SIB recently partnered with the Pennsylvania Chamber of Business and Industry to present a dynamic conversation on how businesses can analyze costs and develop achievable solutions.
Our online panel featured these guest panelists:
- Pete Chiappa, Chief Financial Officer of the iconic Primanti Bros. restaurants
- Christoph Elben, Vice President, Non-Merchandise Procurement at DICK’S Sporting Goods
Watch the panel and SIB moderator Christian Johnson discuss their approaches to balancing financial considerations with environmental and customer needs. The conversation explores the challenges and changes faced by the restaurant and retail industries during unprecedented times. It highlights the cultural shift in the restaurant industry, the need for flexibility and nimbleness in adapting to disruption and chaos, and the fundamental shifts in the way people think. The conversation also emphasizes the importance of learning from disruption, embracing technology, and challenging the status quo.
Takeaways:
- Effective spend management requires visibility and classification of spending.
- Vendor consolidation can lead to cost savings, but diversification can mitigate risk.
- Deregulated energy markets offer choice and competition, while regulated markets provide cost certainty.
- Long-term decision-making should consider financial objectives and customer needs.
- AI can be used in various areas of business, such as site selection and report automation.
- Environmental sustainability is a priority, and companies are implementing strategies to reduce their carbon footprint.
- Adapting to environmental regulations requires evaluating options and considering customer preferences. Cultural change in the restaurant industry can lead to more efficient operations and reduced waste.
- Being flexible and nimble is crucial in addressing disruption and chaos.
- Disruption can lead to fundamental shifts in the way people think and what they prioritize.
- Embracing technology and challenging the status quo are essential for staying competitive and meeting customer needs.
