Financial Services (FinServ) organizations – banks, insurance companies, wealth management firm, wirehouses – are constantly trying to find a balance between regulatory mandates and expectations, and operational efficiency. Massive supplier data breaches seem like they have become an almost regular occurrence (when they’re reported), customer privacy and data laws are becoming more stringent (GDPR), and predatory behavior by suppliers and vendors is an ongoing issue. Certainly, the porous nature of globalization isn’t making things any easier. With all that to contend with, it’s critical to remember that you can pin the blame for risk on third parties, not the responsibility for it.
Our recent webinar with IACCM, Contract Management – Beyond the Expected, raised a lot of interesting and varied points about the need for contract lifecycle management, and the potential complexity involved. Especially around data visibility – or lack of it, what Sean Delaney, VP of Sales at Determine, called “data disaggregation.” Which is a fancy-pants way of saying your data is a hot mess.
If January is any indication of the year ahead, it’s going to be a busy one. From GDPR rising to Carillion collapsing, the expanding role of contract management (and the need for alerts) and the changes coming in the realm of procurement technology, we covered a lot of ground this month.
There is a constant stream of information coming out about GDPR – the General Data Protection Regulation – most of it with a sense of urgency, if not doom, about it. A recent article by Efficio, one of the valued organizations in the DetermineAlliance Partner Program, laid out a very clear and rational explanation for how to approach GDPR compliance. In essence, you need to see where your risks are so you can plan for them.
A recent article by McKinsey gave a brief timeline of examples showing episodes of “punctuated equilibrium” — events that cause major disruption and upheaval before settling into a new period of stasis. Along with the discovery of fire, domestication of dogs, the printing press, internal combustion and the iPhone, we can include the emergence of the source-to-pay cloud platform.
Top Ten collations and compilations are a staple at this time of year — after all, who doesn’t like lists? It gives you a chance to catch up on what you missed, or review the resources you found most useful. For us at Determine, it’s another opportunity to review what’s resonating with you – the topics and formats that stood out most. From Services Procurement to CPO Rising and the emergence of the Millennial VP, one thing is very clear: you have very eclectic tastes.