The United Nations has declared December 9, 2016 “International Anti-Corruption Day” – an effort aimed at raising global awareness of the social and economic impact of corruption, particularly in the developing world. As they explain on their website, “Every year $1 trillion is paid in bribes while an estimated $2.6 trillion is stolen annually through corruption – a sum equivalent to more than 5 per cent of global GDP.”
Today, executives in all functions and lines of business are driven to create shareholder value. Nothing can destroy the perceived value of an investment faster than negative press, which can do irreparable damage to a brand. In some cases, the cause of the criticism may not even be due to a company’s own actions, but rather those of their suppliers (or suppliers’ suppliers).
As we head for another calendar turn, I’d like to thank you, our customers, for being the driving force behind making our solutions ever better as we fully implement our Cloud Platform. The best is yet to come – stay tuned as our global team sets the bar even higher in the year ahead. Get a taste in the following resources.
When we look at software, we often tend to think of the use case in isolation – or as a horizontal if you will. Think back to when you first started using MS Office. Word was for creating documents, of course; PowerPoint for presentations; Excel for spreadsheets; Outlook for emails and calendars.
Governance and compliance are terms that are often used interchangeably to describe the “law and order” part of procurement’s responsibilities. That being said, they are not quite the same thing. Governance captures the rules in place regarding purchasing and spend management, while compliance is the adherence to (and/or enforcement of) those rules. In a perfect world, governance is what you do and compliance is what you get in return.