Category Archives: Contract Management

Four Pillars of DIY Contract Management

In this day and age of business apps and mobility, technology is driven by the do-it-yourself approach or DIY.  Consumer-side technologies and personal experiences support the notion that today it has become easier to manage and execute contracts than ever before. I experienced this in the past few weeks with two real estate deals, where I became both a buyer and seller of a property on the same day.  Based on these events I had an initial flurry of emails … More

Success Story: U.S. Pharmacopeial Convention

Not a household name for most people, the U.S. Pharmacopeial Convention (USP) is a scientific nonprofit organization that sets standards for the identity, strength, quality, and purity of medicines and food ingredients manufactured, distributed, and consumed worldwide. In fact, USPs drug standards are enforced in the United States by the Food and Drug Administration and used in more than 140 countries. Addressing the Contract Problem While USP was familiar with setting standards for food and medicines, it needed help internally … More

Tapping into the full value of contract management tools.

How much should procurement really care about contract management? A lot. More and more, procurement is being asked to improve supplier relationships and reduce supply chain risk. According to research by Spend Matters, procurement should be analyzing contracts during negotiation to increase successful agreement and execution, and predict disputes before they occur. We agree. Reporting on contract information is critical for mitigating risk, maintaining compliance and realizing savings. Contracts and the data they contain are valuable. But too often they … More

The Modern General Counsel – Part 3

Introduction: Post #1 & #2 of this series looked at how General Counsel is (and may always be) linked to risk. But the role – and influence – of General Counsel has expanded. Technology and data are helping legal teams add value to an enterprise. Going beyond risk and compliance to support the bottom line. This article is about increasing their effectiveness – and clout – with contract management tools. Beyond risk: How Determine CLM turns contracts into strategic business … More

The Modern General Counsel – Part 2

Introduction: Post #1 of this series looked at how Brett Hart, General Counsel at United Airlines, became their interim CEO. He not only understood risk, and how to intelligently manage it, but he also had a deep understanding of the company’s business and strategy, and how to deliver. In this next post we’re taking a closer look at how the role of General Counsel has matured. We covered examples of impressive success and are now looking at some distressing failures. … More

The Modern General Counsel – Part 1

Introduction: The role of General Counsel (GC) is growing in importance and has become a stepping-stone to titles like Chief Risk Officer and CEO. Risk and compliance are still important to the success of an organization. But there’s more to being the Chief Risk Officer or CEO. In this series, we are looking at examples of General Counsel succeeding and failing. We also investigate how to add value across an enterprise with contract management technology. Due to business, executive, and … More

2016 Macroeconomic Conditions Impacting Procurement – Savings in the Forefront

[Note: This article was originally posted on CPORising.com. Determine is pleased to contribute regularly to Ardent Partners blog on the topics of procurement and supply management. You can read the original post and other content from Ardent Partners HERE.] Needless to say, the start of year has hardly been one for celebration. Recent volatility in the stock market has been driven by the Chinese bubble economy, oil prices hitting a 13 year low of $25 a barrel, and crisis in … More

Three BIG Benefits of Contract Management

Contract management is an important aspect of managing business relationships and is the critical tool used by companies to get the most out of agreement terms that take so much effort to negotiate! While executing and monitoring a contract to maximize financial and operational performance and minimize risks may not sound sexy, it is important to the entire organization. There are many benefits of a contract management solution. Organizations where no solution exists suffer quantifiable losses. Spreadsheets combined with manual … More

Platform technology. The future is almost here.

All enterprises, our customers and prospects included, share a common challenge when it comes to supply management, That challenge is the burden of having a plethora of siloed solutions. The solutions  range from supposedly comprehensive spend management platforms to spreadsheets and manual processes, to category-specific solutions and supplier portals. Help, however, is on the way and it isn’t taking the form of the unattainable ERP vision of one all-inclusive behemoth. Enterprise technology solutions tasked with making business processes work better, … More

Selecting buy- and sell-side technology that supports an enterprise approach

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

“e pluribus unum”

While I’m certainly not one for unbridled patriotism, I’ve always had a soft spot for the motto “e pluribus unum.” It could be that it takes me back to my days of high school Latin but that does not fully account for the sentimental impact of the words. The translation, like most from Latin, allows for a bit of nuanced interpretation. The range of translations typically include “One out of many” or “One from many,” and the one favored in … More

How a Contract Management System helps the Strategic Sourcing process:

How a Contract Management System helps the Strategic Sourcing process: Many procurement professionals deploy eProcurement tools for the RFx functionality. They’re often thinking about streamlining their sourcing process, standardizing response formats to facilitate rapid analysis and improve record keeping. There’s another benefit, though, and that’s the contracts management capability that often comes as part of the package. Contract management tools should not be overlooked; they provide the kinds of value that CFOs and internal audit groups appreciate. Some examples: Automated … More

Why General Counsel and Procurement are Initiating Best Practices with Contract Management

Last week, Determine hosted a webinar on how General Counsel’s role has evolved beyond legal responsibilities. Research shows that businesses have an increased focus on contract management and many factors are contributing to this trend. Macroeconomic indicators such as increased M&A, stricter regulatory environments and increased supply chain risk factors are pushing businesses to amplify their reliance on strategic relationships, and focus on ways to avoid or mitigate the impact of contractual disputes. With the rise of the customer-driven enterprise … More

Determine is Bringing Innovation Through Experience & Modernity – Series 3

To understand the trend in technology and how Determine is addressing it is by looking at this from the persona of the company. Organizations want to be smarter by being able to collaborate in new ways using a common platform approach. Taking this concept as part of adopting solutions is something Forrester Research has looked at around the concept of a smart process applications. According to Forrester, what defines a smart process application is the ability to: Import or embed … More

Getting to Insight (Part 5 of 5)

I thought my series on visibility was over, but once again our friends at CPO Rising have delivered another article focused on visibility. This time centered on Contract Visibility. You can access the full article HERE. At Selectica we completely agree that the need for increased visibility across the source-to-settle process is a high priority for our customers and the market in general. The need for visibility is driving our customers to take action impacting existing processes and technology, including … More