“To transform the [Procurement] function,” wrote Corcentric Procurement Director Jennifer Ulrich recently in Spend Matters, “they’ve got to first change the way other business units perceive and engage it.” She was commenting on the fact that even highly mature Procurement organizations have a lot of work ahead of them.
When it comes to organizational change — and the many aspects of transformation — P2P is in a great position to take the driver’s seat through automation, or at least ride shotgun as finance takes the wheel. What follows are four strategies from a Corcentric webinar and IOFM white paper for procurement teams to focus on.
The end of 2019 is all about gearing up for 2020, so our November (and December) resources are all dedicated to helping you prepare for business growth as you’ll read in this DetermiNews. Process automation across procurement and payables was a focus this month, for the simple reason that it makes a major contribution to efficiency, compliance and bottom-line impact. Not a bad way to start the year. Continue Reading
Procurement is going digital at an accelerating rate, and this transformation is critical for every organization – public and private. Not just for staying competitive and relevant, but for increasing the c-suite-level influence that is so crucial to driving enterprise strategy.
As procurement professionals across the globe embrace the Digital Transformation and all of the changes that come with it, it would be remiss not to mention the hesitancy and scepticism that P2P pros also experience when it comes to certain advanced technologies — in particular, artificial intelligence (AI). An unfounded fear looms over this forward-thinking automation, with workers and industries alike suspecting that AI will eliminate entirely the need for a human workforce. However, a recent webinar sponsored by Corcentric reveals just the opposite. The webinar, 3 Things P2P Pros Need to Know About AI, defines artificial intelligence, breaks down its specific capabilities and uncovers the key benefits it provides to procurement.
Considering the challenges facing modern business, CLM continues to increase in importance across the wider enterprise. Contract management technology may very well be the unsung hero of the procurement technology landscape. It has been steadily improving for two decades, from straight document storage, to metadata and redlining, to today’s full enterprise contract lifecycle management (CLM) solutions. […]
The challenges and solutions of effective TPRM. Organizations today and in the future will have to gain more visibility into their supplier information. Data is coming from everywhere – spend, supplier contracts, and other third-party information – and it can overwhelm procurement departments. Part of building a third party risk management strategy (TPRM) includes gaining […]
Optimizing source-to-contract means focusing on wider business needs. In Part 1 of this two-part blog we addressed the initial approach of S2C. Our viewpoint is, that while S2C is often focused on procurement as the primary users of the technology, decisions around adopting the components — such as sourcing, contract management and supplier management — […]
To be effective at source-to-contract (S2C), procurement organizations must be able to properly align data and processes with automation. Often referred to as upstream procurement, “source-to-contract” defines the approaches for how to connect the efforts related to spend analysis, sourcing, contract management and supplier management. At its most basic, these processes encompass all the pre-requisites […]