Without fail, my inbox is filled every morning with news, updates, tips and dire predictions about GDPR (General Data Protection Regulation) and the coming impact on companies and their providers. GDPR is an urgent issue, for sure, but the constant barrage of information can be overwhelming. That’s why when I come across a source or article that brings clarity, it’s worth sharing.
If February DetermiNews could be summed up in one word, it would be “contracts.” This month, starting with our IACCM webinar on January 31, looked at contracts and how to best manage them with technology, internal processes and C-Suite level strategic focus. Contracts represent relationships, revenue and risk to every organization. Making sure yours maximize the first two and mitigate the third is what Determine does for a growing number of leading companies across industry verticals.
Financial Services (FinServ) organizations – banks, insurance companies, wealth management firm, wirehouses – are constantly trying to find a balance between regulatory mandates and expectations, and operational efficiency. Massive supplier data breaches seem like they have become an almost regular occurrence (when they’re reported), customer privacy and data laws are becoming more stringent (GDPR), and predatory behavior by suppliers and vendors is an ongoing issue. Certainly, the porous nature of globalization isn’t making things any easier. With all that to contend with, it’s critical to remember that you can pin the blame for risk on third parties, not the responsibility for it.
Procurement does not have an easy job. We function as the spending conscience of the enterprise. When a contract is going to be awarded, we make sure a careful selection process is followed and that every specification or requirement associated with additional cost earns its place. We ensure that incumbent suppliers deserve renewed business, and push all suppliers to perform their best on behalf of the company. As important as all those things are, it can often leave procurement looking like the “skunk at the garden party” from an internal procurement stakeholder perspective.
You don’t have to be a corporate general counsel to know that managing contracts can be complicated and time consuming. While almost every contract starts with a request, and ends (hopefully) with renewal, there’s a lot that needs to go on — and sometimes doesn’t — in between. That’s where an integrated and automated contract management process comes in.
Our recent webinar with IACCM, Contract Management – Beyond the Expected, raised a lot of interesting and varied points about the need for contract lifecycle management, and the potential complexity involved. Especially around data visibility – or lack of it, what Sean Delaney, VP of Sales at Determine, called “data disaggregation.” Which is a fancy-pants way of saying your data is a hot mess.
You’ve likely heard variations of the phrase “That contract isn’t worth the paper it’s written on.” In the same vein, a contract is only as good as its contract data.
Four advantages of a cloud platform with a single source of truth. In a recent webinar, Andrew Bartels of Forrester and Julien Nadaud, Determine’s Chief Product Officer, explored in detail the issues, challenges, benefits and hype surrounding Artificial Intelligence (AI). The only way to gain true data intelligence is through seamless data integration.
A Review of CPO Rising 2017: Tools of the Trade Before the release of CPO Rising 2018: The Age of Intelligence happens, we thought it was worth reviewing Tools of the Trade to check some highlights. It’s also good to have a reminder of where procurement leaders stand in their efforts to achieve Process Under […]
“You don’t have to do anything but die.” This rather blunt, but deceptively motivational statement was a frequent response from my high school coach whenever we felt too apathetic towards some practice drills or other. Do we we have to do sprints in the rain? Do we have to come in on Saturday? Do we […]
