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June 28, 2018

June DetermiNews: A Review of the Month in Source to Pay and Contract Management

June DetermiNews: A Review of the Month in Source to Pay and Contract Management

I read recently that there has been a growing trend – call it an outbreak – in towns, cities and municipalities having their computer systems held for ransom. Apparently, it’s more common than most people realize (they’re easier prey than the business world). What was interesting about the story is the fact that many of these towns refuse to pay the ransom, and instead pay A LOT more to upgrade and update their systems to be more secure. Or they might do both. But it shouldn’t take a catastrophe to convince an organization that implementing the latest technology is the right thing to do – for risk as well as operational reasons . And it doesn’t have to cost a king’s ransom.

CPO Rising 2018: Increasing Intelligence With Smarter Platforms - On-Demand

Our webinar with Tradeshift and Ardent Partners, CPO Rising 2018: Increasing Intelligence with Smarter Platforms, explored the latest technology trend of interconnected smart platforms. Like a smartphone full of apps, tapping into an ecosystem of seamlessly integrated solutions, networks and other resources greatly expands user capabilities. While the webinar covered a lot of that in terms of leveraging data intelligence, connected platforms enable much more robust functionality across procure-to-pay, sourcing and contracts. Case in point, being the source-to-pay provider on the Tradeshift platform opens up a world of possibilities for customers, suppliers, vendors and others that would be impossible to replicate by any single entity.

The idea of upgrading and updating capabilities is also a big topic in the contract management world, as evidenced by the need to stay compliant with ever-changing regulatory requirements. Not every CLM is up to the task, and the older it is and more “isolated” (i.e., point solutions, homegrown systems) the more likely that mistakes get made and risk mitigation opportunities missed.

Speaking of missed opportunities, one of the more pervasive (and frankly, unnecessary) negatives in the CPO Rising 2018: The Age of Intelligence report is that so many organizations are not achieving better spend management. There are a lot of reasons, but one may just be simple lack of awareness of exactly how much savings is being missed. Our Procurement ROI interactive infographic has experienced a lot of traffic for that very reason.

Running your own numbers and taking the potential ROI to your CFO could very well net you the procurement solution upgrade you need (or maybe the career advancement you want?).


 

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