left, Tom Beatty, Brian Houpt and Brent Eiland, taken at ISG’s 20th anniversary party at The Sanctuary Hotel at Kiawah Island in South Carolina (Photos Courtesy of Insight Sourcing Group)
Insight Sourcing Group celebrates 20 years of serving clients and preserving history.
Unless they are part of a company looking to trim operating costs, most people probably don’t quite know what a business focused on strategic sourcing, cost optimization and procurement operational transformation does. That’s what Insight Sourcing Group has done for more than 20 years from its headquarters in Peachtree Corners.
“We go into companies and look at what they spend money on other than payroll, and we determine ways to take out the cost, often through supplier negotiations,” said Tom Beaty, Insight Sourcing Group founder and CEO.
“We have a couple of different businesses, but the main one is a consulting firm, and we’re the largest consulting firm of this kind of specialized procurement,” he explained. “Strategic sourcing is that process where we get bids from suppliers and negotiate and establish contracts for customers. …We did over 1,000 projects last year.”
Company group shot at the 2021 Holiday Party at The Fox Theatre in Atlanta
Among the company’s clients are major corporations like Genuine Parts, Meta (formerly Facebook), Under Armour, Freddie Mac and Cox Media. Besides being the biggest company of its kind, Insight Sourcing Group is one of the best. It has garnered numerous accolades since its founding.
“We have … tons of customers and almost all of them would be name brands like lulemon and large manufacturers,” Beaty said. “Normally a big part of their revenue goes back out the doors to vendors — something they haven’t focused on in the past. When you’re growing a lot, it’s something you may neglect and then that growth is a little harder.”
Insight Sourcing Group announced 20% firmwide growth in 2022, with 84 new team members added, of whom 23 joined as part of an acquisition. The team drove more than $1.2 billion in contracted savings for the 243 clients served firmwide over the course of the year, completing 1,199 procurement and sourcing projects in 2022, according to information provided by the company.
Insight Sourcing Group has registered growth every year since its founding in 2002, resulting in recognition by Consulting Magazine, which included the firm as No. 24 on its list of Fastest-Growing Private Companies for 2022. Other notable awards for the year include Insight Sourcing Group’s seventh consecutive year on Forbes’s list of America’s Best Management Consulting Firms and its 15th consecutive year on Atlanta Business Chronicle’s list of Best Places to Work in Atlanta.
Good for environment, good for diversity
Perhaps the cherry on top is the Insight Energy initiative that delivers customized energy and sustainability solutions to reduce costs, manage risk and improve competitive position. It realized an $8 billion client energy spend under management for 245 energy and sustainability clients and an impressive 94% client retention rate.
The year also marked Insight Sourcing Group’s public commitment to a goal of 100% renewable energy by 2030.
“Through our energy management business …we go into companies and …help them actively manage gas and electricity, and then we have a green sustainability practice. We go in and we help convert carbon energy spend to green spend,” Beaty said. “A lot of our clients have [Environmental Social and Governance] goals that relate to green energy.”
Besides helping its clients become more ecologically friendly, Insight helps them work with more women-based and minority-based vendors. The company recently helped a large private equity firm that owns many other companies achieve $2 billion in diverse spending. And Insight was the engine that made the accomplishment possible.
In 2022, the firm’s supplier diversity practice achieved an $18 billion spend prioritized for diversity impact, supported 78 corporate supplier diversity programs and increased each client’s supplier diversity investment by an average of 2.4 times.
Giving back through history
With all those major achievements that enhance businesses, Insight also works hard to give back to the community. Perhaps its greatest philanthropic achievement is the project that records oral history of combat veterans called the Witness to War Foundation.
A year before launching Insight Sourcing Group, Beaty discovered a group of 150 veterans called the Atlanta World War II Roundtable who met monthly to share their war experiences.
Growing up with a fascination for WWII, and later for combat in general, Beaty couldn’t believe that all this rich history wasn’t being preserved. He bought a video camera and launched the Witness to War Foundation in his spare time, despite having no video or audio expertise.
“In 2001, I started interviewing combat veterans …to capture their stories to preserve them for the history as well as for their families and for them,” said Beaty, who is not a veteran himself. “We have a website with over 1,000 war stories on it now.”
