If Palo Alto, California, is the heartland of innovation, Xerox PARC was its epicenter in 1996. Selectica (Now Determine™) was founded in that vortex of advanced ideas and technology. It all started with a vision that "selection and configuration expertise" could guide teams to make better decisions during the sales process and lead us to build a powerful configure price quote (CPQ) solution.
This allowed companies with the most complex catalogs to configure products and services efficiently in countless ways. Quoting cycles decreased along with the time required to propose a solution and provide accurate pricing. The market responded favorably as Selectica went public in 2000 on NASDAQ. Today, our patented algorithm helps companies power their sales cycles by configuring their own (CPQ) applications.
An early innovator of Contract Lifecycle Management (CLM), since 2005 our goal continues to be improving contract workflows across complex enterprises. Make compliance paramount, and simplify management through oversight, accessibility and transparency. Even after a decade, we're giving companies insight into their contracts like never before.
Recognizing how valuable contract data is, we made our CLM so configurable it goes beyond legal to procurement, sales, HR, real estate, all the way to building business relationships. Scalability takes CLM—or ECLM—effectiveness to the enterprise level, breaking down silos between departments, offices and countries. Give the c-suite a dashboard where unparalleled contract insights can help drive corporate goals.
CLM and ECLM are case studies of how we innovate to meet the dynamic needs and market demands of our customers, instead of forcing them to make concessions to oversimplified solutions. Their mandate became our mantra: Solve problems today, prepare for the future, integrate and scale to the future. Solutions they can build on and call their own.
ECLM also reveals the need for corporations to improve the linkage of upstream and downstream procurement. While contracts are nothing new for sourcing and procurement, ECLM connects sourcing and procure-to-pay functions in new ways for improved visibility across the enterprise that translates into better supply management. What has become obvious is the interdependent nature of sourcing, supplier management, P2P and contracts; each becoming more powerful by being linked in both process and design.
Two years ago we recognized that the source-to-pay continuum requires a solution that puts compliance and risk management on par with cost savings. For this reason, in 2014 we joined forces with industry-leader Iasta, a Gartner Magic Quadrant visionary. Immediately, our combined platform gave customers unprecedented situational awareness and control in strategic sourcing and wider supply management. Not just through procurement, but business lines, finance, legal, IT and other stakeholders.
Since then, the integration of eSourcing, supplier management and spend analytics with our robust CLM has empowered companies to follow the money with newfound clarity for understanding the effectiveness of strategic sourcing efforts. This ultimately transforms spend and supplier information into process efficiency and realized savings.
Our drive to complete the source-to-pay picture led to our merger with another Magic Quadrant visionary—recognized P2P leader b-pack. As the final link in the corporate source-to-pay chain, b-pack's cloud-based proven solutions in Europe and the U.S. have transformed procurement from an operational service to a vital strategic role. Through a scalable platform model and agile workflow design, organizations are effectively using this technology in P2P and are generating value to optimize enterprise P2P processes across global organizations of all sizes.
As of October 19, 2015, Determine™ is the combined powerhouse of three industry leaders. Our vast experience, shared heritage of innovation, depth of capabilities and collaborative culture create enormous potential for customer success. Bringing together Gartner visionary technologies on one seamless platform is powering the enterprises of today and tomorrow. Delivering Vision. Insight. Control.
Adapt, adopt, move on. Because business never stops changing, we continue innovating. We're constantly developing and refining — whether to meet customer needs, or stay ahead of them. Customers drive us to invent; our innovations help them transform. This symbiosis unleashes the creativity in our DNA.
Where will it take us next? Stay tuned...