Putting S2P, CLM, procurement, sourcing and spend into perspective.
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.
We literally looked at the source-to-pay process, starting the month off by exploring the benefits of platform-based sourcing. Those include better collaboration, stronger supplier relationships, improved savings identification and more.
From there it was an overview of what to look for in a p2p solution, which, when chosen correctly, will benefit more than just the procurement team. Cloud-based procure-to-pay can make IT, finance, legal and AP very happy, too.
Of course, no examination of source-to-pay is complete without a dive into contract management, or CLM. As we always say, contracts ARE business; they’re living processes that can be leveraged to achieve a host of enterprise objectives, not static documents to be created and forgotten. The right CLM solution is critical.
Spend was also on the agenda last month, with a review of how you can make a solid business case for investing in a spend analysis solution without having hard ROI evidence. Spend was also the topic in our very first shared blog contribution from our colleagues at Corcentric. It’s an exciting prospect to have an even wider base of expertise to draw on to bring you new perspectives on our industry, which Reggie Peterson, Director of Supply Programs does in a two-part series on tail spend. Look for more in the months ahead.
Finally, in a post from Kelly Barner, you’ll learn why inclusiveness is the key to establishing implementation success at every stage of the process, regardless of which source-to-pay solution you’re implementing. Communication is everything.
As you swap over from beach reading, enjoy this August DetermiNews:
Platform-based sourcing has major benefits. Read On >>
Know what to look for when buying a P2P solution. Read On >>
A successful implementation involves everyone. Read On >>
Think of, and manage, contracts globally. Read On >>
How to justify the expense of spend analysis. Read On >>
Don’t let mavericks wag the dog of profitability. Read On >>