Empower procurement managers with a complete P2P system.

Cost reduction and cost control: It's The Holy Grail of every financial manager at every for-profit company. It's also the goal of every non-profit organization seeking to stay within the boundaries of their allocated budget. The entire cost-containment process is made much easier with the right architecture and tools in place for driving enterprise-wide compliance to agreed budgets. Controlling costs In these difficult economic times, it is more important than ever before to exert appropriate, cost oversight and control–at each … More

P is for Procurement… except when it isn’t.

The Finance team manages the finances of the enterprise. Marketing people market services and solutions to the purchaser (or customer). Human resources manages… well humans. Given those examples, you would think that Procurement handled procurement. In an ironic twist, this is becoming less and less true—especially as technology evolves and blurs the line between Procurement as an entity and procurement as a process. It used to be that every company had buyers; they were the people managing contracts and placing … More

Getting to Insight (Part 4 of 5)

This is the fourth in a five-part series discussing the obstacles and potential paths forward to achieve visibility – essential to any Procurement organization. The article was initiated based upon the following Ardent paper – HERE. In the first, second and third installment overall Spend and Savings were discussed. Let’s examine the third key area or leading indicator of procurement success: Risk. Risk For the past couple of years, I have been talking to prospects and customers about the topic … More

Still in the dark ages?

It’s time to face the music; your outdated processes and technologies are killing your business. Successful businesses of the future must adopt and embrace change. For years now, as an analyst or consultant and a managing operator, I have been a catalyst for change within organizations. Today, cloud computing and certainly mobile and big data are changing the future of business. But more than that, the digital revolution has led to a wave of connected technologies and a culture of … More

Improving the Speed, Accuracy, and Cost of your Procure-to-Pay Spend-Management System

One of the trends we’re seeing at Selectica is the ever increasing rate of companies–even small ones–abandoning their manual, paper-based procurement systems for the proven efficiencies and documented cost advantages of cloud-based, SaaS (software as a service) procure-to-pay, spend-management systems. The reasons for this migration are both numerous and compelling. The tipping point for transitioning to an automated spend-management system usually comes when the veritable “flood” of paper invoices, delivery receipts, and PO’s begins overwhelming the accounts payable team. Symptoms … More

eSourcing – what does it take in the modern economy?

Sourcing technology over the years has come a long way. While its beginnings initially focused primarily on auctions and RFx, today strategic sourcing efforts can provide a much more comprehensive and integrated view of the supply base. What can be attributed to this development over the past decade is the change in the endgame for procurement, and how procurement views its role in the proverbial organization. Don’t get me wrong, managing cost is, and continues to be, the motivating factor … More

Getting to Insight (Part 3 of 5)

This is the third in a five-part series discussing the obstacles and potential paths forward to achieve visibility — essential to any Procurement organization. The series was initiated based upon the following Ardent paper – HERE.  In the first and second installments the need for procurement visibility starting with Spend Analysis was discussed. Let’s dive right in and examine the second key area or leading indicator of procurement success as outlined by Ardent: Savings. Savings Congratulations are in order if … More

How Buyers, Suppliers, and Stakeholders Drive eSourcing Adoption

It’s easy to get caught up the “go live date” for your eSourcing software implementation. Many procurement leaders believe their team will be empowered to succeed simply by turning on a tool. However, that is not the case. Michael van Keulen from VF Corporation (a Selectica client) shared some best practices and advice at eWorld London for groups who are rolling out new eSourcing software. Michael shared some key elements from VF Corp’s successful eSourcing technology adoption that included: Developing … More

eSourcing vs. eProcurement: What are the differences?

Sourcing and procurement are often used as interchangeable terms, and indeed they are related ideas in supply management. However, they’re not quite the same, and neither are eSourcing and eProcurement. But what exactly are the differences? Let’s start with their definitions. Preceding the actual purchase of goods and services, sourcing facilitates the full life cycle of procurement by analyzing how a company spends their money on those assets. This includes identifying and selecting opportunities to reduce spend using knowledge of … More

Getting to Insight (Part 2 of 5)

This is the second installment in a five-part series discussing the obstacles and potential paths forward to achieve visibility – essential to any Procurement organization. The article was initiated based upon the following Ardent paper – HERE. In the first installment I discussed the overall drive for procurement visibility. In this installment, we’ll discuss the first of the three key areas of procurement visibility: Spend. Spend Having been a long-term evangelist for spend visibility programs, it continues to puzzle me … More

Are Chief Risk Officers Keeping Businesses Afloat?

During my annual pilgrimage to Ireland on the ferry from NW Wales to Dublin I was struck by the unnerving thought that all it would take for a ship like this to be unrecoverable is for it to list by 11 degrees or more. Thankfully, it was early in the day and the captain didn’t seem sauced as was Captain Schettino on the Costa Concordia. The point is that there are risks in our lives everywhere, many of which are … More

Why Your RFPs Aren’t Getting Responses – and How to Fix Them

Nearly everyone in the business world has worked on an RFP in some way, whether by helping to put one together or by responding to one. Either way, it can be a source of frustration. Why is that? A recent Spend Matters paper, which you can download for free here, outlines the issues with the RFP process specifically as they affect software providers, but it could really apply to RFPs in any competitive, fast-growing field. The best suppliers in the … More

Why your Board is Thinking About Innovative Processes, Strategies & Technologies

In the past, we’ve seen innovation as the critical ingredient for creating and sustaining company growth. Now, leading executives are asking for innovative new frameworks and processes for designing higher value business models on which to build their enterprise. Many, however, still struggle with day-to-day operational function and count on their vendors to provide innovative solutions. Today the responsibilities of the CPO are even greater. There’s more pressure and expectation for procurement to cut cost and realize every contractual savings. … More

Getting down to business: Contract Lifecycle Management Basics

Many prospects call me before they fully understand what contract lifecycle management (CLM) is or what it can do for their company. What they do know is that they need “something” to manage their current contracting processes. As a BDR (business development representative), my role is to help them understand what our contract management solution can do, what sort of pain points the software can minimize, and provide a basic understanding of the solution features. I answer a lot of … More

The destination is clear when there is a “source of truth”

Over the past 5 years, general counsel have become increasingly aware of the need for the corporate legal department to steward an enterprise contract management business process. The previously “federated” approach to ownership of the process meant that groups like legal, procurement, finance, marketing, sales, etc., all were involved in “contracting” at some level, but this also meant that no one owned the management and optimization of the contracting business process across the entire company. This awareness has translated into … More