Part One of this two-part series on procurement maturity looked at how procurement is (and likely always will be at some level) linked to savings, even as our perspective on those savings changes. But the scope of procurement’s role has expanded. Technology and data are accelerating procurement along the value continuum and expanding our contributions beyond the bottom line. In Part Two, we look at how procurement professionals can leverage tools to increase our organizational effectiveness — and influence.
After multiple years of transformation (first procurement, then digital), most of us have accepted the idea that we work in a state of perpetual change and self-examination. What are my company’s current practices? What am I doing to advance myself or my team to the next level? How does that compare to what my competition is doing? Isn’t this striving for growth what “procurement maturity” is all about?
The evidence has been accumulating for decades that electronic invoicing, or e-invoicing, saves users considerable time and money. Respondents to a global study by The Institute of Financial Operations found that 56% of businesses using e-invoicing spent considerably less money processing invoices than those businesses using manual systems. So why isn’t every business using it today?
It’s that time of the year again. 2019 is off to a flying start for Chief Procurement Officers (CPOs). That means it’s the perfect time to make solid resolutions…digitalization, compliance, supplier management, collaboration…and stick to them!
How much value is your business gaining from your contracts?
If an executive asked you what a given contract was worth, most of us would likely give an answer based on the estimated spend with that supplier as a result of projected volume, negotiated costs and term. While this would be an accurate answer, it limits the “value” of the contract to its transactional footprint.
Happy Holidays and Best Wishes for 2019!
Top leaders all have one thing in common: they have very eclectic tastes when it comes to what they read and what they’re interested in. Which pretty much describes all of you, based on the wide-ranging entries on our list of Top 10 Resources for 2018 in source-to-pay and contract management as defined by you.
How to think about contract management in an era of rising regulation and compliance enforcement.
As explored in Part One of this series, a shifting regulatory and global business environment are compelling organizations to implement a much more robust strategy and technology approach to contract management (or contract lifecycle management – CLM). Part Two looks at how changing your perspective on the topic can make all the difference in how you approach it, and how you think about the outcome. Consider the role of the consultant in business. It’s their perspective — as much as experience and expertise — that bring value to a business. By adopting some of that ability to see things differently as it relates to contract management, you begin to see all the way it can create value.
Whatever your industry, rules and regulations are constantly shifting playing field. They come and go, sometimes unnoticed. Staying on top of the changes means having the most agile contract management approach possible — a fact that’s clearly on the rise. Survey after survey from various analyst firms and consultancies show that contract compliance and management is a growing area of concern. Just as important, if not as urgent, is the fact that good contract governance is also good for business.
Two organizations leveraging technology in pursuit of agility.
In Part One of this two-part blog series, Determine Chief Product Officer Julien Nadaud laid out the fundamental thinking and strategy behind what it takes to move toward a more agile procurement framework and operations. Part Two below delves into some of the specifics that two Determine customers used to streamline, modernize and “agilify” their organizations. As Ardent Partners points out, agile is the future of procurement success — here are some examples of how that looks.
Making the move from concept to reality.
In this two-part blog series, Determine Chief Product Officer Julien Nadaud explores what it takes to strengthen your procurement strategies and make them easier with just one word: agile. Part One looks at the groundwork required to rebuild your present agile procurement strategies, and in Part Two he’ll summarize two case studies surrounding specific examples of agility in action. The idea of “agility” is getting a lot of play in the procurement world these days, but it is real, achievable and what success will increasingly look like .