Understandably, many people get caught up in all the madness that comes in March. We hope your brackets didn’t get too busted up. But whether your focus was on basketball or on driving your business success, you may have missed a few of our blogs and resources this month. DetermiNews is here to make it easy for you to get up to speed.
“What we have here is failure to communicate.”
Movie lines become legendary, and ingrained in our cultural makeup for many reasons. In the example above, it’s because it represents an all-too-common life experience and because what it describes is so pervasive. The same is true in source-to-pay organizations, where silos are as much about communication failure as anything else.
Seems like a lot of February news got buried beneath the Polar Vortex (along with large portions of the US), but the two biggest stories to come out of Determine this month were the launch of our Contract Management App for Salesforce, and the announcement that the company has entered into an agreement to be acquired by Corcentric. Glad it’s the shortest month of the year.
Expanding the value of contracts by leveraging relationships on the Salesforce platform.
As the leading authority on all things contract related, The International Association for Contract & Commercial Management (IACCM) has a truer picture of the current state of contracts at any given time than anyone. As such, IACCM looks at the impact of contracts and the relationships they represent beyond just the legal department, and they are big proponents of using contracts as “living documents” to maximize the potential they hold to benefit all parties involved.
Integrating Determine contracts with Salesforce contacts to drive business opportunities.
The Determine Contract Management App on the Salesforce Appexchange is yet another way to be more agile, proactive and responsive in the ever-competitive business world. Teams that can jump on opportunities to build sales and secure new third-party relationships by immediately initiating the contract process on the spot give themselves – and their organizations – every advantage in empowering bottom-line results. The following screenshots show you how easy it is to request, manage and collaborate on contracts between our Salesforce app and Determine Contact Management solution.
January. The month that starts the year with big plans and good intentions, then shakes itself out to reveal solid strategies and a roadmap for the year ahead.
November was all about success; how to achieve it, undermine it, prepare for it, and customers who embody it, like Alliant Credit Union and Watermark Retirement Communities. Anytime you start out on a new project, one of the first questions asked is likely, “how do we measure success?”
CPE programs, training workshops, industry events like the SIG Summit, eWorld Procurement and ProcureCon, even podcasts and Ted Talks; what they all share in common is providing content to satisfy those who are constantly striving for self-improvement. Likewise, most of our resources focus on helping you translate that need for improvement to your Source-to-Pay, contract management, sourcing and other processes. This October DetermiNews has plenty to accompany you on your path to process efficiency.
Contracts, in one form or another, have probably been around as long as humans. There isn’t much written on the topic until Plato got around to it in 348 BC, and even he doesn’t go into much detail. Fast forward to today, and contracts are a fact of life. Business is built on contracts, and their importance can’t be overstated. So it is a curious thing that Determine still encounters so many companies using manual or spreadsheet-based contract management processes. It’s almost as if they’re treated as inconsequential afterthoughts, rather than invaluable assets. In this September DetermiNews, we explore a month of resources focused on contracts and how to best manage and leverage them.
How much time, money and hours are you wasting on contract management?
According to IACCM, the International Association for Contract & Commercial Management, organizations lose an average of 9.2% of revenue each year due to substandard contract management, lack of oversight and no visibility. Survey results in the 2018 Sourcing & CLM Insight Report from PayStream Advisors show that 58% of companies are still using manual contract management processes. These two stats are not a coincidence.