  Throughout those companies, more than 55,000 employees participated, helping to whittle down the list of the top 150 workplaces, 25 large companies (500 or more employees), 50 midsize companies (150-499 employees) and 75 small companies (149 or fewer employees).

To view the complete list of Atlanta’s Top Workplaces for 2018, click here.

About Insight Sourcing Group

Insight Sourcing Group is considered one of the premier management consulting firms focused exclusively on Strategic Sourcing and procurement-related services in North America.

Founded in 2002, the firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients and over 50 private equity firms. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client-results, and for its ability to consistently deliver strong outcomes.

Typical client results include 20% average savings per indirect spend category, 5-15% for direct spend categories, 400 – 600% first-year return on investment, and project payback periods of less than 90 days.

Two Insight Sourcing Group Leaders Recognized as 2018 Pros to Know

Supply & Demand Chain Executive announces its listing of the 2018 Pros to Know in the supply chain

ATLANTA, Georgia — February, 23, 2018 — Insight Sourcing Group is proud to announce that two members of its senior leadership team have been named to the 2018 Pros to Know list from Supply & Demand Chain Executive magazine: Doug Van Wingerden, who leads the firm’s Procurement Transformation practice, and Jake Wojcik, who leads business development as well as the firm’s Private Equity Procurement practice.  Both leaders were chosen for their resolve in helping clients achieve procurement and supply chain excellence.

Doug Van Wingerden has been listed on the 2018 Pros to Know

Doug Van Wingerden

Jake Wojcik has been listed on the 2018 Pros to Know

Jake Wojcik

“Insight Sourcing Group is one of the fastest growing consulting firms in the country and it is largely due to our outstanding team and unique culture,” said Tom Beaty, founder and CEO.  “Our management team is not only highly skilled, they are incredibly committed to helping our clients achieve outstanding results. It is exciting for me personally to see our team honored and recognized on an individual basis.”

Not only are they highly skilled, they are also incredibly commited to helping our clients achieve outstanding results.

The Pros to Know Awards recognize supply chain executives that are leading initiatives to help prepare their companies’ supply chains for the significant challenges of today’s business climate.  This year’s list includes more than 200 individuals from software firms and service providers, consultancies or academia, who helped their supply chain clients or the supply chain community at large prepare to meet these challenges—and more than 30 Practitioner Pros, who do the same within their own companies.

“Supply & Demand Chain Executive congratulates the 2018 Supply & Demand Chain Executive Pros to Know recipients.  The Pros to Know is a listing of exceptional corporate executives  who are leading initiatives to help prepare their companies’ supply chains for the significant challenges in the year ahead,” says John Yuva, editor of Supply & Demand Chain Executive. “ This year’s recipients embody the commitment to transformative supply chain tools and processes, earning these individuals a rightful place in this year’s Pros to Know listing.”

For the complete list of the 2018 Pros to Know, click here.

About Insight Sourcing Group

Insight Sourcing Group is considered one of the premier management consulting firms focused exclusively on Strategic Sourcing and procurement-related services in North America.

Founded in 2002, the firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients and over 50 private equity firms. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client-results, and for its ability to consistently deliver strong outcomes.

Typical client results include 20% average savings per indirect spend category, 5-15% for direct spend categories, 400 – 600% first-year return on investment, and project payback periods of less than 90 days.

[BLOG] The Dangers of Insufficient Rigor & Discipline in Procurement

Four key procurement mistakes following a recent natural disaster that highlight risks for all organizations

by Morgan Doty, Manager at Insight Sourcing Group

Most executives whom Insight Sourcing Group works with would agree that savings is at or near the top of the list when it comes to reasons to invest in running rigorous and disciplined sourcing processes (both internally and supported by third parties).  While other factors such as service issues, updated requirements, and company growth are also frequent reasons that companies conduct sourcing events, many executives do not consider the alternative question, “What is the risk if we DO NOT run a formal sourcing process?”

A recent controversy around the award of a $300MM contract to a two-person Montana company to rebuild much of Puerto Rico’s power grid following Hurricane Maria is a great example of what can go wrong in the absence of a formal and competitive process.  That contract has now been canceled after public outcry, but many issues with the deal are common when companies go outside the standard process.

Here are four sourcing mistakes that were made in the Puerto Rico power grid bid mentioned above that we see companies routinely make:

  1. Not fully vetting suppliers.  The Puerto Rico Electrical Power Authority (Prepa) said that based on the website of the awarded supplier, they were comfortable that the supplier had the experience necessary to do the work.  Missing from that website was the fact that the supplier had only two employees.  Whenever relying on a vendor’s sales materials, pitch, or website, companies allow the vendor to control the conversation and present the information that puts them in the best light.  A formal sourcing process should dictate a common set of information needed from all participants and be tailored to the needs of the company.
     
