Category Archives: Contract Management

Contract Management

5 Executive Approaches for Enterprise Contract Management

I’ll never forget the first time I learned about marketing automation (MAS) tools. I quickly realized having access to an MAS tool would make my life and job a thousand times easier. And once I saw a demo of the tool, I was ready to do whatever it took to sell the solution internally. Now, I know what you’re thinking, what does marketing software have to do with contract management software? Well, not a lot in terms of functionality. However, … More

Getting Enterprise Contract Management Right: Join Iasta at IACCM

Iasta is kicking off October by prepping to attend the International Association for Contract & Commercial Management (IACCM) on October 14-16 in Chicago. IACCM is the global forum for innovation in trading relationships and practices and is leading the way in responding to the demands of global networked markets. What’s On The Agenda? On Day 1, Selectica will host an executive boardroom session, “2015 Readiness: Contract and Commercial Management Trends & Transformation Discussion.” Patrick Stakenas and Bill DeMartino from Selectica … More

5 Reasons to Attend eWorld 2014

Iasta is busy prepping for eWorld Purchasing & Supply on September 24 in London. This UK leading event centers on the use of leading-edge technologies and techniques within the procurement & supply chain functions. eWorld is targeted to senior business executives responsible for implementing web-based procurement and supply chain strategies, sourcing technology partners, and using / joining electronic marketplaces. If this sounds like you, check out these five reasons why you should join Iasta at eWorld in September: 1-Attend cutting-edge … More

3 Reasons to Join IASTA at ProcureCon Indirect West

ProcureCon Indirect West is right around the corner – September 15, 16, and 17 in Litchfield Park, Arizona. This year’s theme is: Where Sourcing Meets Innovation. Iasta is attending and we are excited to embrace this theme through engaging networking sessions and even hosting an interactive roundtable of our own! If you’re a CPO or director from a large or small spend company, here are 5 reasons why you should join us at ProcureCon Indirect West: 1-Participate in an interactive … More

Beyond Contract Management 101: Webinar with Spend Matters & Selectica

As adult procurement people, the first week of September may not remind you of fresh notebook paper, new pencils, and back to school shopping (my personal favorite time of year as a kid). But it’s still back-to-school season, and we want to help you get back into the contract management game. Whether you’ve taken a break from contract management for the summer (or much longer than that), it’s time to dust off those best practice guides and start putting your … More

Contract Management in a New Context: It’s About Centralizing Compliance, Governance, and Risk (Part 3)

Creating an enterprise approach to CLM is essential in today’s procurement world, as procurement and other departments are increasingly being audited on their organizational processes and data approaches.  This is paralleled with the efforts of center-led / center-of-excellence approaches being established by world-class procurement enterprises, something we are seeing more and more within our client base. Using an enterprise approach for CLM therefore only makes sense for organizations taking this approach. In fact, the consolidation of CLM into one tool … More

Contract Management in a New Context: Blind Men, Elephants, and Visibility (Part 2)

Today, organizations have many choices when selecting a Contract Lifecycle Management (CLM) solution.  Some solutions may come from a content management provider as part of a wider usage of sharing content.  Others may come from ERP systems, who argue that you’re simply leveraging just another module within your ERP.  Someone focused on these two options may be considering CLM as just an add-on functionality or an afterthought to using one provider. Still, other CLM options come from specific functions, like … More

Key Ingredients for Baking the Perfect Sourcing Cupcake

Have you ever thought of what ingredients it would take to bake a sourcing cupcake? Unless you’re a baker and procurement pro, the thought has probably never crossed your mind. But I’m a baker – and refer to myself as a “Modern Betty Crocker”, so this crazy thought crossed my mind the other day when I was baking Mudslide cupcakes. (Mmmmm) So, I started thinking, “What ingredients would I need to bake the perfect sourcing cupcake?”  In order to bake … More

Data: The Key to Procurement Transformation

What is the key to a successful procurement transformation today? The question could be answered in a variety of ways, but for me – it simply comes down to the data ownership and visibility. In just a few days, I’ll be speaking at an ISM Dallas meeting about how best-in-class procurement organizations are using data as the enabler of change and the communicator in the procurement lifecycle. Consider the power of having a single interface to analyze your spend, supplier … More

Kissing the Frog: How Procurement Can Develop Strategic Supplier Relationships: Part 2

Welcome back! Just joining us? Click here to read Part 1 of this series. As you can tell from my previous blog post, there is a great deal of information to consider when trying developing strategic supplier relationships. If you are like many of Iasta’s clients, these questions are all important to the identification and development of strategic suppliers. However, there is high likelihood supplier information is living in the following areas/systems across the business landscape: Spend systems (ERP, P-Card, … More

Is Your Procurement Organization Dancing in the Dark?

Break out your dancing shoes, brush off the dust, and turn on the lights…it’s time to stop dancing in the dark! We find that a lot of procurement organizations are “dancing in the dark” because they don’t have the proper visibility into their spend and sourcing pipeline. Without this insight, you could be losing out on hard dollar savings and efficiencies! Iasta recently hosted a Webinar with AOL and Spend Matters, “Vote for Visibility: Yes, Procurement and Data can Dance.” … More

The Difference between a Contract and Real Life: How to Steer a Successful Provider Relationship

After signing a contract, both parties have to protect their own business and value case while they work to achieve a common objective, contractual milestones and specific deliverables. No matter how sound a contract is, what matters in real life is relationship management. Consider the following Top 5 golden rules to avoid pitfalls and create a successful relationship with your service providers … in real life. 1. Success comes from collaboration. Mirror your project model with the service provider’s organization … More

A New Procurement Calls for a New Kind of Purchasing Hero

Despite the challenging circumstances of today’s economic environment, you must embrace change in order to support shifting external environments and business strategies. At the same time, you look for opportunities to capitalize on disruptive changes in supply markets, which can drive greater value for your organization. You must become a purchasing hero. What is a purchasing hero? We believe a purchasing hero brings knowledge capital to multiple departments. They inspire collaboration and cross-coordinate with as many internal stakeholders as possible. … More

4 Benefits of Contract Management Systems

Contract management is an important aspect of managing supplier relationships and ensuring that commodities and services are negotiated at the right time. Unfortunately contracts are often managed poorly within a company. Even a smaller company can have hundreds of active agreements, adding up to thousands of contract terms and clauses. As you may know, not one of those contract terms carries much weight if the agreement isn’t monitored and enforced. Procurement Managers know that getting a fair price on goods … More

Austerity & Procurement

It never ceases to amaze me that during harsher economic times, organizations choose to reduce/cancel budgets for procurement projects. It is understandable for those functions that are more client-facing, where revenues are challenged, but why the procurement budget? A $/€/£ saved is a $/€/£ more profit – there are no cost of goods/services to be charged. Organizations need all the help they can get at the moment and where better to turn to than procurement? It would be understandable if … More