Ask yourself these questions…

• Do you know how many assets your organization has and needs to track?
• How many users need to have access?
• Where are the assets located?
• Is the asset being used?

The benefits of asset management

Keeping track of the assets of the company is an important task that can save companies money and time. Asset management is the process of maximizing the assets of the company to provide the best returns to stakeholders. It can tell where the assets are located, how they are used, and when changes were made to them.

Here are a few examples

• Demonstrated compliance with the requirements and wishes of your stakeholders
• Better financial results because of better ROI and/or cost reduction
• Informed decisions from multiple angles, such as performance, profit and costs, risks and opportunities
• Risks managed when necessary and knowingly existent when acceptable
• Higher customer satisfaction
• Decisions also based on entire life cycle of assets (also when this exceeds the duration of other plans)
• Stability of the production in the long term
• Improved reputation towards your stakeholders
• Demonstrated compliance with regulation and legislation
• Traceability of decisions
• Improved knowledge management
• Increased attractiveness for shareholders

Vendor Management offers substantial assistance in the management of assets. Asset tracking lets organizations and individuals catalogue, track, organize, audit and manage information about assets of all types, from information technology assets to office equipment and company vehicles.

Added benefits of Asset Management 

• Good Business Practice
• More Meaningful Financial Reporting
• Improved Regulatory Compliance
• Improved Reliability
• Long Term System Integrity
• Cost Savings

Using a Vendor Management Solution to track assets

It is almost impossible to track assets properly without a vendor management solution that incorporates asset management into your cost reduction strategy. Systems like the one that is part of our flagship vendor management solution, VMS Platinum, are typically part of a fully managed service that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks.  Our solution at Limitless Technology Cost Reduction Services also provides increased visibility and value from their vendors. We leverage our proprietary on-line software, giving you absolute visibility into your vendors and spend. No matter what the vendor or the services that our clients provide – they have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.

Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.

Through our Billing Optimization and Vendor Management Solutions proprietary platforms, we utilize technology, processes, expertise, time, and resources to improve our client’s bottom line.

Limitless Technology manages your vendors, so you can manage and grow your business.

But not every vendor relationship is created equal. A true, risk-based approach requires organizations to first segment their vendors based on pre-determined criteria, and then establish an appropriate level of ongoing due diligence and oversight activities based on the assigned level of risk. And while the specific activities may vary across organizations, there are three types of risk you want to be sure to address.

• Operational Risks
• Financial Risks
• Regulatory Compliance Risk

OPERATIONAL RISKS

Operational risk is the risk that your organization will experience a major failure, shutdown, or unexpected disruption of some segment of your business if a vendor’s processes, people, or systems fail. The operational risk goes hand in hand with your reliance on a vendor and is typically higher with vendors that provide services such as outsourcing, IT systems, and data.

There are two good ways to take a proactive approach and mitigate operational risk: perform periodic on-site and/or due diligence reviews and create a contingency plan should you experience a failure with a risky vendor. These two risk-mitigation activities go hand-in-hand, especially for mission-critical vendors. Monitoring daily performances that don’t meet the standards required is also a good indication that in a time of risk there is a higher risk of disruption or failure.

FINANCIAL RISK

Financial risk is the risk that your organization is negatively impacted financially due to a vendor relationship. This can come in two forms: excessive costs and lost revenue.

Poor Vendor Service due to Finances

Many supplier performance issues are related to finances.

Deliveries were late, and shortages were piling up with no relief in sight. The primary supplier was actively blaming the secondary supplier for the bottleneck, claiming that their supplier was behind in their coating process. They began casting aspersions on the supplier’s lack of process control, communication and even hinted at ethical issues.

While the protocol was for the primary supplier to manage all downstream relationships, this problem had escalated high enough that it was time to call the supplier directly to get to the bottom of the issue and develop a get-well plan.

Negotiating and Enforcing Contract Compliance

Organizations understand the importance of managing competitive solicitations and negotiating good pricing. But negotiating a good price has little to do with managing costs, which comes from enforcing contract compliance, effectively managing the procure-to-pay cycle, and performing periodic cost and contractual audits. It’s the work done after the vendor contract is negotiated that mitigates the risk of excessive costs.

The other financial risk relates to the reliance on vendors who support your revenue-producing activities. Examples include fundraising companies, outsourced service providers, and fulfillment centers, to name a few.

It may also include vendors whose technologies you use to process financial transactions. Problems with these vendors may delay access to revenue or, in the worst cases, result in lost revenue for your organization.

It’s important to identify and segment these types of vendors to design the most appropriate diligence and oversight activities and to also integrate with your vendor management operational risk planning as it relates to contingencies.

