Category Archives: Contract Management

Contract Management

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

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

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

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

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