If February DetermiNews could be summed up in one word, it would be “contracts.” This month, starting with our IACCM webinar on January 31, looked at contracts and how to best manage them with technology, internal processes and C-Suite level strategic focus. Contracts represent relationships, revenue and risk to every organization. Making sure yours maximize the first two and mitigate the third is what Determine does for a growing number of leading companies across industry verticals.
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.
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.
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.
Double the velocity, square the momentum.
If you remember your high school physics, this formula perfectly describes how Determine is barreling into 2018 with the sustained impact of continuous — and growing — customer success on the Determine Cloud Platform. Thanks to our rapidly ballooning base of new customers across many varied industries, we’re in a great position to capitalize on our strategy and vision in the fiscal quarters ahead.
“Impact” is the operative word for the coming year. We are creating it at every level of every aspect of our business.
Smart and collaborative platforms, unified interfaces, Big Data and Artificial Intelligence: all these developments are forcing source-to-pay solution providers to regroup and adapt their technology offerings.