Category Archives: Contract Management

Collaborative Contract Management: Working Better Together

It’s not news that enterprises are dealing with more contracts and more complexity than ever before. Increasing numbers of stakeholders have skin in the game and creating, executing, and managing contracts plays a crucial role in ensuring a company’s profitability. There are plenty of news stories about legal and financial risk involved when contracts are poorly managed. Yes, contracts can make all the wrong headlines if not properly managed and monitored, as last year’s story about Walgreen’s botched financial forecast … More

Rise of Regulation and Compliance Enforcement = Increased Need for Contract Management

As we move into mid-2015, it is clear that contract management needs are on the rise. Survey after survey from various analyst firms and consultancies tell us that contract management is a growing area of concern. The main benefits often attributed to contract management are providing efficiency and speed to the contract process through automation. A recent PayStream Advisors study found that 62% of survey respondents noted faster negotiation cycles as the primary benefit of contract management software. With regulatory … More

CLM vs. ECLM: Which comes first?

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

Three suggestions to boost your CLM success

If you’ll spend two minutes reading this article, I’ll help you boost your CLM user adoption by as much as 45%. How, you ask? Simple: By avoiding some basic but common mistakes that place implementations at risk. Through a decade of implementations, we’ve discovered a few simple “Do’s and Don’ts” that consistently drive attractive ROI and user adoption regardless of organization size, needs, market sector, previous expertise with CLM, or regulatory requirements. I’d like to share those with you. Ready? … More

Contract Lifecycle Management helps you avoid contract overload

Let’s consider this familiar situation: it’s the last day of the fiscal quarter, and everyone in your company involved in the contract process is frantically working on extensions, approvals, and special requests. Since each contract is being reviewed and adjusted manually by the legal team, it could very well be the wee hours of the morning before anyone gets to head home – especially if anything unexpected comes up. These last-minute quarterly efforts inevitably lead to confusion and inconsistencies at … More

What’s up at Selectica? The perfect marriage between CLM and procurement.

It’s no secret that industry analysts note enterprises worldwide are fraught with low adoption of legacy procurement software. As a result, one of the main problems Chief Procurement Officers (CPOs) face is the lack of visibility and control of transactions. Procurement needs technology vendors with vision who can deliver the ability to combat rogue buying and improve spend management and contract lifecycle management (CLM) with more functionalities. CPOs today want products and solutions with source-to-pay features that are easy to … More

Answers to your questions about Selectica’s acquisition of b-pack

Selectica has just announced the acquisition of b-pack, an industry leader in Purchase to Pay. Since the merger of Selectica and IASTA a year ago, it’s been our goal to provide customers with tailored end-to-end upstream and downstream supply management solutions integrated with enterprise-wide contract lifecycle management. With b-pack, it’s all now possible. We know this is an important step toward efficiency for global enterprises weary of managing multiple vendors in disconnected pieces.   As Chief Sales Officer responsible for … More

Procurement leaders as enterprise leaders, and why ECLM should be in their playbook

According to Forbes, top global companies are relying on their procurement leaders more and more to seek out innovative ways of doing business with suppliers. It’s no longer simply about cutting costs – procurement is more involved in mitigating supply chain risk and making strategic decisions in collaboration with top management. With better information and processes to tracking every company contract, procurement leaders can unlock the value in those contracts and see opportunities for cost savings that would have been nearly … More

A visionary focused on helping procurement improve contract management

Just a couple of days ago, Gartner published its Magic Quadrant for Strategic Sourcing Suites, February 2015. We are proud to note that we have been recognized by Gartner as a visionary in the latest Moving from the leader’s quadrant into the top portion of the visionary quadrant, we take into account our adjustment from the previous report in July 2013. The elimination of many other vendors from the pool should also be noted. One could argue the changes in … More

7 Reasons to Move to ECLM in 2015

In the earlier blog we noted that CLM in the past was based on the inability to completely address the needs of an enterprise due to siloed approaches – so how do we look forward? Contracts are the lifeblood of all business relationships. Today, organizations need the ability to be govern contracts and contract data holistically from a common solution framework to get the best understanding of the obligations that financially bind the entire enterprise. As such, siloed approaches for … More

The Future of CLM in 2015

Recently, Selectica hosted a webinar – now on-demand — titled, Creating Strategic Value from Contract Management. Guest presenter Andrew Bartels, VP and Principal Analyst at Forrester Research, Inc. and Patrick Stakenas, Chief Strategy Officer at Selectica had an interesting discussion on the current landscape of CLM. Andrew shared the findings of his recent report and painted the picture of a complicated landscape of solutions in CLM that shows how technology continues to be placed in buckets of functionality, including buy-side, … More

Pushing Sourcing Strategies into Contracts

In the world of Strategic Supply Management, everyone knows that the ROI of strategic sourcing initiatives is only as good as the resulting contracts and the contract compliance in purchasing. Last week, I attended a Selectica webinar — now on demand — titled, “Creating Strategic Value from Contract Management.” Guest speaker Andrew Bartels, Vice President and Principal Analyst at Forrester Research, Inc. discussed the importance of choosing an enterprise Contract Lifecycle Management (CLM) solution that is cross-process, not process-based. He … More

How Much Are Your Contracts Worth?

How much value is your business gaining from your contracts? If a procurement executive asked you what a given contract was worth, you would likely give an answer based on estimated spend value as a result of projected volume, negotiated costs, and term. While this is accurate, it is also a limiting perspective that places more emphasis on the transactional footprint of the contract than what it means to the company’s operations. Patrick Stakenas, Chief Strategy Officer of Selectica, recently … More

Contracts Go Enterprise: Increase Strategic Value of Procurement with ECLM

What can Enterprise Contract Lifecycle Management do for you? We’re glad you asked – and we’re excited to answer that question in Selectica’s upcoming webinar with guest presenter Andrew Bartels from Forrester Research Inc. Now, we realize that relative to other procurement responsibilities and activities, contract lifecycle management (CLM) may not consume much of your day. You have pressures from your executive team to reduce costs. You are being told to provide powerful analytics that share valuable insights into future … More

5 Executive Approaches for Enterprise Contract Management

I’ll never forget the first time I learned about marketing automation (MAS) tools. I quickly realized having access to an MAS tool would make my life and job a thousand times easier. And once I saw a demo of the tool, I was ready to do whatever it took to sell the solution internally. Now, I know what you’re thinking, what does marketing software have to do with contract management software? Well, not a lot in terms of functionality. However, … More