In the past, we’ve seen innovation as the critical ingredient for creating and sustaining company growth. Now, leading executives are asking for innovative processes and new frameworks for designing higher value business models on which to build their enterprise. Many, however, still struggle with day-to-day operational function and count on their vendors to provide innovative solutions.
Today the responsibilities of the CPO are even greater. There’s more pressure and expectation for procurement to cut cost and realize every contractual savings. Increasingly complex regulations of international trade, as well as government and regional mandates are making managing and compliance more and more challenging. Not only in dealing with suppliers but also securing the product. Legal teams are being mobilized to streamline contract cycles, avoid and reduce risk, and increase collaboration between other departments to ensure compliance, contract visibility and efficiencies throughout the enterprise. How does innovation and innovative processes fit into all this?
How things have changed.
Because procurement and legal are consistently a part of the process, they have become new innovators. Using Enterprise Contract Lifecycle Management (ECLM) to implement proven CLM tools on an enterprise-wide basis can be a competitive advantage. Through interconnecting contract management and supply management, our clients have the opportunity to gain deeper insight into their businesses and apply this valuable data to everyday decisions.
Legal and procurement are ideally situated to build innovation into the strategy development process. ECLM is a successful new way to create value across the enterprise by comprehensively applying CLM tools and techniques to help organizations build innovation into their existing and future processes. Innovation is not just about the product anymore; it’s also how you use the product.
At Determine, our expertise spans the source-to-pay continuum to include Supplier Management (SM), procurement, sourcing and ECLM. For many years, we have delivered these solutions to business departments, legal, and procurement operations. Today, our clients’ needs have grown and so have our solutions. The criticality of insights, visibility and control across all areas of an enterprise, from point-users to the executive suite, has spurred the evolution of innovative solutions.
Innovative processes and ECLM strategies.
ECLM strategies help our clients discover new value in existing SM processes, new approaches to buy- and sell-side data governance, and new ways to apply these concepts to support existing business and accelerate growth. Again and again, our clients demonstrate examples of how adopting enterprise approaches to existing processes helps legal and procurement contribute business value through innovation. In fact, a recent Gartner report by Nigel Montgomery talks specifically about the increasing demand for innovation and how ECLM has evolved to meet market needs.
Next time, when your C-Suite asks for innovation, keep in mind that Determine has the tools, experience, and more importantly, the thinking that can fuel growth and help your organization gain competitive advantage.
* Download this free guide to learn innovative processes about how ECLM can make your organization more effective and efficient, what market forces are driving the CLM evolution, and the benefits of ECLM vs. contract information silos.