The Determine

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Empowering Decisions

Where Enterprise Contract Lifecycle Management makes all the difference.

The only thing changing faster than the technology, media, and telecommunications (TMT) industry are the regulations that govern it. As companies mature and further branch out in their offerings — technology companies producing media content, media companies acquiring technology — the legal ramifications are also growing more complex, complicated and specialized. The TMT industry is a high-stakes field with a wide array of major players; when there’s that much money, risk and opportunity in play, legal teams need the most sophisticated technology to stay ahead of the curve .

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Contracts are assets; optimize your process to maximize the value they represent.

Regardless of size, industry, and region, there are a few things all businesses have in common. For one, they all operate based on a foundation of contracts. If you agree the same holds true for your business, are you currently using a contract management system?

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Everyone has heard about chatbots, or intelligent assistants. The battle between Google Assistant, Amazon Alexa, Apple Siri and Microsoft Cortana is raging: They are embedded in our smartphones and are mainly driven by voice, augmenting our ability to access information and do things; these assistants are also in many homes, and have become mainstream in consumer smart objects and IoT devices. Now we’re wondering how soon they will be just as common on our desks at work.

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Procurement was center stage again this month (fitting, in terms of it being a summer of trade uncertainty). We covered the discipline from a number of different angles, from taxes to tactics. But in looking back, one thought from Andrew Bartolini, founder of Ardent Partners, stood out as particularly relevant to how procurement as a whole is developing: “While intelligence is critical, a precise measure of procurement intelligence is less important than the performance it generates. In point of fact, as a department (and the entire profession) matures, the definition of procurement intelligence becomes a moving target; and it becomes relative to nearly all stakeholders in the source-to-settle spectrum.”

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Bring sustainable value to the bottom line.

Increasingly, procurement is being looked to for the added value it can bring to the organizational table. Expectations are on the rise as well, with big data and advanced analytics driving decision making to new levels by enabling teams to generate new insights and achieve unprecedented proactive capabilities. As covered in recent reports by both Ardent Partners and PayStream Advisors, demonstrating procurement’s value can include many components depending on the priorities of any particular company. But with increased reliance on cloud platform P2P solutions, showing procurement ROI is a great place to start.

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Procurement’s desire to be agile is as well-documented and frequently discussed as our interest in transformation. In both cases, however, we are at risk of falling into the ‘strategy trap’ – the lack of clarity, direction and actionability that accompany all things non-tactical.

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