It’s that time of the year again. 2019 is off to a flying start for Chief Procurement Officers (CPOs). That means it’s the perfect time to make solid resolutions…digitalization, compliance, supplier management, collaboration…and stick to them!
How Watermark Retirement Communities took their processes from “black hole” to “Best Team Performance” at CPO Rising 2018.
In Part One of this series, we looked at how Alliant Credit Union (ACU), an invaluable Determine customer, turned their approach to establishing business process alignment into operational excellence and award recognition by being named “Best Credit Union in America” by MONEY. Part Two explores another stunning achievement in cross-functional alignment — how Watermark Retirement Communities took a holistic strategy to process improvement and parlayed it into transformational success and earning the “Best Team Performance Award” at CPO Rising 2018. Like ACU, Watermark’s accolades are well deserved.
CPE programs, training workshops, industry events like the SIG Summit, eWorld Procurement and ProcureCon, even podcasts and Ted Talks; what they all share in common is providing content to satisfy those who are constantly striving for self-improvement. Likewise, most of our resources focus on helping you translate that need for improvement to your Source-to-Pay, contract management, sourcing and other processes. This October DetermiNews has plenty to accompany you on your path to process efficiency.
Integrated data provides the visibility that lets you see – and control – the big picture.
This guest post comes courtesy of Joanna Martinez — noted industry speaker, former CPO and author of the recently published book, A Guide to Positive Disruption — a three-time Kindle bestseller. She explores some of the many ways that contract management, when integrated with sourcing, procurement and other source-to-pay solutions, brings significant value across organizations.
Contracts, in one form or another, have probably been around as long as humans. There isn’t much written on the topic until Plato got around to it in 348 BC, and even he doesn’t go into much detail. Fast forward to today, and contracts are a fact of life. Business is built on contracts, and their importance can’t be overstated. So it is a curious thing that Determine still encounters so many companies using manual or spreadsheet-based contract management processes. It’s almost as if they’re treated as inconsequential afterthoughts, rather than invaluable assets. In this September DetermiNews, we explore a month of resources focused on contracts and how to best manage and leverage them.
How much time, money and hours are you wasting on contract management?
According to IACCM, the International Association for Contract & Commercial Management, organizations lose an average of 9.2% of revenue each year due to substandard contract management, lack of oversight and no visibility. Survey results in the 2018 Sourcing & CLM Insight Report from PayStream Advisors show that 58% of companies are still using manual contract management processes. These two stats are not a coincidence.
Contracts are assets; optimize your process to maximize the value they represent.
Regardless of size, industry, and region, there are a few things all businesses have in common. For one, they all operate based on a foundation of contracts. If you agree the same holds true for your business, are you currently using a contract management system?
Procurement was center stage again this month (fitting, in terms of it being a summer of trade uncertainty). We covered the discipline from a number of different angles, from taxes to tactics. But in looking back, one thought from Andrew Bartolini, founder of Ardent Partners, stood out as particularly relevant to how procurement as a whole is developing: “While intelligence is critical, a precise measure of procurement intelligence is less important than the performance it generates. In point of fact, as a department (and the entire profession) matures, the definition of procurement intelligence becomes a moving target; and it becomes relative to nearly all stakeholders in the source-to-settle spectrum.”
Depending on who you ask, France was either a shoe-in or a long-shot to win the World Cup this month in Russia. Why they won is very well explained by this paraphrased excerpt from the New York Times:
(The team) will be remembered for what it was: a team of exceptional talent and ruthless efficiency, a group in which every player knew his job and performed it flawlessly. All that it achieved — through diligent planning, hard work, relentless discipline — was remarkable; a team of top-class talents willing to sublimate their individual games to a collective mission.”
It also sounds very much like a description of a world-class procurement organization.
From process “black hole” to complete visibility, traceability and control.
At Determine, we are obviously (and justifiably) biased toward a source-to-pay and contract management cloud platform approach that is based on modular, implement-as-you-need solutions. The model makes perfect sense from every logic perspective. That’s why, when a customer like Amee Foss, National Director of Procurement and Plant Operations at Watermark Retirement Communities comes to the same realization, her story makes a much more powerful case than we can make. And she tells it beautifully in this interview in Supply Chain World.