Category Archives: Contract Management
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.
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.
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
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
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
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
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
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
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
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
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
In an environment of increased regulations and demand for compliance, organizations are placing their suppliers under increasing scrutiny. Yet, managing supplier information is often near impossible given the the inability of organizations to easily tie supplier information to procure to pay. According to recent research from PayStream Advisors, supplier relationships are often strained due to poor processes resulting from the lack of automation in managing them. In the 2016 P2P for Indirect Spend Report, more than one third of respondents … More
We looked closely at the compelling reasons for adopting a cloud-based legal solution in Part 1, and ways to mitigate supplier risk in Part 2. In this third and final blog in the series, you’ll discover how other organizations have made cloud solutions integral to the way they do business. Proof of government compliance In the interest of full disclosure, I am the general counsel of Determine, a global provider of cloud-based contract lifecycle management, strategic sourcing, supplier management, and … More
Non-Compliance in Food Safety Is High Risk for Everyone: What SIM & CLM Offers Food Services Industry in the Context of Third-Party Risk Management Like many industries, the food service industry is challenged with having to adhere to regulatory compliance. However, unlike most industries, the impact of lack of compliance regarding quality and safety in the food supply chain is not only a business challenge that presents possible reputational damage, but can potentially pose a huge public health risk. Food … More
This article was first published in ACC Docket, September 2016. The cloud will make your legal team’s global operations more efficient. The cloud will also bring much-needed transparency to and increased collaboration with your company’s suppliers.