Category Archives: Contract Management

Contract Management

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

10 Ways to Drive Procurement Influence Using Advanced Technology: Part 3

This is the third post in our 10 part series. Click here to read Part 1 and Part 2. In a recent Webcast, Spend Matters proposed the third way to enhance procurement’s impact on the organization’s bottom line is to go beyond the contracting basics. Jason Busch highlighted a few advanced contracting philosophies including: Pursue an active compliance approach that leverages internal systems and marketplace information (e.g., commodity pricing trends, currency rates) Build your contract management system as a repository … More

Upcoming Webcast: 10 Ways to Drive Procurement Value Using Advanced Technology

Procurement professionals like you have indicated two main roadblocks hindering them from becoming a best in class procurement organization include: 41% a lack of culture that accepts procurement as strategic 38% a lack of technology to automate the strategic sourcing process Join us for a Webcast on  May 2 at 11 AM EST, “10 Ways to Drive Procurement Influence Using Advanced Technology.” Jason Busch from Spend Matters and Joanna Martinez from Cushman & Wakefield will discuss tips on how you can … More

Develop a Center of Excellence: Tactic 4 of 4 to Achieve Sourcing Credibility

People, process and technology are the core of developing a Center of Excellence, which is the fourth tactic to achieving sourcing credibility. People: Does your team help create the IQ of the organization? • Conduct training to fill in the gaps and implement sourcing best practices to build the “nerve center” for a best-in-class process. Process: Do you have processes in place to build the organization disciple for evolutionary cycles that generate greater spend under management? • Evaluate and map current processes. … More

Manage the Gaps: Tactic 3 of 4 to Achieve Sourcing Credibility

Whether you are an early stage or mature sourcing organization, it’s important to manage gaps frequently, which is the third tactic to achieving sourcing credibility. We have identified 5 gaps sourcing and procurement teams should manage: 1. Skills gap- align people that possess the appropriate skills in right positions. Make sure the best-fit subject matter experts are working with the right internal customers so everyone is on the same page. Get outside help when needed, but make sure you can identify … More

Recession Service Management: Talking about money at the service delivery level

By Cynthia Batty, Global Competency Lead, Service Management, TPI In this economically challenging time, I’m finding that my clients’ service delivery managers are on the front lines having difficult discussions. Their companies are asking for base services from their service providers to be maintained, often with smaller overall services budgets than before the recession hit. These reduced budgets make conversations with service providers painful and become a challenge at the service delivery level when providers simply refuse to deliver the … More