  2. Lack of socialization.  Once news broke of the $300MM contract award, many relevant parties like FEMA and Congress appeared to be caught off guard, and attacked the deal.  Ultimately the pressure from these and other important groups caused the deal to be called off.  During a sourcing process, it is also important to socialize the process with relevant stakeholders across the organization and ensure that the right people are informed about—and have a chance to participate in—the decision-making process.  This will help give credibility to the resulting decision and create buy-in from the decision-makers to do everything possible to make the chosen vendor(s) successful.
     
  3. Not understanding pricing competitiveness.  Some reports suggest that FEMA was unable to confirm whether or not the prices listed in the agreement were reasonable.  Relying on a supplier to define what is appropriate when it comes to pricing will almost always lead to higher-than-necessary prices.  Competitive pricing from other suppliers based on the same scope and requirements is critical to understanding whether a fair proposal is being offered.  Even if you do manage to achieve appropriate pricing without competitive pressure, how will you be able to defend that pricing when challenged if you do not have competitive market information?
     
  4. Overreliance on relationships.  Many questions about the Puerto Rico deal revolve around the relationship that one of the owners of the selected vendor has with the Interior Secretary, whose son also worked a summer job at one of that vendor’s construction sites.  Although to date no influence has been proven, the lack of a formal process makes it more difficult to dispute those allegations.  Making vendor selections based on relationships at any level can open both organizations and individuals up to questions and potential negative repercussions if someone feels that a fair process was not conducted and/or alternatives were not explored.  Understandably, relationships between vendors and customers are developed that are not negative. However, vendors should be required to demonstrate that they are operating in their customers’ best interests and that they are the right choice for the products or services that they are providing.  Failure to conduct this level of due diligence opens the door to individuals prioritizing relationships over their employers’ best interests (and potential outside criticism) even if the partnership is, otherwise, above board.
     

Even though no wrongdoing has been proven, the lack of transparency and lack of evidence of a formalized sourcing process ultimately led to criticism that caused the Puerto Rican agreement to be canceled.  While it is unknown whether the initial contract was best for the Puerto Rico Electrical Power Authority, those managing the process were unable to defend it against critics, which ultimately doomed the resulting vendor relationship.

We see similar issues with countless client organizations.  When rigor and discipline are absent, companies tend to put in place bad agreements that hurt them.  Even in situations where resulting agreements may not be an issue, stakeholders are unable to defend their work against any critics as there is little evidence that they can point to in order to justify their resulting outcomes.  In extreme cases, the problems mentioned here and exhibited in the Puerto Rican example help create an environment that can lead to corruption and monumental negative financial and legal implications for organizations.

Is your organization minimizing its risk by making vendor decisions in line with best practices?

If you are unsure, reach out to us.  We’d be happy to chat.

CONTACT US

Upcoming Webinar with Ardent Partners

Upcoming webinar lays out guidelines for optimal solution selection of spend analysis tools

 

A recent study by Ardent Partners found that 39% of companies fail to link the output of their spend analysis efforts to their strategic sourcing processes, which leaves significant savings on the table.

Join us on Tuesday, November 14th at 2pm EST when Insight Sourcing Group’s spend visibility business unit, SpendHQ, cohosts the webinar, “How to Navigate Your Spend Analysis Journey: Guideposts for Optimal Solution Selection,” where you’ll learn:

  • Strategies and processes that Best-in-Class procurement teams employ to complete a successful spend analysis journey
  • Benchmarks and insights to make smart decisions for your organization
  • Recommendations on how to evaluate spend analysis platforms on the market
  • Free spend analysis research brief by Ardent Partners
  • Access to Q&A with webinar speakers

How to Navigate Your Spend Analysis Journey:
Guideposts for Optimal Solution Selection

Tuesday, November 14, 2017 | 2:00 PM EST

REGISTER HERE

SPEAKERS:

David Bush, Chief Revenue Officer, SpendHQ

David has over 17 years of technology experience in the sourcing and procurement SaaS industry. He is consistently recognized as a leader in procurement technology and high growth SaaS companies. Prior to SpendHQ, David served as the Chief Revenue Officer for Determine (formally Iasta), an enterprise Source-to-Pay suite solution where he successfully led the growth transformation and turn around.

Andrew Bartolini, Chief Research Officer, Ardent Partners

Andrew is a globally recognized expert in sourcing, procurement, accounts payable, and supply management. At Ardent Partners, Andrew focuses his research and efforts on helping enterprises develop and execute strategies to achieve operational excellence within their procurement and finance departments. Andrew is also the publisher of CPO Rising, the first independent media site written for and about Chief Procurement Officers and other procurement executives.

