In a continuation of our discussion with Corcentric EVP and CFO Mark Joyce, we leave our focus on how the CFO role has changed in the digital age and we pick up the very popular topic of how finance and procurement can work together better. Continue Reading
In a recently released article and podcast about the evolving role of the CFO, McKinsey & Co. partner Ankur Agrawal and consultant Priyanka Prakash shine an interesting light on enterprise-wide change management in the digital age — from the perspective of finance. Of particular note are the number and range of corporate functions reporting into finance today, and how that shifting scope of responsibilities can stress a CFO’s bandwidth while also increasing their net impact.
A recent whitepaper from Corcentric and CFO.com, The Impact of Indirect Spend on Working Capital, delved into the bottom-line consequences of uncontrolled company spend — what Corcentric terms dark purchasing, and is alternately called rogue, maverick and tail spend. The most startling fact, besides the enormous cost, is just how unprepared most companies are to deal with it on a strategic level. You need an enterprise approach, instead of just whacking those rogues when – and if – they pop up.
As CFOs and CPOs are tasked with greater responsibility over a host of issues, there are four major industry themes that will likely be top-of-mind for them, this year and into the future. Although cost reductions, increases in efficiency, and visibility into valuable data are still incredibly important to the C-suite, as well as to the organization’s bottom line, there are other strategic challenges that need to be addressed.
Another Labor Day, another DetermiNews. Which means, while you’re gearing up to drive your organization’s goals in the months ahead, take a look back at the month gone by for ways to help you do that. A common theme across resources in August is how source-to-pay – S2P – and contract management are dynamic processes that are designed to both help organizations meet their current challenges, but also empower them to reevaluate how much more they can achieve. Consider this your back-to-school reading assignment.
In Part One of this two-part blog series from our colleague Reggie Peterson, Director of Supply Programs at Corcentric, he explored the (considerable) list of challenges facing procurement in regards to controlling the tail-spending mavericks and rogues who cost companies significant amounts of money. In Part Two, he takes a closer look at another component of the problem —being “oversuppliered” — and digs into the measures and strategies available to get more spend under control.
The internet and globalization have made today’s business environment more competitive than ever before. Increasing an organization’s revenues is not enough to achieve and maintain profitability; now every function within that organization must also account for every dollar spent. That can become a challenge for Procurement when it comes to indirect spend and an even bigger challenge when it comes to tail spend.
I know we don’t have to preach to the choir. Procurement professionals are all aware of just how practical spend analysis is for them, but sometimes find it challenging to explain exactly why. Some expenses are simply hard to justify. Spend analysis is often seen only as an added value to the organization, rather than an essential piece to uncovering hidden value opportunities. In an applicable paper, Spend Matters suggests 10 ways to justify the expense for spend analysis to the financial decision-makers at your company. Here are some key takeaways…
In part one of this two-part blog series, we explored some of the challenges and strategies around a global contract management solution implementation. From the required melding of global-local considerations to the absolute need for contract visibility and data transparency, having the “right” contract lifecycle management technology (CLM) means having the advanced capabilities to meet a wide range of enterprise, performance and user objectives. Here’s how to make it so.
In the spirit of the anniversary of the first moon landing 50 years ago, if a typical contract management solution implementation is “one small step” toward improving a company’s efficiency, then a global deployment is “one giant leap.”
In this two-part blog series, we’ll explore the mission control elements that are critical to ensuring that leap doesn’t end up lost in space.
Determine OutLoud: The Evolved CFO on Procurement — Part two of a conversation with Mark Joyce, EVP and CFO of Corcentric. In a continuation of our discussion with Corcentric EVP and CFO Mark Joyce, we leave our focus on how the CFO role has changed in the digital age and we pick up the very […]
Determine OutLoud: A two-part conversation with Mark Joyce, EVP and CFO of Corcentric. In a recently released article and podcast about the evolving role of the CFO, McKinsey & Co. partner Ankur Agrawal and consultant Priyanka Prakash shine an interesting light on enterprise-wide change management in the digital age — from the perspective of finance. […]
Three strategies for controlling indirect spend to boost working capital. A recent whitepaper from Corcentric and CFO.com, The Impact of Indirect Spend on Working Capital, delved into the bottom-line consequences of uncontrolled company spend — what Corcentric terms dark purchasing, and is alternately called rogue, maverick and tail spend. The most startling fact, besides the […]
The CFO / CPO Agenda: Beyond cost reductions, increased efficiency, and data visibility. As CFOs and CPOs are tasked with greater responsibility over a host of issues, there are four major industry themes that will likely be top-of-mind for them, this year and into the future. Although cost reductions, increases in efficiency, and visibility into […]
