Procurement is going digital at an accelerating rate, and this transformation is critical for every organization – public and private. Not just for staying competitive and relevant, but for increasing the c-suite-level influence that is so crucial to driving enterprise strategy.
All risk requires an enterprise-wide perspective.
It is consistently amazing how the conversation about a broad topic like risk is dependent on the individuals involved, and more often than not will generally be focused on specific aspects like contract management, for instance.
In fact, digging deeper into the subject with colleagues and customers, it’s surprising that a majority of what’s been written on risk in a corporate setting narrowly focuses on digital security and compliance in the context of governance, risk and compliance (GRC).
But, as a source-to-pay organization, the question has to be “What about third-party exposure?”
Still in the dark about cloud P2P myths?
Last week Kelly Barner took us for our first ride in the Determine Myth Machine, solving some of the mysteries and misconceptions that continue to swirl around cloud P2P. As she explained in that post:
- Yes, your data will be secure in the cloud.
- No, fast access to your data won’t be compromised in the cloud.
But the P2P booby traps and myths don’t end there, do they?
“You must be able to combine a platform,
expertise and services.”
— Matt Clark, President and COO, Corcentric
The full version of this article appeared in La Lettre des Achats, a leading French procurement industry publication, written by François-Charles Rebeix and Guillaume Trécan. The original piece goes into some detail about where Corcentric has been, its recent acquisitions and the company’s vision for the future.
Give your organization a clear, consistent process for optimizing contract management.
According to the IACCM (International Association of Contract & Commercial Management), two-thirds of participants at their conference a few years ago admitted that their companies lack a clear, consistent workflow for contracting. Some had no formal definition, while others had wide variations between countries or operating units. Since contracts are the most fundamental part of doing business, not having your workflow in high gear means your organization is going to sputter and stall.
Empower managers with process improvements.
Depending on where you sit in a company, budgets are either essential guardrails for organizational efficiency, an inescapable fact of life, a necessary evil, or just evil. Overhead cost control, compliance, data quality — they are on every organization’s budget management agenda, yet few have the processes and solutions in place to achieve them. Here are four best practices to get closer to that goal.
Evolving beyond savings.
Last month we concentrated a lot on looking at the ways (and why’s) procurement teams can and should be more supplier oriented. Not surprisingly, that supplier-centrism also applies to your strategic sourcing processes. That requires a holistic focus to integrate analytics, contracts and supplier information, and the technology to make it work.
Linking the Dynamics of Supplier Relationships with P2P.
In an environment of increased regulations and demand for compliance, organizations are placing their suppliers under increasing scrutiny. Yet, managing supplier information is often near impossible given the the inability of organizations to easily tie supplier information to procure to pay (not to mention contracts and enterprise data as a whole).
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?
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.