In my previous post, I defined seven of the most common procurement technology terms: cloud, platform, digital, solution, point solution, suite, and legacy system/solution/suite. They are commonly misused or misinterpreted, a fact that (while completely understandable) makes it difficult to have clear conversations about the differences and benefits of available procurement technology.
Over the holiday break I came across a recent article in Forbes Magazine. A Forbes study, conducted jointly with Hitachi of 573 global companies, reveals that just 13% of them have integrated digital technologies enterprise-wide, and 51% plan to dedicate 10% or more of revenues to digital transformation over the next two years.
Featured Resource: How supplier management is impacting organizations more than ever. Advice: It helps to treat suppliers as customers. That seems basic, but consider why so many organizations are just now adopting that attitude. Truth is, supplier management is evolving fast; it’s critical to not only catch up, but to get ahead of the curve.
Procurement technology has changed a lot over the last few decades. The terminology we use to describe the technology we have today versus the technology we want/need in the future, or are reading about in industry literature, has changed as well. Unfortunately, even the most common terms in our field are used to imply a variety of applications and functionality, but often with no clear definition.
Depending on when you grew up (I’ll willingly date myself here), you may have played Mad Libs, the paper-based game that asked each player to fill in a series of nouns, verbs and adjectives to complete a story. The result was usually nonsensical and inexplicably hilarious, but this approach also has a place in today’s corporate world.
Procurement teams facing the constant challenge of measuring and enforcing contract compliance may shudder at the thought that December 15th was National Herding Cats Day. We put a contract in place, and they buy from someone else. We establish a process, and they do whatever they like. It can be infuriating. But, if we approach our internal “cats” with the right attitude, they also present us with unique opportunities to improve procurement’s performance, impact, and influence. Here is some advice … More
Before you head off to enjoy the holidays, here’s wishing you a joyous season and a fantastic New Year. I want to thank you for your interest in Determine. We had an awesome 2016, shaking up the procurement and contract management world with some of the most disruptive technology ever in the space: The new Determine Cloud Platform – the most powerful, capable, scalable S2P and ECLM tool you’ve ever had to empower your teams to make decisions that will … More
Whatever your preference, Hard or Soft Brexit, the UK will be triggering Article 50 by April Fool’s Day next year. Thereafter, the UK will be leaving the European Union within two years. This should be accomplished by March 2019. But hard to say, since the UK government is not saying much. Depending on which media outlet you subscribe to (and believe), this is the worst/best/unknown thing that has ever happened to the country in the nearly 60-year existence of the … More
The United Nations has declared December 9, 2016 “International Anti-Corruption Day” – an effort aimed at raising global awareness of the social and economic impact of corruption, particularly in the developing world. As they explain on their website, “Every year $1 trillion is paid in bribes while an estimated $2.6 trillion is stolen annually through corruption – a sum equivalent to more than 5 per cent of global GDP.” It is easy to agree (especially in the abstract) that corruption is … More
A recent stat quoted in a CPO Rising guide titled “The Trends (and Benefits) of Cloud-Based Technology Adoption: CPOs Take Notice” is telling: cloud platform adoption has grown by 37.5% over the past few years, up over 14% between 2014 and 2015 alone. “Chief Procurement Officers love ‘going to the cloud’ because it allows them to focus on what is most important to them: automating and repeating processes, scaling resources, and driving greater value through greater volume.” — CPO Rising Procurement … More
Salon Solutions is always an exciting event, and a great chance to hear the latest buzz and get a feel for what’s going on in our industry. As Senior Solutions Strategist for Determine in France, I am pleased to say that this three-day show in Paris was hugely successful in terms of attracting attendees to our booth and engaging them on a personal level. What’s more, speaking at various events was a chance to share our vision and technology around Procure-to-Pay … More
Today, executives in all functions and lines of business are driven to create shareholder value. Nothing can destroy the perceived value of an investment faster than negative press, which can do irreparable damage to a brand. In some cases, the cause of the criticism may not even be due to a company’s own actions, but rather those of their suppliers (or suppliers’ suppliers). When a supply chain extends across the globe, procurement may have to extend the scope of their … More
What value does the Determine Cloud Platform add? How can its Big Data offering assist buyers? And what advantages are offered by the predictive and prescriptive analytics developed by Determine? In mid-September, I was interviewed about recent and forthcoming developments of Determine’s Cloud Platform Source-to-Pay and Contract Management solutions, which cover the entire finance procurement process. The original interview appeared in the French procurement magazine, Décision-Achats. What fundamentally distinguishes you from your competitors? What would you say is the main … More
As we head for another calendar turn, I’d like to thank you, our customers, for being the driving force behind making our solutions ever better as we fully implement our Cloud Platform. The best is yet to come – stay tuned as our global team sets the bar even higher in the year ahead. Get a taste in the following resources. As always, please feel free to contact me with any comments firstname.lastname@example.org. Determine Cloud Platform on cloud 9 Our … More
When we look at software, we often tend to think of the use case in isolation – or as a horizontal if you will. Think back to when you first started using MS Office. Word was for creating documents, of course; PowerPoint for presentations; Excel for spreadsheets; Outlook for emails and calendars. But today, the interactions of all of these business-related activities has blurred the lines of functionality based on intent and use. Creating document templates with PowerPoint or using … More