Developing a better platform ecosystem for managing complex needs is a top priority for procurement, finance and legal today. Different needs come from different users, which includes anything from supplier onboarding to contract management to purchasing to invoicing and payment. All these processes can involve several groups of users that have a common need — the need to be able to interrelate information and their respective processes for managing the wider source-to-pay continuum.
The requirement of managing specific procurement workstreams and having visibility across the entire procurement cycle has created a demand for solutions to manage many different aspects of data within a suite approach. But while there is a general aspiration for organizations to implement and use technology across source-to-pay today, many organizations still struggle to drive user compliance and adoption, and in the end find it difficult to ensure that their solutions are in line with user expectations.
Regardless of what technology you are using today, the element that is essential for making a solution powerful is the ability to easily render data for understanding relationships. Whether it’s understanding the components of a contract, understanding supplier parent-child relationships or locations, or the number of PO line items related to a supplier contract, establishing insight into how all these elements work together is critical for managing risk and ensuring compliance.
How technology does this is based on the design. So the questions one may want to pose are, how easily can a solution…
- keep a record of the various versions created and modified by different users (history tracking)?
- manage data assets to ensure that information can be integrated, accessed, shared, linked, analyzed and maintained to best effect across an organization?
- ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets?
In translation — the ability to tie elements of master data, metadata and documents into a “holy triad” of data insight is a differentiator. For Determine today, this is based on the design of our platform core. The Determine Core is the heart of the Determine Cloud Platform and the basis for the business process management (BPM); which is powered by the Determine engine:
- Delivering a BPM platform for both users and administrators
- Common administration, security, rules and users shared across the platform
- A platform aligned for master data and business information
- A flexible workflow infrastructure for all your business applications
- Modern UX/UI at the core with a focus on responsive design & mobile strategy
With this approach it means:
- Having a platform that can manage supplier information globally or locally by company, and to share it all over the platform;
- Supplier and procurement data governance and integrity by improving and avoiding re-entries or re-keying of information, while guaranteeing compliance with improved data accuracy across a complete life cycle;
- The ability to seamlessly integrate information across the source-to-pay platform, including connecting the dots by linking relationships between all system users, contracts, POs, invoices and suppliers using “LinkedIn like” social collaboration;
- Getting deeper insights into how contract terms and clauses affect an assessment of supplier risk and its impact on wider needs of business process management.
Using S2P or CLM solutions today requires the ability to connect the dots with a “holy data triad.” With the recent 16.6 release of the Determine Cloud Platform, Determine enables organizations to enhance their insight into how relationships are shaped within sourcing, supplier management, contract management and procure-to-pay.