Some common themes from ISM and Procurement Leaders. Last week I had the pleasure of sitting in on some great presentations at the Procurement Leaders World Procurement Congress 18 in London, as well as attending the Institute for Supply Management ISM2018 in Nashville, TN the week before. They provided the perfect opportunities to reflect on where Procurement currently is, and where it’s going (hint: agile procurement). It is remarkable how much it has evolved – and what the notable changes … More
Instead of “recycle, reuse, retread” let’s talk about a reboot. Memorization is a frontage road: It runs parallel to the best parts of learning, never intersecting. It’s a detour around all the action, a way of knowing without learning, of answering without understanding.” — Ben Orlin, “When Memorization Gets in the Way of Learning,” The Atlantic, 9 September 2013
Get started or get to the next level with your contract management. When you are immersed in something day in and day out, you tend to forget that not everyone is as familiar with the topic as you are. At a gathering this weekend I met the CEO of a global financial organization that is growing and expanding rapidly with offices all over the world. The conversation got around to the inevitable, “So, what do you?” I mentioned cloud-based contract … More
Make built-in P2P budget management data part of your purchasing workflow. Of the many topics that came out of the webinar we did with Ardent Partners, CPO Rising 2018: The Age of Intelligence, the idea that “you’re only as good as your data” is one of the most compelling. There are many aspects to exploring that idea. It doesn’t necessarily have to be some high fallutin’ thought leadership viewpoint, either; in fact, a powerful example of data visibility can be … More
Listening to your customers is about more than building relationships, providing great service and ensuring the path to success; the powerful voice of the customer can also reveal a lot of insight and wisdom. Placing customer interests at the center of your strategic plan is wise, but that doesn’t necessarily make it easy. Meeting customer expectations requires a full understanding their needs – and that is not possible unless you have one or more dedicated people who truly want to … More
3rd-party risk management starts before the onboarding process. One of the things that stood out the most in our recent webinar with Ardent Partners, CPO Rising 2018: The Age of Intelligence, is the critical role that data intelligence needs to play across organizations.In fact, data visibility and improved analytics stands as one of the biggest strategic goals that CPOs see as holding the most potential to drive performance improvement. While CPO Rising 2018 focused more on leveraging data as a … More
Face it sourcing, CPOs just aren’t that into you. Last week, the team from Ardent Partners shared the results of their research: CPO Rising 2018: The Age of Intelligence in a webinar with Determine. This year’s report includes input from 324 participants, 62% of which are Director level, VP level, or C-level. No one industry accounted for more than 13% of the research data, although approximately 70% of the responses were from large (>$1B) companies in North America. Of all … More
Succeeding in every phase to realize the maximum benefit. When you’re trying to implement enterprise procurement technology, other somewhat related challenges have a way of floating to the surface. Many of them have been around for a long time, festering quietly in corporate silos, and any one of them can act as a barrier to forward progress and expanded visibility.
How predictive analytics leverages data intelligence to drive decision efficiency. More than ever, the role of procurement is gaining influence across organizations. According to the recent Deloitte Global Chief Procurement Officer Survey 2018, cost reduction remains the top priority for procurement. But as innovative technology and digitization play a greater part in the procurement process, the function has become much more strategic. The role of cost-killer is rapidly giving way to critical business partner.
If contracts are at the center of commerce and business relationships, then integrated data is at the center of those enterprise contracts. You’ve likely heard variations of the phrase “That contract isn’t worth the paper it’s written on.” In the same vein, a contract is only as good as its contract data.
Four advantages of a cloud platform with a single source of truth. In a recent webinar, Andrew Bartels of Forrester and Julien Nadaud, Determine’s Chief Product Officer, explored in detail the issues, challenges, benefits and hype surrounding Artificial Intelligence (AI). Whether you’re talking about machine learning, natural language processing, robotic process automation, expert system decision management or any other aspect, the goal is the same: harvesting data intelligence.[/inlinetweet] The only way to gain true data intelligence is through seamless data integration.
A Review of CPO Rising 2017: Tools of the Trade The CPO Rising 2017: Tools of the Trade report from Ardent Partners was a big focus last year. It was the first of their benchmark reports to explore the technology perspective of procurement, and it was revealing. Before the release of CPO Rising 2018: The Age of Intelligence happens, we thought it was worth reviewing Tools of the Trade to check some highlights. It’s also good to have a reminder … More
True organizational transformation is about helping people change the way they do things. “You don’t have to do anything but die.” This rather blunt, but deceptively motivational statement was a frequent response from my high school coach whenever we felt too apathetic towards some practice drills or other. Do we we have to do sprints in the rain? Do we have to come in on Saturday? Do we have to… etc, etc. It was an effective motivator because the underlying … More
Integrated contract management (CLM) turns commercial documents into leverageable assets. In planning a webinar with PayStream Advisors, From Isolated to Integrated—Removing Silos in Contract Management, their research survey revealed a lot. Most obvious (and egregious) is the continued divide between organizations that are getting maximum value out of contracts with a CLM solution, and those that can’t get out of the file cabinet. Leveraging contracts means more than just extracting value; it’s also how to mitigate the risks they potentially … More
Just weeks after joining the Determine team as their Senior Vice President of Customer Success, Kevin Turner was in attendance at the annual user group conference in Laguna Beach. Between meeting customers for the first time and hearing their feedback through presentations and informal exchanges, it was a critical and well timed opportunity to ensure that the Determine product roadmap is aligned with a broad range of definitions for customer success.