Contract management technology may very well be the unsung hero of the procurement technology landscape. It has been steadily improving for two decades, from straight document storage, to metadata and redlining, to today’s full enterprise contract lifecycle management (CLM) solutions. Let’s see what’s ahead for CLM.
Organizations today and in the future will have to gain more visibility into their supplier information. Data is coming from everywhere – spend, supplier contracts, and other third-party information – and it can overwhelm procurement departments. Part of building a third party risk management strategy (TPRM) includes gaining visibility into where the risk is coming from, and building a strategy to help mitigate it.
In Part 1 of this two-part blog we addressed the initial approach of S2C. Our viewpoint is, that while S2C is often focused on procurement as the primary users of the technology, decisions around adopting the components — such as sourcing, contract management and supplier management — need to accommodate implementing capabilities with the wider business needs in mind. Continue Reading
Often referred to as upstream procurement, “source-to-contract” defines the approaches for how to connect the efforts related to spend analysis, sourcing, contract management and supplier management. At its most basic, these processes encompass all the pre-requisites necessary for procurement to understand and optimize how an organization acquires the goods and services needed to run the business.
Most of the time when I read an article, blog, newsletter or what-have-you on the subject of fast-growing companies — entrepreneurial or otherwise — the lists of challenges and issues they face and what to focus on are all generally the same: Cash flow, HR, communication, management vision, etc. Very rarely, if ever, does one of those lists mention contracts or CLM. Now that’s an issue. Continue Reading
In Part 1 of this 2-part blog, we outlined the challenges faced by different stakeholders across the contract spectrum, setting up the need for a holistic approach to data and information management as a prerequisite for agile contract governance. The blog ended with an overview of existing solutions — and their drawbacks. What follows is a look at how leveraging a truly agile CLM solution can result in wide-ranging and lasting business impacts.
If you think compliance is expensive, try non-compliance.”
— Former U.S. Deputy Attorney General Paul McNulty
Companies large and small, B2C and B2B, understand that in order to succeed in today’s global and highly competitive market, it is essential to utilize technology, especially digital technology. By implementing innovative technology, companies can more efficiently manufacture and develop product; more effectively market to and engage with customers; and more successfully gather, optimize, and analyze data. In addition, internal processes become more cost-efficient through the digitization of manual and paper-based processes that have been and continue to be time-consuming and error-prone. Continue Reading
Contract management – or contract lifecycle management (CLM) – is a software solution that provides full-time, automated contract monitoring and helps optimize each stage of the contract lifecycle. Pretty straightforward.
The recent release of The Forrester Wave™: Source-To-Contract Suites, Q4 2019 was a reminder of the critical importance of this particular set of components in the broader overall source-to-pay continuum. In essence, get the upstream right and the downstream is going to be that much more smooth flowing. Continue Reading
Considering the challenges facing modern business, CLM continues to increase in importance across the wider enterprise. Contract management technology may very well be the unsung hero of the procurement technology landscape. It has been steadily improving for two decades, from straight document storage, to metadata and redlining, to today’s full enterprise contract lifecycle management (CLM) solutions. […]
The challenges and solutions of effective TPRM. Organizations today and in the future will have to gain more visibility into their supplier information. Data is coming from everywhere – spend, supplier contracts, and other third-party information – and it can overwhelm procurement departments. Part of building a third party risk management strategy (TPRM) includes gaining […]
Optimizing source-to-contract means focusing on wider business needs. In Part 1 of this two-part blog we addressed the initial approach of S2C. Our viewpoint is, that while S2C is often focused on procurement as the primary users of the technology, decisions around adopting the components — such as sourcing, contract management and supplier management — […]
To be effective at source-to-contract (S2C), procurement organizations must be able to properly align data and processes with automation. Often referred to as upstream procurement, “source-to-contract” defines the approaches for how to connect the efforts related to spend analysis, sourcing, contract management and supplier management. At its most basic, these processes encompass all the pre-requisites […]
