Category Archives: Contract Management

Kissing the Frog: How Procurement Can Develop Strategic Supplier Relationships: Part 2

Welcome back! Just joining us? Click here to read Part 1 of this series. As you can tell from my previous blog post, there is a great deal of information to consider when trying developing strategic supplier relationships. If you are like many of Iasta’s clients, these questions are all important to the identification and development of strategic suppliers. However, there is high likelihood supplier information is living in the following areas/systems across the business landscape: Spend systems (ERP, P-Card, … More

Building a Sourcing Pipeline: 8 Questions to Ask When Evaluating eSourcing Providers

Are you asking the right questions when you’re evaluating eSourcing providers? Andrew Bartolini of CPO Rising recently published an article entitled “Building the First Sourcing Pipeline – Getting Started.” He provides valuable advice to procurement organizations that have just purchased an eSourcing solution. These organizations should be commended for the decision to become more strategic by implementing tools that will (hopefully) streamline their sourcing processes and vault their positions within their companies. However, from one solution provider’s point of view … More

For Innovative Sourcing: Date More, Marry Less

Anyone who’s been in the outsourcing business for any length of time has heard the cliché that outsourcing relationships are like marriages – they require hard work and commitment over the long term. Well, maybe it’s time to change that. Rather than marrying your next outsourcing provider, take them out on a date and see how things go from there. The fact is, our current approach to outsourcing contracts is completely out of touch with the needs of a business … More

Is Your Procurement Organization Dancing in the Dark?

Break out your dancing shoes, brush off the dust, and turn on the lights…it’s time to stop dancing in the dark! We find that a lot of procurement organizations are “dancing in the dark” because they don’t have the proper visibility into their spend and sourcing pipeline. Without this insight, you could be losing out on hard dollar savings and efficiencies! Iasta recently hosted a Webinar with AOL and Spend Matters, “Vote for Visibility: Yes, Procurement and Data can Dance.” … More

eSourcing and eProcurement Go Together like Peanut Butter & Jelly

eSourcing and eProcurement are a perfect pair – they go together like peanut butter and jelly. When used together, these solutions can transform any organization and empower purchasing pros to make data-driven business decisions. So where does the rubber meet the road? And what does it take to get the implementation right? We recently hosted a Webinar with Procurement Leaders, Equifax (an Iasta Client), and Guardian Life Insurance about the most pressing topics and best practices for implementing eSourcing and … More

Fast-Tracking: Does Sticking with One Service Provider Save Time and Money?

Perhaps your organization has a contract already in place with a service provider, and you are thinking those pre-negotiated contract terms and conditions might save you time and money in sourcing the next area of your business. Or perhaps your organization decides that skipping a competitive process and sourcing directly with one service provider will be more efficient. Of course, sole-sourced contracts can be successful, but these Top 5 suggestions remind us that a competitive solicitation process delivers increased knowledge … More

A New Procurement Calls for a New Kind of Purchasing Hero

Despite the challenging circumstances of today’s economic environment, you must embrace change in order to support shifting external environments and business strategies. At the same time, you look for opportunities to capitalize on disruptive changes in supply markets, which can drive greater value for your organization. You must become a purchasing hero. What is a purchasing hero? We believe a purchasing hero brings knowledge capital to multiple departments. They inspire collaboration and cross-coordinate with as many internal stakeholders as possible. … More

4 Benefits of Contract Management Systems

Contract management is an important aspect of managing supplier relationships and ensuring that commodities and services are negotiated at the right time. Unfortunately contracts are often managed poorly within a company. Even a smaller company can have hundreds of active agreements, adding up to thousands of contract terms and clauses. As you may know, not one of those contract terms carries much weight if the agreement isn’t monitored and enforced. Procurement Managers know that getting a fair price on goods … More

13 Resolutions for Procurement Teams in 2013

As you and your team are preparing to execute your Procurement strategy for 2013, consider adding these resolutions to your “to-do” list: 1. Tell your sourcing story. Has your team transformed processes or implemented new technologies that blew the socks off senior management? Tell everyone by sharing your sourcing stories. Consider creating a quarterly (or monthly) newsletter or e-mail to distribute to the entire company so you can publicize your successes and impact on the organization’s growth and bottom line. … More

Does Your Procurement Team Need Better Contract Management?

If your company doesn’t have a good contract management process in place then you are missing out on some significant opportunities to improve your procurement processes, maximize negotiated savings, minimize off-contract spend, and leverage your full buying potential to get the best possible pricing from suppliers. How do you know if you need a better contract management process?  Ask yourself these 10 questions and, if you answer yes to more than one or two, you should take a serious look … More

10 Ways to Drive Procurement Influence Using Advanced Technology: Part 2

In Part 1, I covered Spend Matter’s first idea to enhance procurement’s value to the business. Click here to read Part 1. The second idea to deliver new value to the business is to connect sourcing activity to contracts- implement savings faster and manage compliance. “Contact management is one of these things in the past five years that’s hung outside of procurement,” Busch said. “But we are seeing a newfound focus to use contract management to drive implemented savings.” Procurement … More

Trends in Standardizing Contract Language

Iasta has been long at work researching trends and best practices in contract authoring because we’ve received a lot of requests to provide authoring to go along with SmartContracts®, our contract management software.  The first obstacle we uncovered seemed to be an almost universal challenge: standardizing contract language.  Many companies, regardless of size or industry, struggle to implement standard, approved language in all their contracts. The inclusion of non-standard language is a primary reason for contract rejection during the contract … More