CHICAGO -- Prime Advantage, the leading buying consortium for midsized manufacturers, was honored as the winner of the Expo E.X.C.I.T.E. Awards in the category of Best Buyer-Seller Event.
The 2013 E.X.C.I.T.E. Awards, presented by Expo Magazine, recognize the year's top performers in tradeshows, exhibitions and conferences and celebrate excellence and innovation. Prime Advantage’s conferences deliver a unique opportunity for its members and suppliers to uncover and collaborate on innovative cost-reduction solutions, share best practices, and gain strategic insights from industry and subject matter experts.
Prime Advantage member attendees credit the conference’s format and execution when discussing its key benefits, including learning about innovative supplier products and solidifying a bench of top supply chain performers. Attendees select supplier partners with whom they most want to meet, and Prime Advantage creates an optimized, personalized schedule of more than 40 one-on-one meetings during the conference. Attendees receive information on all meetings well in advance and often communicate prior to the conference to ensure time spent out of the office focuses on key strategic opportunities. This efficient and tailored approach allows attendees to accomplish exponentially more than at a typical industry tradeshow.
“It usually takes anywhere from three to six months to meet with this many suppliers,” states Bill Collins, general manager of Ultrafryer Systems, a manufacturer of commercial deep fryers for restaurant and commercial installations. “To accomplish this within a three-day period has made my evaluation and selection process of suppliers much more efficient, and has saved us a ton of money.” Compared to the costs of managing this process on their own - meeting with 40-45 suppliers twice each year, and the three-to-six months it would take to do so - Collins estimates that the Prime Advantage conferences alone save him a minimum of $25,000 annually.
Prime Advantage saves time and money for member attendees in two additional ways. Member companies receive pre-negotiated discounts and rebates on purchases of raw materials, components, services and supplies, as Prime Advantage leverages the potential volume of more than 750 member companies with endorsed suppliers. These rebates are distributed at the conferences. Prime Advantage has paid more than $138 million in rebates and discounts since inception.
In addition, supplier candidates are closely screened by member committees in a rigorous approval process before being endorsed as a Prime Advantage Endorsed Supplier. Conference attendees know that any supplier they meet with has passed through this process, saving them time in finding new sources.
“We’re extremely honored to receive the 2013 E.X.C.I.T.E. award, recognizing the value our Members and Suppliers receive from our conferences,” stated Louise O’Sullivan, President and CEO of Prime Advantage. “For a purchasing professional, managing a supply chain requires a great deal of time, skill and expertise. Providing a venue for our members and endorsed suppliers to interact fact-to-face, to build collaborative partnerships, and to learn from their peers within a three day period twice per year is an integral part of that equation.”
By combining the purchasing power of more than 750 industrial manufacturers, Prime Advantage negotiates volume rebates and discounts with an exclusive group of world-class global Suppliers.
Prime Advantage leverages the volume of the entire membership to provide savings on direct and indirect goods and services, as well as access to best-in-class suppliers that provide additional value added services customized to the specific needs of Prime Advantage Members.
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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 www.primeadvantage.com.