Insight Sourcing Group Named a Top 2017 Firm by Consulting Magazine

Consulting Magazine Ranks Insight Sourcing Group the #7 Firm on its Best Small Firms to Work For List

 

ATLANTA, Georgia — September 19, 2017 — Insight Sourcing Group is pleased to announce that it has once again been ranked as one of the Best Small Firms to Work For by Consulting Magazine.  The boutique Atlanta-based firm came in at #7 on the overall 2017 Best Small Firms list, and was ranked in the top 10 for the following sub-categories:

  • Work / Life Balance
  • Compensation & Benefits
  • Client Engagement
  • Firm Leadership

“This award provides tremendous validation of our focus on and investments in our culture and is a great opportunity to celebrate with our team,” says Tom Beaty, CEO and founder of Insight Sourcing Group.  “We’ve created a place where incredibly bright and highly motivated people are able to work together to be the absolute best in our niche.  It is a unique environment where highly competitive people have chosen to check their egos at the door and be highly collaborative in the pursuit of excellence.”

best consulting firms to work for

Each year, Consulting Magazine endeavors to identify “The Best” in a variety of areas important to the profession and its practitioners. Through extensive surveys and interviews with consultants, the publication’s editors obtain a unique view of the latest and greatest trends shaping consulting. 2017 marks the tenth year that Consulting has ranked the Best Small Firms to Work For. Rankings were determined on the basis of an exclusive online survey. More than 12,000 consultants representing more than 400 firms participated in this year’s survey.

To read the full article above from the September 2017 issue of Consulting, click here.

About Insight Sourcing Group

Insight Sourcing Group is considered one of the premier management consulting firms focused exclusively on Strategic Sourcing and procurement-related services in North America.

Founded in 2002, the firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients and over 50 private equity firms. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client-results, and for its ability to consistently deliver strong outcomes.

Typical client results include 20% average savings per indirect spend category, 5-15% for direct spend categories, 400 – 600% first-year return on investment, and project payback periods of less than 90 days.

Insight Sourcing Group Named #1 Best Place to Work in Atlanta

Atlanta Business Chronicle Names Boutique Consulting Firm the #1 Best Place to Work in 2017

 

ATLANTA, Georgia – September 7, 2017 – For its tenth consecutive year of making the Atlanta Business Chronicle‘s list of Best Places to Work, Insight Sourcing Group is pleased to announce that it has been named the #1 Best Place to Work in Atlanta among medium-sized companies (companies with 50 to 99 employees).

“It is a tremendous honor to be named the #1 Best Place to Work in Atlanta for our size category. We believe that attracting and retaining great people is the key to delivering great results for clients and is at the heart of our differentiation. This award offers great validation,” said Tom Beaty, founder and CEO.

“When I founded Insight Sourcing Group in 2002 out of my basement, I wanted to build a unique firm that focused first and foremost on client results,” Beaty continued.  “I also wanted to create a truly extraordinary place to work for our team and to be the premiere firm in the country in our niche, procurement consulting. Given my only employee at the time was my dog, this was somewhat audacious and it is only because of the incredibly talented people who joined me in this quest that we have been able to make it happen. It is humbling and immensely fulfilling to lead such a great team. I am thankful for the opportunity.”

insight sourcing group named #1 best place to work in atlanta

Each year, the Atlanta Business Chronicle teams up with Quantum Workplaces and asks readers to nominate workplaces they feel are superior employers.  Quantum surveys employees at participating companies during the summer and then ranks the top 100 employers in four categories: the top 10 among extra-large employers (500 employees and up), the top 20 among large employers (100 to 499 employees), the top 20 among medium employers (50 to 99 employees), and the top 50 among small employers (10 to 49 employees).

To see the full list of Best Places to Work, click here.

About Insight Sourcing Group

Insight Sourcing Group is considered one of the premier management consulting firms focused exclusively on Strategic Sourcing and procurement-related services in North America.

Founded in 2002, the firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients and over 50 private equity firms. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client-results, and for its ability to consistently deliver strong outcomes.

Typical client results include 20% average savings per indirect spend category, 5-15% for direct spend categories, 400 – 600% first-year return on investment, and project payback periods of less than 90 days.

Vault Ranks Insight Sourcing Group #1 Boutique Consulting Firm

Atlanta Consulting Firm Ranks #1 for Innovation, Firm Leadership, Business Outlook, & Overall Satisfaction

 

ATLANTA, Georgia – August 22, 2017 – For the third time in four years, Insight Sourcing Group has been named the #1 Boutique Consulting Firm to Work For in the Vault Consulting Top 50 for 2018—an annual ranking of the best consulting firms to work for.  Insight Sourcing Group previously held the #1 Boutique ranking in 2015 (the year the ranking was created) and in 2016.

