Category Archives: Contract Management

“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

Introducing the next level of CLM

Contracts are the instruments through which business relationships and commitments are defined and managed. Every year they grow more complex. In order to keep up, you need a strategy to achieve visibility and control across all contracting processes. An enterprise approach to Contract Lifecycle Management can help you improve bottom-line revenue through improved management of risk, compliance and process efficiency, and to stay ahead of constantly changing regulations. Gartner Research Director Nigel Montgomery has described Enterprise CLM (ECLM) as a … More

Are Chief Risk Officers Keeping Businesses Afloat?

During my annual pilgrimage to Ireland on the ferry from NW Wales to Dublin I was struck by the unnerving thought that all it would take for a ship like this to be unrecoverable is for it to list by 11 degrees or more. Thankfully, it was early in the day and the captain didn’t seem sauced as was Captain Schettino on the Costa Concordia. The point is that there are risks in our lives everywhere, many of which are … More

Avoiding Litigation with Information Governance Tools

As I was looking through some industry stories recently, I came across this report of a ski resort in Park City, Utah, that lost its lease on land it had held since the 1970s due to a data management oversight. Had the contract been renewed according to standard procedure, there never would have been an issue. Unfortunately, because of poor data management, no one knew the lease was coming up for renewal; and by the time they realized the deadline … More

From Cost to Revenue Center: How Legal Can Impact the Bottom Line

For too long the legal department has been seen as something of a necessary evil within an enterprise: vital in keeping the company out of court or at least on the winning side of legal battles, but unable to add much value beyond those duties. This attitude, however, is changing. Increasingly, legal departments are contributing more and even becoming zero-cost centers by streamlining operations, uncovering and inventing new revenue streams, and participating more fully in the enterprise’s overall strategy. Here … More

Contract Management: Yours, Mine, and Ours

In his recent book Global Supply Chain Ecosystems, Mark Millar wrote, “…today’s supply chains encompass complex webs of interdependencies, frequently spanning the globe, designed and deployed to optimize critical attributes – such as speed, agility, and resilience – that drive competitive advantage.” His point plays out on a daily basis through the contract management strategies and practices in many organizations. Because our supply chains are no longer linear or consecutive, we may be buying from and selling to the same … More

Increase Contract Value and Prevent Loss of Revenue with Better Contract Workflow

At the IACCM Europe conference last July, two out of three participants said that their companies lacked a clear, consistent workflow for contracting. Meanwhile, there was wide variation among business units in how workflow was defined. Organizations with effective contract workflow management, however, are achieving superior business results, while those without it too often lose revenue and valuable cycle time during the contracting process. The IACCM has outlined some of the pitfalls that can arise when contracting workflow isn’t well-defined … More

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