You’re an experienced sourcing or procurement professional. You’ve been through umpteen sourcing events, worked across a number of industries, did tours of duty in companies of all sizes. And yet, once in a great while, you still have the inevitable forehead slap moment and the inner cry of “why did I just do that?!” It happens. Whether you’re an industry veteran or just starting out in your career, the following seven sourcing project errors — sophomoric as they seem — are common. And easily avoidable.
In the world of source-to-pay, the ROI of strategic sourcing strategies is only as good as the resulting contracts and subsequent contract compliance in purchasing. Creating strategic value from contract management entails choosing an enterprise Contract Lifecycle Management (CLM) solution that is cross-process, not process-based. More and more companies are coming to realize that contract management needs to cross through the entire organization from buying all the way to selling. Does yours?
If necessity is the mother of invention, then reinvention must be the offspring of a continuous improvement process. Back in flight school, there was an industry group with a major professional education component, whose slogan was “When you’re good, you’re always learning.” The more source-to-pay professionals and practitioners I meet, and the more research and whitepapers I read, that same slogan could easily apply to procurement, sourcing and contract management, as well. As one Determine customer sagely told me at a recent User Group, “Comfort zones makes me uncomfortable.”
Memorization is a frontage road: It runs parallel to the best parts of learning, never intersecting. It’s a detour around all the action, a way of knowing without learning, of answering without understanding.”
— Ben Orlin, “When Memorization Gets in the Way of Learning,” The Atlantic, 9 September 2013
Last week, the team from Ardent Partners shared the results of their research: CPO Rising 2018: The Age of Intelligence in a webinar with Determine. This year’s report includes input from 324 participants, 62% of which are Director level, VP level, or C-level. No one industry accounted for more than 13% of the research data, although approximately 70% of the responses were from large (>$1B) companies in North America.
As I mentioned in Part 1 of this series — Do you have a strategic relationship with your technology provider? — I recently joined Determine as Senior Vice President of Customer Success. On March 14 we held our West Region User Group in Laguna Beach, which brought together valued customers to share their experiences, feedback and ideas about our solutions and Determine as a company. That openness and reinforcing of trust are critical components to establishing a sustainable Customer Success Management program .
I recently read this brilliant analysis about the impact of the Trump tax law changes. I couldn’t help thinking that this offers a unique one off saving opportunity that I would like to share with my procurement colleagues.
In a recent blog post here on Determine, I shared my list of 10 questions I think every procurement team should ask at all solution provider demos. Some of them you’d probably expect, like questions about integration and the administration of configuration settings. Others you might not have thought of, for instance asking to what degree the company “takes their own medicine” by using the technology themselves.
I recently joined Determine as their Senior Vice President of Customer Success, but it is not a new role for me. One of the primary things I work on with companies is the need to tell their success stories , whether internally or externally. Believe it or not, the reasons for doing this – regardless of the intended audience – aren’t as different as you might think.
Managing procurement for three vastly different retail models. Amazon recently announced that they will open a “traditional” grocery chain. This is in addition to their 2017 acquisition of Whole Foods and their experimentation with Amazon Go, a fully automated (i.e. cashier-less) convenience store-style market. All three will meet a similar kind of consumer need, just […]
Agile & Strategic Wins the Race In the not too distant future, quick and dirty financial gains will no longer be the only value-creation lever considered to evaluate buyers and their performance. So long Savings…the new challenge facing buyers will be the multiplication and diversity of the objectives and KPIs to which they will be […]
Introducing… Determine, a Corcentric company. Last week, Determine (yes, that’s us!) was officially acquired by Corcentric. Founded in 1998 and based out of Cherry Hill, New Jersey, Corcentric is a leader in procurement and finance solutions that strives to provide a competitive advantage to organizations, enabling them to reduce the cost of growth and, in […]
Determine OutLoud: A conversation with Sophie Pope, Director of Customer Success at Determine In a recent webinar, Sophie Pope and Ollie Young, a Senior Solutions Engineer at Determine, addressed The 5 Ways a S2P Platform Helps Create More Value for Your Organization. They discussed the differences between source-to-pay point solutions, platforms, and what they called […]