Purchasing at the best price, at the optimum time, from the right supplier. Automatically. That, in a nutshell, is what is driving the wholesale embrace of Big Data by procurement professionals and organizations, according to Mathieu Neu, writing in French industry publication Decision-Achats.
These are exciting times for procurement professionals. But consistently, most procurement leaders feel they should be doing better. Unlike last year’s Ardent report on “The State of Strategic Sourcing,” respondents in 2015 see as obstacles technology systems and processes rather than staff or talent challenges. Moreover, they feel that they can drive improvements that propel procurement forward through effective use of collaboration and enabling technologies, something that best-in-class are doing better than their peers.
Strategic sourcing suites are widely used by many in procurement today. Recent research from Gartner notes that majorities of large U.S. and Western European-based companies have invested in one, and rarely buy an e-sourcing application by itself anymore.
Last week, Determine hosted a webinar on how General Counsel’s role has evolved beyond legal responsibilities. Research shows that businesses have an increased focus on contract management and many factors are contributing to this trend. Macroeconomic indicators such as increased M&A, stricter regulatory environments and increased supply chain risk factors are pushing businesses to amplify their reliance on strategic relationships, and focus on ways to avoid or mitigate the impact of contractual disputes.
To understand the trend in technology and how Determine is addressing it is by looking at this from the persona of the company. Organizations want to be smarter by being able to collaborate in new ways using a common platform approach. Taking this concept as part of adopting solutions is something Forrester Research has looked at around the concept of a smart process applications.
With the release of the new name, Determine demonstrates that our unity is not just marketing. The strength of the Determine platform is based on source to pay experience and forward thinking design. In fact our differentiators could be thought of as two pillars, where the first pillar is depth of our capability based on experience in design.