Author Archives: Patrick Stakenas
There are three things that are required to thrive in our industry: 1) A solid vision, 2) Continuous product innovation, and 3) Customers who believe unreservedly that we deliver on those two. Without a doubt, #3 is the real key to success. By turning to us to help master their challenges, customers are placing an enormous amount of trust in us and our technology. That commitment is not lost on us, and is what forms the basis of our entire … More
“Determine is good at change.” When Determine’s new CMO Gérard Dahan said that in his inaugural blog post last month, it really encapsulated so much of what is true about this company and why we’re steadily beginning to steamroll the source-to-pay and contract management industry.
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.
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
With blogs, such as this, or any social media connection—email, text, online media in general—it seems that building relationships has become a lost art. However, I beg to differ and will explain. This blog is about Relationship Economics and how it’s still as valuable as ever and even in vogue. In today’s economy, relationships are perhaps the new currency. A relationship describes a connection or association between people and/or things. Economics is about resource abundance, scarcity and allocation, the distribution … More
Successful implementations that meet complex customer needs begin with strong relationships. We know that strong relationships are based on integrity, which takes time and effort to develop. But believe me, the ROI of integrity is real. From lower churn, more referral customers and loyal clients to shorter sales cycles, bigger deals, happier employees and more innovative solutions — investing in integrity is good for business. In fact, integrity is one of our core values at Determine. Having integrity leads to … More
All too often, evaluating procurement and legal departments’ technology are centered on solving a specific problem. Typically, they’re related to sourcing events, departmental contract management, supplier optimization or spend analytics. In order to maximize ROI, however, such technology implementations should be considered as part of a broader enterprise strategy. This would also help stakeholders across the organization develop and extend their strategic potential and business impact. In a recent conference in France, we saw many customers who have focused heavily … More
Today, we’re very excited to unveil not just a new brand identity and a name, but a brand-new company. Determine, Inc.™ is the result of years of work and planning by many people sharing a singular view about how to best position ourselves and shape the company for the future. Now we’re ready for it, and I couldn’t be more proud. As CEO of Determine, this transformation is one of the defining moments of my career. It has long been … More
Contracts are the instruments through which business relationships and commitments are defined and managed. Every year they grow more complex. In order to keep up, you need a strategy to achieve visibility and control across all contracting processes. An enterprise approach to Contract Lifecycle Management can help you improve bottom-line revenue through improved management of risk, compliance and process efficiency, and to stay ahead of constantly changing regulations. Gartner Research Director Nigel Montgomery has described Enterprise CLM (ECLM) as a … More
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
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
I am honored and proud to take the reigns as president and CEO of Selectica. A lot has happened. One thing for sure: Selectica is coming together. Over the past year, we executed on a strategy to acquire IASTA (spend analysis, eSourcing & supplier management provider) and soon b-pack (procurement software & procure to pay technology) will close. This will enable our customers access to a complete suite of best-in-class, source-to-pay solutions. Now, we can deliver the highest quality and … More
Before I entered the world of software and technology, I spent over 10 years in manufacturing. I hear engineers often discussing what’s called “signal-to-noise” ratios. Like tuning an old AM radio, sometimes you get a good signal and the background noise is minimal. At other times, the static and buzzing is so intense that you cannot hear what the station is trying to broadcast. Managing contracts can be like tuning a radio. You have to reduce the noise to hone … More
I have been blogging about contracts at the core of business for some time now, but it appears there is still some confusion as to what the best way is to get started – a holistic approach or a functional/departmental approach. The answer is actually both. The term CLM or Contract Lifecycle Management is used right along with ECLM or Enterprise Contract Lifecycle Management. One letter (E), however, makes all the difference in the world; even though it is most … More