Category Archives: Technology

Technology

The Procurement Maturity Curve — savings at every stage

The role of Procurement is ever changing and growing in importance. What are your company’s current practices? What are you doing to advance to the next level? Savings is still a primary focus and a critical measure of effectiveness, but it’s not the only one. In this two-part series, we’ll examine how procurement technology is (or should be) adding value across enterprises. We’ll also touch on how incorporating data and analytics tools can enhance processes, providing procurement professionals with increased … More

Taking TIGR by the tail: Kellogg Company’s CLM deployment strategy

It was in 2009 when Kellogg Company began exploring new options for a contract lifecycle management tool. That decision, however, got put off as the company pursued a major acquisition opportunity. This turned out to be fortuitous, because the combination of the acquisition process, integration of the new business and the increase in our volume all served to highlight the need for a more robust CLM. It also helped formulate and focus our list of CLM requirements and priorities. I … More

The ROI of Integrity, Trust and Loyalty

Successful implementations that meet complex customer needs begin with strong relationships. We know that strong relationships are based on integrity, which takes time and effort to develop. But believe me, the ROI of integrity is real. From lower churn, more referral customers and loyal clients to shorter sales cycles, bigger deals, happier employees and more innovative solutions — investing in integrity is good for business. In fact, integrity is one of our core values at Determine. Having integrity leads to … More

Eight New Year’s Resolutions for Smarter Procurement and Spend Management in 2016

Happy New Year! Welcome to 2016! Just a couple weeks into the new year and maybe 75 percent of resolution makers are still on track, in six months fewer than half will be. To make things happen this year, most of us need to focus on a few key (and achievable) goals. If you don’t know where to start, Determine™ can help! You can chat with one of our experts about 2016 planning. We can help with successfully managing your challenges … More

Smart ROI – the real value of the P2P

In this blog, we will explore the most efficient way to Determine™ the ROI of a Procure-to-Pay solution. In the first part of this blog, we will look at the steps to calculate an exhaustive TCO. In the second part, we will look at the potential savings associated with P2P. In his last article, Xavier Olivera — editor at SpendMatters.com, enlightens us on the importance to calculate a holistic TCO. The article lays out a number of questions to drive … 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

Empower procurement managers with a complete P2P system.

Cost reduction and cost control: It’s The Holy Grail of every financial manager at every for-profit company. It’s also the goal of every non-profit organization seeking to stay within the boundaries of their allocated budget. The entire cost-containment process is made much easier with the right architecture and tools in place for driving enterprise-wide compliance to agreed budgets. Controlling costs In these difficult economic times, it is more important than ever before to exert appropriate, cost oversight and control–at each … More

Getting to Insight (Part 4 of 5)

This is the fourth in a five-part series discussing the obstacles and potential paths forward to achieve visibility – essential to any Procurement organization. The article was initiated based upon the following Ardent paper – HERE. In the first, second and third installment overall Spend and Savings were discussed. Let’s examine the third key area or leading indicator of procurement success: Risk. Risk For the past couple of years, I have been talking to prospects and customers about the topic … More

Improving the Speed, Accuracy, and Cost of your Procure-to-Pay Spend-Management System

One of the trends we’re seeing at Selectica is the ever increasing rate of companies–even small ones–abandoning their manual, paper-based procurement systems for the proven efficiencies and documented cost advantages of cloud-based, SaaS (software as a service) procure-to-pay, spend-management systems. The reasons for this migration are both numerous and compelling. The tipping point for transitioning to an automated spend-management system usually comes when the veritable “flood” of paper invoices, delivery receipts, and PO’s begins overwhelming the accounts payable team. Symptoms … More

Why your Board is Thinking About Innovative Processes, Strategies & Technologies

In the past, we’ve seen innovation as the critical ingredient for creating and sustaining company growth. Now, leading executives are asking for innovative new frameworks and processes for designing higher value business models on which to build their enterprise. Many, however, still struggle with day-to-day operational function and count on their vendors to provide innovative solutions. Today the responsibilities of the CPO are even greater. There’s more pressure and expectation for procurement to cut cost and realize every contractual savings. … More

Getting down to business: Contract Lifecycle Management Basics

Many prospects call me before they fully understand what contract lifecycle management (CLM) is or what it can do for their company. What they do know is that they need “something” to manage their current contracting processes. As a BDR (business development representative), my role is to help them understand what our contract management solution can do, what sort of pain points the software can minimize, and provide a basic understanding of the solution features. I answer a lot of … More

The destination is clear when there is a “source of truth”

Over the past 5 years, general counsel have become increasingly aware of the need for the corporate legal department to steward an enterprise contract management business process. The previously “federated” approach to ownership of the process meant that groups like legal, procurement, finance, marketing, sales, etc., all were involved in “contracting” at some level, but this also meant that no one owned the management and optimization of the contracting business process across the entire company. This awareness has translated into … More

How Integrated Analytics Solves Problems with SIM

In the past, Supplier Information Management (SIM) systems have focused on, well, managing supplier information. They kept everything in one place and made supplier data available to those who needed it. But that’s essentially where it ended. And that old SIM method is no longer enough. Sourcing is increasingly complex, forced to satisfy a growing number of regulations and strict compliance requirements, in addition to constant directives from executives to trim waste wherever possible. As a recent Spend Matters™ paper points … 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