Regulatory Compliance Risk 

This has become a HOT TOPIC in many industries. Nonprofit organizations like health plans, healthcare systems, and credit unions, along with those that receive Federal grants, are heavily regulated by Federal agencies. And in many cases, certain regulations pass through to third-party vendors.

Regulatory compliance risk is the risk that a third-party vendor will violate a law or regulation that your organization has placed on them as a requirement for doing business with you.

Ensure your risk management activities enable you to evaluate how well your vendors are complying with the appropriate laws and regulations.

Even though a supplier may be remarkably reliable, the fact that their component or ingredient is essential to your finished product makes them high-risk. Partnering with a company that oversees these risks to proactively avoid business disruption is key to avoiding potential problems.

Audits aren’t just necessary for validating new suppliers––they’re an important tool for maintaining quality and compliance over time. The recent rise in outsourcing only further underscores the importance of having a plan in place to conduct regular evaluations led by skilled quality professionals.

Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.

Through our Billing Optimization and Vendor Management Solutions proprietary platforms, we utilize technology, processes, expertise, time, and resources to improve our client’s bottom line.

Limitless Technology manages your vendors, so you can manage and grow your business.

For Additional Information Contact us at 407.330.4466

Operational staff and process owners don’t always understand the complexities of the initial contract. It is signed and filed – end of the story. However, the question remains… is the contract still measured for performance, ensuring nothing which is critical during the life of the contract has been overlooked or omitted?

Management teams can deal with hundreds of contracts at once, so it is easy for a contract term, condition, or renewal to slip through the cracks.

Here’s the nightmare. Imagine working months or years, ushering a deal through the process, only to miss the renewal and miss out on the revenue reduction that comes with it. That revenue has been forecasted from the beginning of the contract cycle, so now operations and finance need to go back and adjust their numbers to reflect the loss. This is not only time-consuming but also carries no guarantee the vendor will honor the rate reduction now or in the future.

On a day-to-day basis, your managers oversee all aspects in relation to your company’s contracts. With so many moving parts in your fast-growing organization, managing these contracts can become a real problem if you are not equipped with the right tools.

Many companies ARE getting ahead of this problem by finding a partner with the tools and expertise to manage the details, as it relates to local, regional, or even national service-related costs. They need a partner they can trust, that will do the benchmark analysis on every single vendor, ensure bills get paid on time and services providers aren’t taking advantage of you, and actively renegotiate for lower pricing and better T&Cs, ultimately resulting in the elimination of “spend fat” and more strategic use of budgets.

A fully managed vendor management solution simplifies contract management lifecycles, making it easier on your staff, compliance team, and legal department. This IS what our team at Limitless does All Day and Every Day. We take this burden off of your people so they can focus on the bigger problems. Plus, we partner with each member of your team, so they feel confident that they can maintain the overall control and don’t lose the vendor relationships they value but DO gain the critical support they need to make better decisions. The support we provide allows your team to focus on the more important work of ensuring occupancy rates, delivering exceptional resident experiences, and growing their business and market share.

Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.

Through our Billing Optimization and Vendor Management Solutions proprietary platforms, we utilize technology, processes, expertise, time, and resources to improve our client’s bottom line.

Limitless Technology manages your vendors, so you can manage and grow your business.

For Additional Information Contact us at 407.330.4466

Vendor management is a core competence in successful business. In a competitive marketplace, businesses must look at creative ways to extract more value from providers, while reducing risk and upholding quality.

Simply beating suppliers down on price year after year is not a sustainable strategy!

Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.

Through our Billing Optimization and Vendor Management Solutions proprietary platforms, we utilize technology, processes, expertise, time, and resources to improve our client’s bottom line.

Limitless Technology manages your vendors, so you can manage and grow your business.

For Additional Information Contact us at 407.330.4466

As a business owner, you deal with stressful situations all the time. We are, however, in uncharted waters. Are you struggling to find a way to navigate through this painful cycle? Many executives just like you are as well.. You are trying to keep your business open, keep employees gainfully employed, and continue to serve your customers. Bottom-line, it can be overwhelming. There are solutions available. ​Here are a few options…

​Help your employees work from home
Great idea for some, but it’s not for everyone. If you are lucky enough to be one of the companies that can do this and you can get past the challenge of implementing the technology, how do you measure and monitor its effectiveness? Do you have the management or monitoring in place to know if it is helping you “stay afloat” and “keep the doors open”? Do you have a process to ensure its working?

Focus on Cost Reduction
Seems logical…but how do you figure out where to start? Who do you call first? ? How do you reduce cost or lengthen the contract term as fast as possible, and do it the right way? Do you have anyone on your team that even knows what a “good” contract looks like?

If you need help with these problems and others which are financially impacting you, please reach out to us. We are happy to provide some free advice and guidance, and do our small part to help in this trying and difficult time. You can reach out to us at : ​​http://limitlesstechnology.com/contact-us1/

We will help in any way we can.