The footage will eventually be part of a collection in the Library of Congress. The organization also supplies footage for documentaries and museums as well as other projects. It’s the largest oral history preservation organization of its kind in this country, attending about 20 different military unit reunions a year.
“We’ve done over 3000 interviews, including Senator Bob Dole,” said Beaty. “But we mainly focus on everyday heroes, and we’ve done a bunch of Peachtree Corners veterans.”
Insight was also a major contributor the Peachtree Corners Veterans Memorial in Town Center. It sponsored one of the six statues in the structure.
“There’s a proverb …that says, “When an old person dies, a library burns.” Losing the stories of veterans is kind of the same thing,” said Beaty. “That’s why this is so important.”
Learn more about Insight Sourcing Group at insightsourcing.com.
Arlinda Smith Broady is part of the Boomerang Generation of Blacks that moved back to the South after their ancestors moved North. With approximately three decades of journalism experience (she doesn't look it), she's worked in tiny, minority-based newsrooms to major metropolitans. At every endeavor she brings professionalism, passion, pluck, and the desire to spread the news to the people.
This panel of local business owners and consultants gathered at the Hilton Atlanta Northeast on Thursday, Oct. 26, to discuss strategies and opportunities for business success in 2024 and beyond.
Moderator Amanda Pearch Marmolejo, owner and President of Forsyth Business Radio X, kicked things off by introducing the panel participants, which included:
From left, Michael Pugh, Rico Figliolini, Lisa Anders, Amanda Pearch Marmolejo, Bill McDermott and Gentry Ganote (photos by Tracey Rice)
Rico Figliolini, the founder of Mighty Rockets and Publisher of Peachtree Corners Magazine
1. The importance of cybersecurity for businesses Cybersecurity remains a top concern for small and medium-sized businesses. In fact, according to the Identity Theft Resource Center’s (ITRC) recently published Business Impact Report, 73% of 551 surveyed small business owners encountered a cyberattack this year.
As the leader of technology solutions provider Rijoli, Gentry Ganote knows first-hand where businesses are the most vulnerable.
“What we’re seeing is phishing attacks are really the number one nefarious act that’s going on that we deal with on a daily basis. We provide security services for our customers, and we have spam filters and email filters and all kinds of artificial intelligence,” said Ganote.
“But emails still get through, texts get through and people become susceptible to clicking on a link, putting their password in, changing bank records, giving money to the wrong people, and we see it every day,” he added.
“If any of you guys hire interns, you should educate them quickly about scams that are out there. They don’t know they’re new to the workforce,” Ganote explained emphatically.
2. Business succession and exit strategies As some business owners head toward retirement or strive to preserve their legacy for future generations, transitioning both management and ownership is paramount.
As “The Profitability Coach,” Bill McDermott has consulted many business owners on best executing their succession strategies.
“The particular work for a business owner is number one, identifying that there’s value that can be transferred either to that seller, to the management team or to the outside buyer,” said McDermott.
“Secondly, there’s a growth plan that’s required. Typically, there’s a letter of intent or confidentiality agreement. There are asset purchase agreements, there are representations and warranties, and having an attorney is absolutely critical,” he further explained.
“Selling a business in some ways is also selling real estate, except the numbers are bigger. So, it takes a business broker … it’s a complex transaction, and there are a lot of moving parts, and there are a lot of important people that are part of that,” he added.
3. Leadership, training and staffing
Industries like hospitality are innovating through adversity, developing new training programs to address service staffing shortages exacerbated by the pandemic and aiming to empower front-line employees through direct and tailored instruction.
Lisa Anders, the Executive Director for Explore Gwinnett, Gwinnett County’s official tourism organization, shared her challenges and solutions in this area.
“We have a lot of research and a lot of conversations with our hotels and our other hospitality departments on the very frontline; the very front desk is the problem. People are under-trained and under motivated. It is just a problem,” she added.
Yet, Explore Gwinnett is taking positive steps forward with its training efforts.
“We’re instituting a new training program. We’re going to be going into every single hotel district … going directly into those hotel districts and doing training one-on-one with our hotel partners and with frontline employees. Our hotels are super excited because it’s not just customer service, it is learning how to de-escalate situations,” Anders explained.
