I will never forget the first time I set foot in an Accounts Payable department. I was working as the lead consultant on a project to completely transform and rebuild a company’s procurement function. Everything was going exceptionally well: processes, reporting, technology implementation, and upskilling the current team. The CPO mentioned to me that I should stop in and introduce myself to the AP lead before the project moved much further forward. I dutifully did so – although when I walked onto the floor and heads suspiciously popped up from cubicles all around me, I knew something was up.
What value does the Determine Cloud Platform add? How can its Big Data offering assist buyers? And what advantages are offered by the predictive and prescriptive analytics developed by Determine?
In mid-September, I was interviewed about recent and forthcoming developments of Determine’s Cloud Platform Source-to-Pay and Contract Management solutions, which cover the entire finance procurement process. The original interview appeared in the French procurement magazine, Décision-Achats.
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.
One idea that has not changed, nor will ever change for procurement, is the importance of managing cost. In fact, procurement’s raison d’être, headed by the Chief Procurement Officer or other procurement executive, is and always will be focused on controlling cost; but it increasingly requires the adaptability, agility and flexibility to adjust to the world around it.
Featured Resource: Improving Retail Procurement Insights
Thinking Beyond Cost for Delivering Innovation
Whether addressing merchandising or non-merchandising spend, retail is facing some big challenges. Regulation, compliance and pressure to manage supply base against performance and risk are increasing. The retail industry in particular runs a high supply chain risk – perhaps the highest of any industry segment. This creates a need for better awareness of sourcing processes and supplier management.