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June 21, 2018

What DOES agile mean, anyway?

What DOES agile mean, anyway?

8 interpretations of agile procurement.

When you work in a particular field or industry, the lexicon / jargon / shorthand speech that’s commonly used becomes an afterthought, even if you don’t always know the exact meaning. You just get used to using the words that everybody else uses. In source-to-pay, “agile” and “agility” are getting a lot of play right now. So, when someone at IACCM (The International Association for Contract and Commercial Management) recently asked us to clarify what does “agile procurement” really mean, I asked around.

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June 14, 2018

How contract management plays a critical role in regulatory compliance.

How contract management plays a critical role in regulatory compliance.

Businesses need to be more responsive to regulatory changes; an agile CLM approach can help.

You’ve heard of HIPAA, Dodd-Frank, GDPR and Sarbanes-Oxley, but what about HITECH, Stark Law, CECL, IFRS 17, TIR57? There is no shortage of acronyms in the regulatory world, and no shortage of regulations whether you’re in financial services, healthcare / life sciences, pharmaceuticals or many other industries. One of the biggest issues with regulatory compliance is that the rules are always changing — and the changes seem to be accelerating. Which means your contract management needs to be even more agile and responsive.

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June 7, 2018

Three reasons to measure procurement ROI (and one simple way to do it).

Three reasons to measure procurement ROI (and one simple way to do it).

A DEC representative once pointed out how the terms “conservation” and “efficiency” are often (wrongly) used interchangeably. The first means doing with less, the second means optimizing what’s available. Obviously, efficiency is a better way to go. The same can be said of procurement; instead of just trying to cut spend constantly, isn’t it better to manage that spend more efficiently (through P2P automation, for instance)? The result of a more stringent approach to spend management may very well be a noticeable, if not significant, increase in procurement ROI . We’ll show you a simple way to run those numbers.

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May 31, 2018

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

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

If necessity is the mother of invention, then reinvention must be the offspring of a continuous improvement process. Back in flight school, there was an industry group with a major professional education component, whose slogan was “When you’re good, you’re always learning.” The more source-to-pay professionals and practitioners I meet, and the more research and whitepapers I read, that same slogan could easily apply to procurement, sourcing and contract management, as well. As one Determine customer sagely told me at a recent User Group, “Comfort zones makes me uncomfortable.”

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May 22, 2018

CLM Basics: 10 things to know.

CLM Basics: 10 things to know.

Get started or get to the next level with your contract management.

When you are immersed in something day in and day out, you tend to forget that not everyone is as familiar with the topic as you are. At a gathering this weekend I met the CEO of a global financial organization that is growing and expanding rapidly with offices all over the world. The conversation got around to the inevitable, “So, what do you?” I mentioned cloud-based contract lifecycle management. “Sounds interesting,” said this CEO. What’s that?”

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May 17, 2018

Budget-empowered procurement.

Budget-empowered procurement.

Make built-in P2P budget management data part of your purchasing workflow.

Of the many topics that came out of the webinar we did with Ardent Partners, CPO Rising 2018: The Age of Intelligence, the idea that “you’re only as good as your data” is one of the most compelling. There are many aspects to exploring that idea. It doesn’t necessarily have to be some high fallutin’ thought leadership viewpoint, either; in fact, a powerful example of data visibility can be something as workaday as simplifying purchasing by integrating P2P budget management right into your procurement solution functionality. Easy is good, right?

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