Category Archives: Source to Pay
I recently shared my initial thoughts about the news that Carillion, the 2nd largest construction company in the UK, had gone into liquidation because it could not secure the funding required to stay in operation. As a reminder, Carillion is a private sector firm that provided a wide array of public services across Britain. They served lunches in public schools and provided maintenance to prisons; They provided cleaning and foodservice in hospitals, and they maintained roads. Perhaps most importantly, they … More
A recent article by McKinsey gave a brief timeline of examples showing episodes of “punctuated equilibrium” — events that cause major disruption and upheaval before settling into a new period of stasis. Along with the discovery of fire, domestication of dogs, the printing press, internal combustion and the iPhone, we can include the emergence of the source-to-pay cloud platform.
Smart and collaborative platforms, unified interfaces, Big Data and Artificial Intelligence: all these developments are forcing source-to-pay solution providers to regroup and adapt their technology offerings.
Last week, Jaggaer (formerly SciQuest) announced they were buying BravoSolution. This creates a very large player in the market, but there’s a lot of smoke that has to clear before the real implications of this deal become apparent. Not just for the companies themselves, but their customers and prospects.
If you search online for “agility and adaptability,” (or, like in our last blog, ask Alexa), chances are the links shown will be a menu of education, supply chain and leadership topics. Which works perfectly to summarize what we covered this month: Agility is the ability and willingness to learn from experience and apply that to perform successfully in new situations; Adaptability is to embrace change. We strive for both every day, and help our customers do the same.
Saturday Night Live did a spoof commercial not long ago about the Amazon Echo. While it pokes fun at seniors (“I don’t know about that!”), the theme of adapting technology to how people really use it is more universal. To anyone who’s used any kind of voice-activated device – GPS, dictation, search – the experience can vary between seamless / amusing / frustrating, especially during the voice learning phase.
There are three things that are required to thrive in our industry: 1) A solid vision, 2) Continuous product innovation, and 3) Customers who believe unreservedly that we deliver on those two. Without a doubt, #3 is the real key to success. By turning to us to help master their challenges, customers are placing an enormous amount of trust in us and our technology. That commitment is not lost on us, and is what forms the basis of our entire … More
A closer look at the PayStream Advisors 2017 Supplier Management Report and webinar. In a recent survey about current supplier management challenges, goals, and practices, PayStream Advisors asked procurement organizations what contributes to poor supplier relationships, and what their priorities are for improving the processes in place. Not surprisingly, access to accurate information was at the heart of both: As a source of supply chain challenges, and as a way to achieve a more strategic level of supplier management. Despite … More
“Determine is good at change.” When Determine’s new CMO Gérard Dahan said that in his inaugural blog post last month, it really encapsulated so much of what is true about this company and why we’re steadily beginning to steamroll the source-to-pay and contract management industry.
The podcast series that’s all about minding your business in contract management and source to pay. Following on the heels of a webinar with SIG and Chris Monk of Determine partner Protiviti on Third Party Risk Management Efforts 101: Aligning Supplier Onboarding to Contract Onboarding, the discussion continues with Tony Abel, Managing Director and Chris’ colleague at Protiviti. With few exceptions, third-party risk has been one of our dominant topics over the past 12 months, with good reason. Risk is … More
Background: Salons Solutions is the premiere event in Europe for all things related to the fields of digital transformation, Big Data, e-procurement and e-business in general – more than 6,200 visitors attended in 2017. As a major presenter hosting six roundtable discussions, Determine covered many topics of critical interest regarding source-to-pay. While I did not present all of these topics, I thought it would be informative to put them into a series of blogs, which we are sharing this week.
We do love our acronyms in procurement, but rather than being an exclusionary tactic designed to keep “them” out, I like to think that shortening our long phrases to “TLAs” is in line with the resource efficiency we apply to spend management.
We started off the summer talking a lot about organizational transformation, digital and otherwise. It quickly became apparent that one of the easiest paths to achieving that transformation, regardless of how far along you are, is by aligning your people, processes and data across your enterprise. Or, what we call Process Under Management.
At approximately 175,496 pages (as of 2013), the Code of Federal Regulations (CFR) is not a casual beach read. So, until recently, I had never heard of Section 317.8(5)(ii) of title 9 of the Code of Federal Regulations. But I have experienced the impact of that rule first hand on many occasions. Specifically, in the bacon aisle of the supermarket.
Back in the day I did some work for a wealth management firm in New York. At that time, I was introduced to the area of Behavioral Finance, and more broadly, behavioral economics. While not new concepts, they gained new relevance – and urgency – during the financial meltdown 10 years ago. As my client used to say, investors are often their own worst enemies. In times of stress, even the most solidly constructed investment portfolio can be undermined through … More