Hit all the right notes by getting procurement and payables in sync. One definition of harmony is the combination of simultaneously sounded musical notes to produce chords and chord progressions having a pleasing effect. When music is in harmony, in an orchestra for instance, there are a number of tones that are produced creating an amazing distribution of sounds; collective sounds from multiple instruments that can not be reproduced on their own.
Advanced procurement functionality meets agility on our cloud platform technology. Based in Suresnes, France, Servier is a leading pharmaceutical organization specializing in specific areas of development, including cardiovascular, oncology and rheumatology. Founded in 1954, Servier is present in 140 countries, with more than 21,000 employees, including close to 3,000 in R&D alone.
Recently we explored the inconsistent interpretations surrounding what constitutes a platform v. suite v. disparate collection of point solutions. Lately, we’ve heard a little bit of the same term-swapping between business process and workflow.
I will never forget the first time I set foot in an Accounts Payable department. I was working as the lead consultant on a project to completely transform and rebuild a company’s procurement function. Everything was going exceptionally well: processes, reporting, technology implementation, and upskilling the current team. The CPO mentioned to me that I should stop in and introduce myself to the AP lead before the project moved much further forward. I dutifully did so – although when I … More
SIG Global Executive Summit next week, I had the chance to step back and take an objective look at what we’ve accomplished together, and how. I find it a really compelling procurement case study.
In my last post, I wrote about the differences between global and multinational contract lifecycle management. These two seemingly synonymous terms provide guidelines for a large group of varied users and organizations, but they achieve their objectives in different ways. Global implies control, pushing a set of standards universally, while multinational implies flexibility, modifying a localized ability to accommodate regional norms.
For a variety of geopolitical reasons, there’s a lot of rethinking going on right now about what the future will (and should) look like. It’s no less true in our industry, where change and innovation are constants. Rethinking and reinventing is just part of being a technology leader, and leveraging that technology is how leading companies stay that way. From “results” to “retail” to “reinvention,” we reflect back a month of insights and learning. Enjoy the following highlights. As always, please … More
Every so often my wife and I start binge watching a new series in the age of on demand. The latest show we started is called The Wire on HBO. An acclaimed crime drama series that takes place in the gritty urban inner-city streets of Baltimore, I immediately came to recognize that it’s set in a time before the advent of smartphones, where in an early episode street gang members were seen pawning the latest Nokia 3310 series phone.
The podcast series that’s all about minding your business in contract management and source to pay. In this episode of our podcast, I had an opportunity to speak with Patrick Stakenas, President and CEO of Determine, about lessons learned over the past year and what’s happening at the intersection of the company and the industry as a whole. We discussed the confluence of SaaS and suite modularity, with a focus around meeting current market demands and the wider movement to … More
Approaches to expanding procurement value. In anticipation of our upcoming webinar with Spend Matters, Designing the Procurement Factory – Reinventing Procurement Through a Platform, I want to share some initial thoughts around the platform concept. For me, the main difference between a Platform as a Service (PaaS) and a Software as a Service (SaaS) is about the capability of the platform to expand value at any time, using interconnected proprietary solutions. A perfect example is a company most people in … More
Legal, procurement, supply chain—oh my! Visiting some retail clients during the holidays, I was struck by the impact of the accelerated shift from “bricks to clicks” on procurement, supply chain and legal. It’s no secret that recent holiday shopping sales showed a continuing significant shift to online buying habits. Actual physical toy retailers are nearly nonexistent, mobile phone retailers are all online, booking holidays is a 100% online pursuit, banking, grocery and now urgent purchases are easily accessible for online … More
In a recent webinar co-presented by IACCM and Determine (available on demand here), IACCM CEO Tim Cummins discussed the history of global contract lifecycle management (CLM) efforts reaching back to the 1990s. As he pointed out, the CLM approaches of the time had a tendency to overemphasize centralization and standardization for the sake of cost efficiency. Though this strategy did bring some short-term operational wins, it both alienated local users and created regulatory and/or accounting complications for the company and … More
Platformance isn’t about technology, but about what success looks like. It’s peak efficiency through powerful business processes and a single source of data: everyone working in unison to achieve more, faster and more easily. Platformance is when all your spend is managed, contracts leveraged and risk controlled. It’s about starting with exactly what you need to solve your problems now, and easily adding on more features to solve challenges as they show up.
When I was invited to appear on Business Rockstars recently, the host, Mark Lack, asked me what I thought was the single most important piece of advice for entrepreneurs to achieve success. From my own experience as a business founder, owner and now as a source-to-pay and contract management corporate executive, what I tell entrepreneurs is, do your homework. It’s that simple.
A closer look: This past week I had the opportunity to be the first guest on Determine’s new podcast series, “Determine OutLoud,” hosted by Constantine Limberakis. If you missed it – listen here – the fast-paced conversation was far more fun than talking about procurement is supposed to be.