Category Archives: Supplier Information Management
3rd-party risk management starts before the onboarding process. One of the things that stood out the most in our recent webinar with Ardent Partners, CPO Rising 2018: The Age of Intelligence, is the critical role that data intelligence needs to play across organizations.In fact, data visibility and improved analytics stands as one of the biggest strategic goals that CPOs see as holding the most potential to drive performance improvement. While CPO Rising 2018 focused more on leveraging data as a … More
If January is any indication of the year ahead, it’s going to be a busy one. From GDPR rising to Carillion collapsing, the expanding role of contract management (and the need for alerts) and the changes coming in the realm of procurement technology, we covered a lot of ground this month.
There is a constant stream of information coming out about GDPR – the General Data Protection Regulation – most of it with a sense of urgency, if not doom, about it. A recent article by Efficio, one of the valued organizations in the DetermineAlliance Partner Program, laid out a very clear and rational explanation for how to approach GDPR compliance. In essence, you need to see where your risks are so you can plan for them.
As we expand the impact of procurement beyond savings, one of the most frequently cited objectives is process efficiency. In theory, if procurement can help the company execute internal processes more swiftly, they can… something, something, something (?). Process efficiency is good, and savings are good. But neither will have any real impact if we don’t understand why we are driving them.
Considering the amount of negative press that’s generated about physical retail, it’s easy to get the impression that the epitaph is already written on the wall (engraved in brick and mortar by Amazon, according to most accounts). But it’s important to remember one fact: 80% – 90% of retail takes place in actual stores.
A closer look at the PayStream Advisors 2017 Supplier Management Report and webinar. In a recent survey about current supplier management challenges, goals, and practices, PayStream Advisors asked procurement organizations what contributes to poor supplier relationships, and what their priorities are for improving the processes in place. Not surprisingly, access to accurate information was at the heart of both: As a source of supply chain challenges, and as a way to achieve a more strategic level of supplier management. Despite … More
We do love our acronyms in procurement, but rather than being an exclusionary tactic designed to keep “them” out, I like to think that shortening our long phrases to “TLAs” is in line with the resource efficiency we apply to spend management.
Back in the day I did some work for a wealth management firm in New York. At that time, I was introduced to the area of Behavioral Finance, and more broadly, behavioral economics. While not new concepts, they gained new relevance – and urgency – during the financial meltdown 10 years ago. As my client used to say, investors are often their own worst enemies. In times of stress, even the most solidly constructed investment portfolio can be undermined through … More
Although procurement technology is nothing new, there are first-time implementations going on all the time. Whether you are introducing the company’s first full end-to-end platform or adding a new area of functionality to an existing platform (i.e., contract management, supplier information management), preparing a solid business case will help win over decision makers and improve the selection process. Articulating your POV can be the difference between getting the green light to go ahead and more discussion and justification.
Determine customer Norauto, founded in 1970, is the pioneer of the car care center concept in France. Today, Norauto is the European leader in car maintenance, with more than 600 Norauto centers in eight countries providing multi-brand maintenance solutions for motorists in terms of maintenance, comfort and safety. Just one year after the Determine Cloud Platform was put into production, a continuous improvement process was implemented involving Prisca Foucart – E-procurement manager at Norauto, Romain Chauvet – P2P product manager … More
I will never forget the first time I set foot in an Accounts Payable department. I was working as the lead consultant on a project to completely transform and rebuild a company’s procurement function. Everything was going exceptionally well: processes, reporting, technology implementation, and upskilling the current team. The CPO mentioned to me that I should stop in and introduce myself to the AP lead before the project moved much further forward. I dutifully did so – although when I … More
Legal, procurement, supply chain—oh my! Visiting some retail clients during the holidays, I was struck by the impact of the accelerated shift from “bricks to clicks” on procurement, supply chain and legal. It’s no secret that recent holiday shopping sales showed a continuing significant shift to online buying habits. Actual physical toy retailers are nearly nonexistent, mobile phone retailers are all online, booking holidays is a 100% online pursuit, banking, grocery and now urgent purchases are easily accessible for online … More
Making your organization run efficiently requires that you are able to take a clear and honest look at your workflows as they were designed. With the right enterprise technology, you not only can do this, but can also easily collaborate and communicate the business process you intended for those workflows, while enabling self-service capabilities to meet the demands of a wide variety of users. In this regard, consider the number of various user types involved with contract management, where workflow … More
A few weeks ago at Iasta reSource Indianapolis, I hosted a roundtable titled, “What is Supplier Relationship Management? Discuss supplier partnerships that inspire, improving communication.” We had a great discussion around supplier relationships, so I wanted to share some interesting discussion points that could help you to start thinking about what supplier relationship management really means in your organization. A common issue procurement teams face when managing supplier relationships includes coordinating with stakeholders to ensure the relationship is going well … More
At Iasta, we started paying more attention to supplier diversity when we released our first Supplier Information Management software in 2007. In 2012 and 2013, we began noticing a significant uptick in general market interest and direct inquiries from clients and prospects regarding supplier diversity tracking. Aside from hearing about supplier diversity issues from clients and prospects, we’re also reading about it in the headlines. Just last week, McHugh Construction agreed to pay $12 million to settle a lawsuit alleging … More