In a recent webinar co-presented by IACCM and Determine (available on demand here), IACCM CEO Tim Cummins discussed the history of global contract lifecycle management (CLM) efforts reaching back to the 1990s. As he pointed out, the CLM approaches of the time had a tendency to overemphasize centralization and standardization for the sake of cost efficiency. Though this strategy did bring some short-term operational wins, it both alienated local users and created regulatory and/or accounting complications for the company and their suppliers.
In Part One of this two-part series, we explored the logistical complexity of deploying contract lifecycle management (CLM) worldwide. In Part Two, we lay out the requirements that a CLM solution will need to meet to be successful on the world stage.
A new incoming administration, Brexit, global power shifts…. The world is changing—are your contracts ready?
Over the holiday break I came across a recent article in Forbes Magazine. A Forbes study, conducted jointly with Hitachi of 573 global companies, reveals that just 13% of them have integrated digital technologies enterprise-wide, and 51% plan to dedicate 10% or more of revenues to digital transformation over the next two years.
Procurement needs to be familiar with their company’s spend and purchasing habits on a very detailed level. This requires a combination of spend analysis, contract reviews and stakeholder interviews. What they must remember, however, is that procurement does not just need to increase visibility for the sake of their own understanding, but rather to increase the understanding of all decision makers in the organization.
This article was first published in the ACC Docket, August 2016.
In Part 1, we covered the idea of technology as both the catalyst for – and result of – “boundaryless” organizations, and why legal needs to embrace expertise in these integrated systems. In Part 2, we look at how people are also becoming silo-less through the power of self-service.