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October 24, 2019

Here’s Looking at You, Risk.

Here’s Looking at You, Risk.

All risk requires an enterprise-wide perspective.

It is consistently amazing how the conversation about a broad topic like risk is dependent on the individuals involved, and more often than not will generally be focused on specific aspects like contract management, for instance.

In fact, digging deeper into the subject with colleagues and customers, it’s surprising that a majority of what’s been written on risk in a corporate setting narrowly focuses on digital security and compliance in the context of governance, risk and compliance (GRC).

But, as a source-to-pay organization, the question has to be “What about third-party exposure?”

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June 25, 2019

Investing in Corporate Governance to Ensure Compliance

Investing in Corporate Governance to Ensure Compliance

Three best practices you can use right now.

Procurement often uses the terms governance and compliance to describe the “law and order” part of our responsibilities. Governance establishes the rules for enterprise purchasing and spend management, while compliance measures how well distributed buyers adhere to those rules. In a perfect world, proper governance would lead to consistent compliance. In the real world, there is often only a loose connection between the two.

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June 4, 2019

Compliance advice for those who herd cats

Compliance advice for those who herd cats

We’ve all heard (or used) the expression that managing some groups of people is “like herding cats”. For cat people in the reading audience, this requires little explanation. Cats do what they want, when they want, only if they want. The expression wouldn’t have caught on if it weren’t true, which means there are plenty of feline humans out there too. If you’re in procurement, I’m sure you’ve met quite a few of them.

We put a contract in place, and the “cats” buy from someone else. We establish a process, and they do whatever they like. It can be infuriating. But, if we approach our internal cats with the right attitude, they also present us with unique opportunities to improve procurement’s performance, impact and influence.

Here is some advice for those days when you find yourself unavoidably herding cats:

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September 19, 2018

Agile contract management for the self-service age.

Agile contract management for the self-service age.

Four ways to ensure your contracts are ready for a one-click world.

Contracts are the lifeblood of modern-day business. They are used to protect against risk, establish incentives, hire employees, install systems and plan for the future. But at most organizations, contracts are executed, edited and stored using 25-year-old technology. In this two-part blog series, we’ll explore how moving to self-service contracting is the future of business. In part one, we look at the state of contracts now and identify room for improvement.

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August 8, 2018

Growing procurement influence through CLM.

Growing procurement influence through CLM.

Unlocking the strategic value in contracts.

A recent McKinsey study was chock-full of surprises in terms of procurement and CLM, including this little gem:

Across industries, total procurement operating expenses are typically less than 1 percent of total spending. By underinvesting in this way, companies are overlooking a significant source of value: suboptimal contract terms and conditions combined with a lack of effective contract management can cause an erosion of value in sourcing equal to 9 percent of annual revenues. For Fortune’s 2016 Global 500 companies, this 9 percent would have equaled $2.5 trillion in value.”

Kind of makes you wonder, what’s in your contracts?

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July 5, 2018

As the captain of digital transformation, procurement wins The Ballon d’Or*.

As the captain of digital transformation, procurement wins The Ballon d’Or*.

Agile, strategic and goal driven: the traits of a champion.

Digital transformation – or digitization – is a major technological and strategic challenge for procurement departments, involving a global overhaul of the organization. Collaboration with internal stakeholders, management of supplier networks, alignment of business processes, etc. — procurement is rapidly changing to take on these challenges. Business driver, value-add generator, strategic powerhouse; how did procurement become the captain of digital transformation?

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June 14, 2018

How contract management plays a critical role in regulatory compliance.

How contract management plays a critical role in regulatory compliance.

Businesses need to be more responsive to regulatory changes; an agile CLM approach can help.

You’ve heard of HIPAA, Dodd-Frank, GDPR and Sarbanes-Oxley, but what about HITECH, Stark Law, CECL, IFRS 17, TIR57? There is no shortage of acronyms in the regulatory world, and no shortage of regulations whether you’re in financial services, healthcare / life sciences, pharmaceuticals or many other industries. One of the biggest issues with regulatory compliance is that the rules are always changing — and the changes seem to be accelerating. Which means your contract management needs to be even more agile and responsive.

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June 12, 2018

Demand more from your Contract Management Software.

Demand more from your Contract Management Software.

New players are currently devising solutions designed by and for contract managers.”

— Thierry Vidal, Director of Contract Management at NAVAL GROUP

The quote above, made by Thierry Vidal, Head of the Process and Tools Commission of the French Contract Management Association, was in the association’s December newsletter. Through a series of interviews with leading contract practitioners, The Journal of Contract Management provides a look at what contract management needs your software solution should support — beyond the usual alerts, clauses, workflows and e-signatures. In short, don’t settle for merely “adequate.”

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January 16, 2018

Three ways CLM can help you comply with GDPR.

Three ways CLM can help you comply with GDPR.

There is a constant stream of information coming out about GDPR – the General Data Protection Regulation – most of it with a sense of urgency, if not doom, about it. A recent article by Efficio, one of the valued organizations in the DetermineAlliance Partner Program, laid out a very clear and rational explanation for how to approach GDPR compliance. In essence, you need to see where your risks are so you can plan for them.

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