Back in the day I did some work for a wealth management firm in New York. At that time, I was introduced to the area of Behavioral Finance, and more broadly, behavioral economics. While not new concepts, they gained new relevance – and urgency – during the financial meltdown 10 years ago. As my client used to say, investors are often their own worst enemies. In times of stress, even the most solidly constructed investment portfolio can be undermined through panic, overreaction and poor decision making. Part of the advisor’s role was, and is, saving people from themselves. There are parallels in technology decision making.
A number of years ago when my niece first got her driver’s license, my brother-in-law got a panicked called from her in tears. In a shaky voice she said, “I pulled into a gas station next to the pump to fill up…now what do I do?”
I remembered this story recently when I spent some time in rural France. Having rented a car, I knew eventually I was going to need gas. Not speaking much French, it was something I avoided as long as possible. But eventually, even the fumes were running on empty.
As summer races by it’s easy to lose track of what’s happening in source to pay industry news (plus, it’s hard to compete with beach-reading lists). But a lot has happened since Services Procurement Month ended, and you can catch up on what you missed here. So far, it’s been the Summer of Transformation. From the CPO Summit in London to P2P digitalization, continuous improvement, implementation strategies and technology shopping lists, our focus has been on helping organizations reach the next level – wherever they’re starting from.
It culminates with our SolutionWise Demo Webinars, Transformation 101: CLM+SIM on 8/1 and 8/3. Seats are limited, so register soon!
In Part 1 of this series I wrote about making a business case to bring in new procurement technology. All organizations have handled first-time implementations of some sort – whether they are switching to a full platform or adding a new piece of functionality to a system already in place. The thing about new technology implementations is that, after all the effort invested in vetting prospective solutions, executive teams generally accept the notion that having technology in place is better than not having technology in place.
The podcast series that’s all about minding your business in contract management and source to pay.
Global project implementation. Just the idea is enough to keep even the most hardened source-to-pay or IT professional awake at night. But it doesn’t have to be the case. Planning, strategizing, having a realistic change management plan in place and close collaboration at every stage between customer and technology provider will make the difference between up-and-running and up-at-night. I dove into this topic in a recent conversation with Trent Fairbrother, Implementation Manager at Determine.