​Be Aware, Be Well, Stay Safe, Stay Strong!

 

Why is a Logo so Important?

How long does it take to make a first impression? Would you guess ten or fifteen minutes? Nope. How about seven seconds? Well I am sure that you have heard that fact in a business conference before, but that is also not the answer. The Association for Psychological Science says it take a person about a tenth of a second to make a first impression just based on the features of a person’s face! You have no time to make an impression. That is why you come dressed in your nicest suit with, your biggest smile, and your best prepared discussion points and hope for the best.

However, you can’t be there all the time making a good impression for your company. So, isn’t it important that your company make a good first impression with its “face”?

A company’s “face” is how it is presented to a client. The company “face” is the first thing a potential client will see on the messages you send, your company website, and finally the building they enter as they come to see you. So it is important that your logo actually represents your services. Take for example LT~CRS’ logo.

Many of our clients ask us why we have a tilde symbol (~) in our company’s written name and logo. The answer is the tilde is a symbol for cost savings, and that is what our company specializes in. The tilde (~) was actually used back when there were scribes whose jobs were to copy books and documents by hand. In order to save money on ink, the scribes would write a tilde to replace letters. For example, “We n~d to sp~k with the doctor.” The tilde made the scribe more efficient and reduced cost. Since our company has expertise in those areas, we chose the tilde to be in the center of our name.

In the same way a logo represents your company – Your vendors REPRESENT YOU! Your suppliers and vendors control the outcomes of your business services. If your elevator stalls, if your products fail, if your electric, utility or internet providers fail to provide the services in your agreements, the FACE of your company is impacted. Select vendors and negotiate contracts that will always represent your company and make a good first impression. This is imperative to your success!

If you would like to know more about Vendor Management Solutions to protect your company’s impression on your clients contact us at www.limitlesstechnology.com.

RESOURCE: https://seniorcare.levinassociates.com/2018/06/15/cash-is-king-for-skilled-nursing-targets/

Recently, an article was placed by The Senior Care investor which read:

“When buyers value a skilled nursing facilities, or any senior living property, it is always the absolute level of cash flow (NOI) that matters, not the operating margin or expense ratio. Buyers are purchasing a stream of net cash flow, and that net cash flow is going to provide the returns to capital providers. As long as cap rates remain stable, which they certainly have in the skilled nursing sector, when cash flow increases, the prices paid increase.”

From 2008 to 2015, the average cash flow per bed of SNFs sold increased by 63% (peaking in 2015 at $9,600 per bed), and this was driving the five straight years of record average prices for skilled nursing facilities, according to the 23rd Edition of The Senior Care Acquisition Report https://products.levinassociates.com/downloads/scar23/ . Although there was a small dip from 2015 to 2016 to $8,800 per bed, just as the average price per bed peaked in 2016, the simple average does not always tell the story. In 2017, there was a very small decrease in the average NOI per bed for SNFs sold (a 3% drop to $8,500 per bed), but the average price per bed plunged by 18%.

The reason is that when we recalculated the statistics on a weighted average basis, the NOI per bed sold dropped from $12,100 in 2016 to $9,450 in 2017, representing a nearly 22% decline. This clearly explains the 18% drop in average prices, given average cap rates were almost identical in both years. The $12,100 figure also explains why the average price per bed peaked in 2016.”

For illustration purposes, for every $50,000 that drops to the bottom line, applying a 13-14% cap rate could potentially equate into $350-380k in additional value to the portfolio.

So, if “cash is king” then, having the highest profitability and least amount of operating expense ratios is imperative to the true “total success” or evaluation of a property, ownership and management. Taking these facts into consideration, everything possible should be done to drive costs out of your business (without sacrificing great service deliverables) with your vendors. Problem is…most people do not understand or believe this is possible. The internal thought is…

• “we couldn’t be being that much overcharged by our vendors”
• “you pay for what you get”
• “my people have that covered”
• “we have that covered”
• “I don’t want my service to go down because I am paying less”

These “big misses and paradigms” must shift in order to have the best operation, and most profitable entity.

While this issue remains for many companies, smart companies ARE getting ahead of this problem by finding a partner with the tools and expertise to manage the devil in their details as it relates to local, regional even national service relate costs. A partner they can trust, that will do the benchmark analysis on every single vendor, actively renegotiate for lower pricing and better T&Cs, ensure bills get paid on time and services aren’t shut off, and ultimately resulting in elimination of fat and more strategic use of budgets without losing strong deliverables from vendors.

This IS what our team at LIMITLESS does All Day and Every Day. We take this burden off of your people – so they can focus on the bigger problems at hand. We partner with each member of your team so they feel confident they can maintain the overall control, won’t lose the vendor relationships they value but, WILL gain the critical support they need to make better decisions. The support we provide allows your team to focus on the important work of ensuring occupancy rates, delivering exceptional resident experiences, and grow their business and market shares.

