Category Archives: Functionality

A Prosperous Alliance: Procurement and Accounts Payable

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

Putting the Principles of Multinational CLM into Practice

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.

February Determinews: What’s trending now in source to pay and contract management

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

Implementing Global Contracts: Digitization is not just a binary affair (Part 1)

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. 

Getting more from your suppliers starts with you

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.

Chaos, uncertainty, dysfunction: Brexit and contract management.

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

U.N. International Anti-Corruption Day: Procurement’s Role

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

Procure to Pay: Best practices in six key points

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

Concentric Supplier Risk Management

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

Big Data, predictive analytics and prescriptive analytics will drive future enterprise performance.

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

A platform approach for improving the link between supplier & contract management

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

Investing in Corporate Governance to Ensure Compliance

Governance and compliance are terms that are often used interchangeably to describe the “law and order” part of procurement’s responsibilities. That being said, they are not quite the same thing. Governance captures the rules in place regarding purchasing and spend management, while compliance is the adherence to (and/or enforcement of) those rules. In a perfect world, governance is what you do and compliance is what you get in return. Historically, most organizations have predominantly focused on compliance. This may be due … More

IACCM San Diego – Contract Management digitization continues its transformation

Observations from the IACCM Americas conference A recent Liberty Mutual commercial highlights a woman talking about a typical car insurance contract being 22 pages long, and that most people don’t read it except lawyers because no one really understands it; to the average person it reads “blah blah blah blah blah”. Hitting a nerve even in the world of commercial contracts, it is evident that contract management today needs to get beyond the traditional legalese of typical contracts designed by … More

Enable Your Organization: Processes, Systems, and “Boundaryless Companies” in the Technological Age (Series 2 of 2)

This article was first published in the ACC Docket, August 2016. In Part 1, we covered the idea of technology as both the catalyst for – and result of – “boundaryless” organizations, and why legal needs to embrace expertise in these integrated systems. In Part 2, we look at how people are also becoming silo-less through the power of self-service. Employees without boundaries: Going self-service. To go back to Jack Welch, he elaborated on “boundaryless companies” and described them as … More

Enable Your Organization: Processes, Systems, and “Boundaryless Companies” in the Technological Age (Series 1 of 2)

Source This article was first published in the ACC Docket, August 2016. This two-part blog series explores the concept of the “boundaryless” enterprise, and the role that legal plays in this seamless world. In Part 1, we’ll get into how technology is essential for legal teams in not only managing all that interconnectedness, but the risks and potential that come with it. Good business processes and systems breed successful businesses. As corporate counsel, we must be more than simply attuned … More