In today's episode of Category Visionaries, we speak with David Pennino, CEO and Founder of LogicSource, a sourcing and procurement solutions provider that's raised over $250 Million in funding, about how indirect expenditures can become a significant financial burden for companies, and why cost-reduction strategies can be a game changer. Assisting firms to drive down expenses for indirect goods and services, areas not necessarily within their expertise, Logicsource encompasses all the critical components of successful procurement into a solution configurable to their clients’ needs.
We also speak about David’s upbringing and why he loves the pace of life on the Eastern Seaboard, why 90% of life is all about just ‘showing up,’ the challenge most firms have with their indirect goods and services procurement, and the impact some of these purchasing decisions can have on revenue and long term sustainability.
Topics Discussed:
- David’s background growing up in Connecticut, and why he’ll never leave the East Coast for California
- The life lessons he gained from working with some experienced business leaders, and the importance of just ‘showing up’ to succeeding in life
- The shortcomings most firms experience when it comes to procuring indirect goods and services, things that fall outside their expertise
- The impact of procurement decisions on a company’s bottom line, and how it can affect around 20% of their total profits
- The role of AI in driving diversity, sustainability and accountability into spend analytics tools
Favorite book:
Crucial Conversations: Tools for Talking When Stakes Are High