Chicago, IL (PRWEB) May 31, 2013
Prime Advantage, the leading buying consortium for midsized manufacturers, hosted more than 250 senior operations, procurement and sales professionals at its 31st Conference in Glendale, AZ to “Innovate, Collaborate, and Celebrate”. Jay Rogers, co-founder and CEO of Local Motors, kicked off the innovation and collaboration theme in a keynote that highlighted the benefits of crowdsourcing -- the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people. Engineers, enthusiasts, designers, hobbyists, and customers all collaborate to build an ecosystem capable of hatching the finest product conceivable. The natural result yields products that eliminate undesired or obsolete features and suppliers that have better insight into production needs.
Kate Vitasek, founder and managing partner of Supply Chain Visions, presented strategies for getting the best outcome of buying-selling relationships and reducing transaction costs. As the world marches towards reinvention, vested partnerships aren't just the best way to achieve business success; they're the only way to work together to create success for a future filled with unforeseen opportunities and challenges. In her evocative presentation, Vitasek revealed why a “What’s in it for We” mindset has the power to revolutionize business relationships. Vitasek also shared insights into how everyone can go home a winner in a world of “winner takes all” by applying John Nash's Nobel Prize winning equilibrium theory that cooperation, not competition, guarantees the best results for everyone involved.
Attendees also collaborated and shared best practices during an extremely lively and collaborative benchmarking session, which addressed such topics as Assessing Supply Chain Risk, Social Media and Business, Offshoring or Reshoring and How to Decide, Managing Multi-Generational Teams, Public Speaking, Building Superior Value Chains, and Spend Visibility. The collaboration continued in competition where teams designed, built, and raced cars against each other in a 45 minute challenge.
During the 4th annual Engineering Focus Sessions, which ran concurrently with the Spring Conference, Don Fisher, president and CEO of Fisher Nickel, addressed how to maximize investment in equipment testing. Fisher Nickel aims to save food equipment and manufacturing companies millions of dollars in energy efficiency savings through laboratory appliance testing, real world energy use monitoring and facility design assistance among a number of other services.
Prime Advantage presented three awards, voted on by attendees to recognize hard work and preparation. Terry Dailey and Bret Williams with Duke Manufacturing were named Most Prepared Members. Davies Molding was selected for Best Booth Presentation, which recognized excellence in the company's meetings with manufacturing companies at the conference. Elan Industries was named the Most Prepared Endorsed Supplier, in recognition of excellence in working with Prime Advantage member companies over the past year.
“We’re very pleased with another successful conference in which we brought together operations and purchasing executives to collaborate with Prime Advantage Endorsed Suppliers, as well as chief engineers from our member companies that attended our engineering focus sessions,” said Louise O’Sullivan, founder, president and CEO of Prime Advantage. “The heartbeat of this conference was innovation, collaboration, and how procurement professionals from our members can work with our endorsed suppliers to achieve even greater results. It’s about putting the best companies together, and letting them create their own magic. That’s when the real celebration occurs.”
Prime Advantage concludes each conference by distributing rebates earned by Member companies based on negotiated programs with its Endorsed Suppliers. In the past ten years, Prime Advantage has paid more than $138 million in rebates and discounts to its manufacturing industry Members.
About Prime Advantage
Founded in 1997, Prime Advantage is a buying consortium for manufacturers with more than 750 Members and more than 130 Endorsed Suppliers. For more information on Prime Advantage, visit the website at http://www.primeadvantage.com.