Category Archives: General

General

The Strategy Behind Bringing Procurement and Contracting Closer Together

Today, contracts can no longer be filed away, retrieved only to resolve disputes later. They need to become more dynamic and play an active role with other business processes to realize their full potential. Why? Because the business landscape has been growing more complex for years now, with contracts at the center of every deal to ensure all parties deliver what’s promised. On both the buy – and sell-sides, businesses face increasingly complicated regulatory demands. Intricate supply chains may escalate … More

eSourcing and eRFx: Procurement terms to know

Remember the days when you asked for information from a vendor and they would send you a slick brochure? Some in fancy packages, others oversized (so they stand out). When you asked for a proposal, you’d get a 30-page bound book while others emailed you a PDF, or you got invited to a private page on their server to access the information. For some of you, that was back in the day. For others, it’s business as usual, and very … More

Where to find contract management discussions at ISM 2015

ISM’s annual supply management conference is just around the corner, May 3 – 6 in Phoenix. If you haven’t yet made plans to attend, there’s still time to look into it. If your travel plans are all in place, then you have to make some tough decisions about which breakout sessions to attend. This year, the tracks at ISM 2015 are decidedly strategic and value oriented, making it harder to determine which sessions offer the processes that can best benefit … 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

A Current Scandal Proves Why Employee Contracts Shouldn’t Live in Spreadsheets

Identity theft is a huge concern these days with estimates of 15 million people becoming victims each year. And if you’re one of the unlucky ones like me – you know firsthand that identity theft can be expensive! Each year, identity theft cases can total up to more than $50 billion in damages, according to identitytheft.info. With these concerns on the rise, it’s no surprise that employees for a large entertainment organization are upset that hackers found pay rates, social … More

The New (Old) Battleground: Marketing vs Procurement

“If you had marketers on boards they could put procurement back in their box, which is where procurement really belongs.” I’ll let that statement sink in for a minute… … That bold piece of verbiage came from by Mat Baxter, chief executive of media agency UM, at the Publish conference in Sydney, Australia last week. He was part of a panel discussion talking about the process of selecting media agencies and the relationship that exists between media buyers, publishers and … 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

4 Things Procurement Should be Thankful for This Season

As we approach the holiday season, our schedules can become busy and chaotic. It’s easy to get bogged down and forget the true meaning of why we celebrate Thanksgiving. So, in order to energize our hearts and minds, grab some coffee (lots and lots of coffee!) and start counting your blessings! I’ve put together a list of things a procurement pro should be thankful for this holiday season. 1-Technology: Innovative technology helps you overcome the challenges of modern sourcing- making … 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

Communication Key to Driving Value Out of SME Suppliers

There is no denying the value that small and minority-owned suppliers offer to businesses, but securing that value has proved to be trickier for procurement. Small and medium-sized suppliers, and in particular those owned by minority groups, are more innovative and more responsive than their larger counterparts tend to be. For their customers and the procurement teams they work with this means they can benefit from them being more nimble, able to respond quickly to the changing needs of the … More

3 Points for Procurement to Consider as a Modern Organization

How can procurement define itself as a modern procurement organization? Recently at Iasta reSource 2014 in Indianapolis, Selectica’s Erick Mott had the opportunity to interview Marc Hochman of A.T. Kearney about his session on Supply Team 2020. During the interview, Marc shared three key takeaways for procurement teams to consider as a modern organization: Procurement has a huge opportunity to deliver value to their organization. Procurement needs to collaborate and use the same “language” as our colleagues in Finance and … More

7 Scary Moments When Building Sourcing Projects

Imagine this: It’s Halloween night and you’ve just committed to complete a sourcing project with a tight deadline. You must stay late at the office in order to complete the project in time. Everyone has left for the day and you’re all alone. Suddenly, the lights flicker. You hear a creek at the door and then footsteps in the distance… Are your palms sweaty? Is your heart racing? Unfortunately, I can’t help you avoid that scary situation. Although, I’d recommend … More

3 Ways to Get Your Procurement Mojo Back

I recently read a blog post from MyPurchasingCenter.com titled, Procurement Missing Out on Empowering Opportunities. The article reviewed a new book that discusses what’s holding so many procurement organizations back from realizing their full potential. In the book titled, Procurement Mojo: Strengthening the Function and Raising Its Profile, Sigi Osagie describes the kind of “mojo” procurement professionals need to be more effective and successful on the job. To summarize, Osagie describes Procurement Mojo in a series of 5 steps: Build … More

Finding the “Zen State” for the Modern CPO: Part 2

Last month, I hosted a roundtable discussion, “Finding the ‘Zen State’ for the modern CPO.” During the breakout session, I challenged thirteen procurement leaders to identify ways they can find a “state of harmony” in the dojo of the modern enterprise. In part 1 of my blog post, I shared the findings of the group’s top internal and external challenges the CPO is facing today. In part 2, I’ll be sharing how CPOs are applying innovation to their organizations for … More