Category Archives: Technology

Technology

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

Contract Automation Tips to Keep Your Global Business on Track

These days, the world is going paperless for good reasons. However, with contracts stored online instead of in drawers, they can lead to new risks for your business, especially if you operate on a global scale. Those risks, however, don’t outweigh the benefits but they do mean that you have to adjust to some new processes to make sure everything is done efficiently and securely. Many companies continue to make basic errors when converting to paperless processes, especially when moving … More

Why legal departments need tailored solutions for unique challenges

Technology, media, and telecommunications (TMT) regulations have become more complicated over the last several years. The TMT industry is a high-stakes field with a wide array of major players, including cable and satellite networks, social networks, film and television studios, and many others. Most of these companies are built on cutting-edge technology. They require experienced legal teams to handle consequential disputes and complex deals. TMT in-house counsels tend to be extremely specialized in their industry, and demand specific, configurable tools to address … 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

Whole Foods Markets Shift Their Cost Model as They Target Millennial Shoppers

In March, I wrote a post for this blog about the Whole Foods grocery chain in which I asked the question: “How Much Can Procurement Change on Their Own?” I looked at how Whole Foods has defied the low margins commonly seen in grocery retail by employing an operational strategy that merges brand reputation, consumer identity, and high-quality products in justification of higher prices. Their procurement team is part of a top to bottom approach to creating the right value … More

Focus on what matters most by silencing contract management “Noise”

Before I entered the world of software and technology, I spent over 10 years in manufacturing. I hear engineers often discussing what’s called “signal-to-noise” ratios. Like tuning an old AM radio, sometimes you get a good signal and the background noise is minimal. At other times, the static and buzzing is so intense that you cannot hear what the station is trying to broadcast. Managing contracts can be like tuning a radio. You have to reduce the noise to hone … More

Workflow – a critical ingredient

Anyone handling contracts on a regular basis understands that managing stakeholders is one of the biggest challenges. Contracts touch and affect many people within and outside an organization, but in quite different ways. Some view themselves as owners, others as users and still more as reviewers or approvers. And then there are those who may simply be affected in some way by the aims or purpose of the contract. When you face such a broad array of people or functional … 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

Selectica Showcases Integrated Sourcing Solutions at ISM2015 Conference

I’m really looking forward to attending ISM2015 next week in Phoenix—the premier supply management conference of the year. It’s a great opportunity to learn from some of the brightest minds in the industry, and to network with over 3,000 supply chain and procurement professionals from across the globe. It looks to be their biggest event ever, so you don’t want to miss it! There is certainly an impressive lineup of featured speakers. Robert Gates, the former Secretary of Defense, will … More

Think like a CLM consultant to improve compliance, reduce risk, and increase profit

Interesting how perspectives can make all the difference in the scheme of business. Looking at something differently can change how you approach it and affect the outcome. While I’ve spent many years in corporate management, for a couple of years, I took on an assignment as a Gartner Research Analyst before coming back to the business side. That experience as a consultant has changed how I look at things today. And I wanted to share some of this perspective as … 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

Welcome b-pack!

As CEO of Selectica I am very excited about the opportunity to add industry-leader b-pack to our product portfolio, global market presence, and the amazing team of professionals we have working to serve our clients. It has long been our goal to expand our enterprise CLM and supply management solution to include downstream or purchase-to-pay solution as a part of our strategy. Enterprises, increasingly frustrated with the inefficiencies of managing a myriad of suppliers and disconnected information, are moving to … More

How to Justify Spend Analysis When There’s No Clear ROI

I know we don’t have to preach to the choir. You already know that there are some expenses that are hard to justify – not because they aren’t necessary, but because it’s hard to prove that they are worth it. It can be difficult to show where the costs are going to impact the bottom line and why your CFO should consider them necessary. Our procurement customers and prospects are all aware of just how practical spend analysis is for … More

Gartner predicts 2015 as procurement technology matures

Gartner’s 2015 predictions for the procurement technology market, “Predicts 2015: A Maturing Procurement Technology Market Creates New Opportunities for Value Creation” is a good read if you can get your hands on it. With all of the technology that has been deployed over the past 15 years, companies still need to find ways to keep ahead of it. I am actually taken back by the need for enterprises to approach both technology and processes (AGAIN), specifically when it comes to procurement … More