The firm made across the board improvements, moving up four spots to #13 on the Overall Top 50 list;  regaining the #1 Boutique ranking; and rising in every single sub-category.  Of all consulting firms of any size, Vault ranked Insight Sourcing Group as #1 in the following categories:

  • Innovation
  • Firm Leadership
  • Overall Business Outlook
  • Relationship with Supervisors
  • Overall Satisfaction

The firm also ranks top 3 for Vacation Policy, Work / Life Balance, Firm Culture, Hours in the Office, Promotion Policy, and Travel Requirements.

“Insight Sourcing Group has been on our radar for a number of years—not least because it occupies a niche in the industry that is both growing and yet somehow underserved by the largest firms in the industry,” says Vault’s editorial team on the website. “In the course of watching the firm, it has gone from strength to strength in terms of its business performance and—more pertinent to our concerns—as an employer. It was no surprise at all, then, when the firm emerged at the top of our boutique ranking again this year: it’s been trending that way for some time, proving that the accolade is no fluke.”

“Being ranked as the #1 Boutique Consulting Firm provides tremendous validation of our focus on and investments in our culture,” said Tom Beaty, founder and CEO.  “The award is great for recruiting and provides visibility for our firm to people who might not know about us otherwise.  Our clients like working with enthusiastic consultants who are liberated from internal politics to focus exclusively on their needs.”

For the full listing of Vault’s 2018 Consulting Top 50, click here.

 

About Insight Sourcing Group

Insight Sourcing Group is considered one of the premier management consulting firms focused exclusively on Strategic Sourcing and procurement-related services in North America.

Founded in 2002, the firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients and over 50 private equity firms. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client-results, and for its ability to consistently deliver strong outcomes.

Typical client results include 20% average savings per indirect spend category, 5-15% for direct spend categories, 400 – 600% first-year return on investment, and project payback periods of less than 90 days.

Insight Sourcing Group Joins the Elite Inc. 5000 “10x Club”

Atlanta-based Boutique Consulting Firm Makes the Inc. 5000 List for 10th Consecutive Year

 

ATLANTA, Georgia – August 16, 2017 – For the tenth consecutive year, Insight Sourcing Group has been ranked on the Inc. 5000, the prestigious annual ranking of the nation’s fastest-growing private companies. The Inc. 5000 list represents a unique look at the most successful companies within the American economy’s most dynamic segment: its independent small businesses. 2017 marks a milestone for Insight Sourcing Group who now joins the “10x Club,” a honor that fewer than half of one percent of Inc. 5000 honorees ever achieve.

“As the company founder, making the elite ‘10x Club’ is truly an honor and point of pride for me personally,” said Tom Beaty, founder and CEO of Insight Sourcing Group. “We have a belief called ‘Intelligent Growth’ whereby we strive for growth but only to the extent that we can maintain our outstanding client results, our culture, and our financial performance. Being ranked on the Inc. 5000 for the tenth straight year is affirmation that we’re achieving all three goals.”

Insight Sourcing Group jumped 220 spots on this year’s list, having posted a three-year sales growth of 83% and adding over 50 jobs during the same period. The firms organic growth can be attributed to a series of bold strategic decisions. In 2012, the firm spun its proprietary spend visibility solution—at the time used internally for client spend analysis—into a standalone, SaaS-based business unit called SpendHQ (now used by over 150 companies including one of the 10 largest companies in the world as well as one of the top 10 private equity firms in the world). In 2014, the firm established its Enterprise Energy Solutions division, which helps clients reduce both their energy costs and demand. And in 2017, it rebranded its group purchasing division as InsightGPO, which now has over 500 members across multiple indirect category programs.

“The Inc. 5000 list stands out where it really counts,” says Editor-in-Chief and Inc. President Eric Schurenberg. “It honors real achievement by a founder or a team of them. No one makes the Inc. 5000 without building something great — usually from scratch. That’s one of the hardest things to do in business, as every company founder knows.”

For the full 2017 Inc. 5000 List of Fastest-Growing Private Companies, click here.

About Insight Sourcing Group

Insight Sourcing Group is considered one of the premier management consulting firms focused exclusively on Strategic Sourcing and procurement-related services in North America.

Founded in 2002, the firm works with senior executives and procurement leaders to accelerate Strategic Sourcing savings, increase Spend Visibility, provide category intelligence, and implement procurement best practices. Insight Sourcing Group has worked with hundreds of corporate clients and over 50 private equity firms. The firm has developed a reputation for the collegiality and high caliber of its team, its tremendous focus on client-results, and for its ability to consistently deliver strong outcomes.

Typical client results include 20% average savings per indirect spend category, 5-15% for direct spend categories, 400 – 600% first-year return on investment, and project payback periods of less than 90 days.