Don’t hesitate to stop the waste, and increase your profits now…and when it comes time to sell.

Contact LIMITLESS today for a FREE CONSULTATION to discover how to get control of your unmanaged spend and reduce expenses in your business.

Other Ways to Connect with Us.

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Vendor Management Solution (VMS) is a discipline that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks…while gaining increased visibility and value from their vendors.

Through LIMITLESS’s on-line software overall vendor management, as well as – vendor expense management, is accomplished by giving you absolute visibility into your vendors and spend. No matter what the vendor or type of service they provide – companies can have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.

5 Ways your organization can mitigate risks is to:

1. Identify all of your vendors in one centralized location.

2. Prioritize Vendors by Risk.

3. Vet all new vendors with due diligence.

4. Review all contracts and service agreements on a regular basis and review with legal counsel.

5. Have a backup plan for each vendor in the event of failure.

You must continually review your vendor management process to ensure all contacts are in place, documents are in place, all billing is optimized for best quality and pricing, risk alerts are established with back up plans and you feel confident that you are not overpaying or incurring unnecessary spend practices.

If you do not have the expertise, resources or time to handle these above steps you need to consider looking for a 3rd party provider to assist you in your vendor risk avoidance.

Or if you would like further advice from a Vendor Management Expert or have questions regarding avoiding vendor risks feel free to Contact us.

Limitless Cost Reduction Specialist

Vendor Management Solutions

Billing Optimization Services

Consultative Advice

Benchmarking is a common business practice and sensible exercise to establish baselines, define best practices, identify improvement opportunities (contract rates and terms) and create a competitive environment within the organization. Integrating benchmarking into your organization can result in valuable data that encourages discussion and creates new ideas to improve processes and practices as well as relationships with providers. In benchmarking the data is what is most important! Documenting rates and terms to further compare and improve is a benefit of benchmarking and a feature of a vendor management solution.

Simply put, benchmarking is a process to discover what is the best standard of performance seen in a specific company, by a particular competitor or by a completely different industry.

Benchmarking is one of a manager’s best tools for determining whether the company is performing particular functions and activities efficiently, whether its costs and rates are in line with those of competitors, and whether its internal activities and business processes need improvement. Benchmarking helps organizations to stay in sync with the market and customer needs. Thus, benchmarking and then taking corrective actions is not simply emulating competitors. Rather it is the process of understanding what top standard is, and making changes within the organization in order to meet & transcend that standard.

A benchmarking strategy can:

• Clearly identify specific areas of opportunity
• Validate assumptions
• Prioritize improvement opportunities
• Set performance expectations
• Monitor company performance
• Manage change using vendor management tools and analytics
• Improve understanding of the real opportunities and their priority
• Minimizes resistance to change and support for action
• Fosters a spirit of enthusiasm to do better than the external benchmark
• Promotes discussion based on data rather than assumptions or emotion

How benchmarketing Increases Sales and Profits

Benchmarking enables managers to determine what the best practice is, to prioritize opportunities for improvement and to enhance performance relative to customer expectations. It also helps managers to understand the most accurate and efficient means of performing an activity, to learn how lower costs are actually achieved, and to take action to improve a company’s cost competitiveness. As a result, benchmarking has been used in many companies as a tool for obtaining a competitive advantage. A company that uses benchmarking to improve its functions, operations, products and services may enjoy increases in sales and profits. These efforts are likely to increase sales due to improved processes, efficiency among departments and improved product quality. Companies that operate more efficiently can drastically lower their expenses.

Benchmarking has several other benefits as well:

Improved Quality: Benchmarking helps organizations to continuously improve the quality of their products & services. Organizations observe the current standard, and then try to surpass that.

Better performance: Benchmarking helps organizations overcome complacency. They continuously strive to improve their performance standards in order to stay relevant in the market.

Cost efficiency: Benchmarking provides organization with valuable data on the last technology, and processes followed in the business environment. These are aimed at increasing productivity while reducing cost. For example, a manufacturing company might learn about a certain machine used by its competitor, which can do the work for five workers. This company might also adopt similar technology to lower its labor cost.

Prioritizing areas of improvement: While organizations understand the importance to develop continuously, they might be unsure at times about where to start the improvement from. Benchmarking helps organizations to identify the areas where the gap between their standard and that of the industry is the largest. This helps organizations to prioritize the areas that they need to work on.

Leveraging strength areas: Benchmarking can also throw light on the areas where the organization is doing much better than what is observed in the market.

If you have questions regarding benchmarking strategies or about any of the other benefits of our Vendor Management Solution  contact LIMITLESS.