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August 8, 2018

Growing procurement influence through CLM.

Growing procurement influence through CLM.

Unlocking the strategic value in contracts.

A recent McKinsey study was chock-full of surprises in terms of procurement and CLM, including this little gem:

Across industries, total procurement operating expenses are typically less than 1 percent of total spending. By underinvesting in this way, companies are overlooking a significant source of value: suboptimal contract terms and conditions combined with a lack of effective contract management can cause an erosion of value in sourcing equal to 9 percent of annual revenues. For Fortune’s 2016 Global 500 companies, this 9 percent would have equaled $2.5 trillion in value.”

Kind of makes you wonder, what’s in your contracts?

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July 31, 2018

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

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

Depending on who you ask, France was either a shoe-in or a long-shot to win the World Cup this month in Russia. Why they won is very well explained by this paraphrased excerpt from the New York Times:

(The team) will be remembered for what it was: a team of exceptional talent and ruthless efficiency, a group in which every player knew his job and performed it flawlessly. All that it achieved — through diligent planning, hard work, relentless discipline — was remarkable; a team of top-class talents willing to sublimate their individual games to a collective mission.”

It also sounds very much like a description of a world-class procurement organization.

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July 17, 2018

CLM or ECLM, that is still the question.

CLM or ECLM, that is still the question.

One of the continuing questions in our industry is whether an organization should be considering contract lifecycle management or enterprise contract lifecycle management. It really isn’t one product versus another, because it’s not about the solution, but the strategy behind your contract requirements. As we always stress, when it comes to contracts you have to think about the enterprise even if you are starting with just one department or office .

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July 10, 2018

Supplier management IS contract management — and vice versa.

Supplier management IS contract management — and vice versa.

Good contracts make good relationships.

Interesting snippet from a Gallup article (undated) that I read recently: Gallup finds that customers increasingly expect suppliers to possess the deepest and timeliest information on their most important business issues. These include the economics of customers’ businesses, emerging challenges within customers’ industries and trends within a supplier’s customer portfolio . What’s interesting is that they refer to supplier/customer dynamics as “partnerships” instead of just “relationships.” Optimizing those partnerships requires integrated supplier management and contract management.

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July 3, 2018

Watermark: Making the case for modular source-to-pay

Watermark: Making the case for modular source-to-pay

From process “black hole” to complete visibility, traceability and control.

At Determine, we are obviously (and justifiably) biased toward a source-to-pay and contract management cloud platform approach that is based on modular, implement-as-you-need solutions. The model makes perfect sense from every logic perspective. That’s why, when a customer like Amee Foss, National Director of Procurement and Plant Operations at Watermark Retirement Communities comes to the same realization, her story makes a much more powerful case than we can make. And she tells it beautifully in this interview in Supply Chain World.

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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.

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