4. Content creation and podcasting Podcasts have emerged as a powerful tool for storytelling and marketing. Drawing inspiration from a family history in journalism, McDermott leveraged the power of narrative to create a successful podcast that not only celebrates the entrepreneurial spirit but also serves as a cornerstone in his marketing strategy.
“Marketing is the number one weakness in any broken firm,” McDermott said.
“I started a show, we just celebrated our 50th episode, and I was able to tell stories of business owners and professionals that advise them. Three years forward now, my podcast has become actually the linchpin in my marketing strategy. It is the number one thing that I do,” he went on.
“Podcasting is actually a great way to get to know and trust people and a lot of my guests have now become clients,” McDermott added.
Rico Figliolini, the founder of creative services company Mighty Rockets, echoed this sentiment.
“It’s a great way to soft open a prospect. … If you want to get a lead prospect in your industry, you should become that authority of that industry,” said Figliolini.
5. Artificial intelligence and technology
Increasing efficiency while maintaining the human element using AI applications is at the forefront of business strategy heading into 2024.
The legal realm is catching up with AI’s transformative impact. Tools that once seemed futuristic are becoming standard, reshaping how legal professionals approach their work while maintaining the essential human touch through client interactions.
Michael Pugh, an attorney at the law firm of Thompson O’Brien, is witnessing this transition first-hand.
“The legal industry is just starting to incorporate AI … There’s one program called LexisNexis where I can write a legal breach and upload it to Lexis, and it’ll check my cases. It’ll suggest other cases to incorporate; it’ll analyze my arguments and tell me what percentage I’m likely to succeed,” Pugh explained.
“That’s a bit scary, but sometimes it’s pretty cool. So, we’re definitely going to be using more AI, but at the same time, people want to see who they’re working with face-to-face. So, we do meet regularly with our clients,” he added.
The next PCBA Business After Hours Speaker Series will be held on Nov. 16, 2023, from 5:30 p.m. to 7:30 p.m. Kathryn Stewart, owner of Performance Trucking, will discuss how she carved out her path as a female executive in a male-dominated industry.
The Gwinnett Chamber is set to host the 2023 Multi-Chamber Mixer at After Hours, an end-of-year event designed to celebrate Gwinnett’s inclusive business community.
The program will be held at the Gas South Convention Center on November 1, starting at 5 p.m.
This program brings organizations from around the world together to celebrate Gwinnett’s diverse and international business community.
Partners in this event have historically included business groups such as:
The Georgia Indo-American Chamber,
Japanese Chamber of Commerce of Georgia,
Korean American Chamber of Commerce of Georgia,
Latin American Chamber,
German American Chamber,
French American Chamber,
Georgia Hispanic Chamber,
Georgia Pakistan Business Council,
Liberian Community Association of Georgia,
Atlanta Chinese Entrepreneurs Club and
the Italy America Chamber Commerce Southeast, Georgia Chapter
“Collaboration with these organizations enables connection and a deeper understanding of business needs in our region,” added Gwinnett Chamber President and CEO Nick Masino. “We are pleased to partner with these entities in hosting an event designed to celebrate our collective success and ever-evolving growth opportunities.”
Registration is required to attend and includes international food tastings, drink tickets and networking with more than 300 business professionals. To register, please visit GwinnettChamber.org/Events.
Insight Sourcing, a North American consulting firm focused exclusively on strategic sourcing and procurement-related services, is marking 21 years of client commitment with a brand refresh.
The firm has updated its visual identity with a new icon and font and is dropping “Group” from its brand name, previously Insight Sourcing Group.
The decision to refresh the brand underscores Insight Sourcing’s dedication to the procurement and sourcing domain.
“Since day one, Insight Sourcing has remained innovative, agile and always ready to leverage market intelligence, and digital assets to meet the ambitious goals of our clients,” said Tom Beaty, CEO of Insight Sourcing.
“We never rest in our pursuit of excellence, and neither should our brand. It reflects our deep appreciation for our past as well as the dynamic nature of our future,” he added.
It’s important to note that this refresh signifies a renewed pledge to clients and their needs. It does not signify a change of ownership or operating structure.
For further details about Insight Sourcing, visit the organization’s website at www.insightsourcing.com.