I know we don’t have to preach to the choir. Procurement professionals are all aware of just how practical spend analysis is for them, but sometimes find it challenging to explain exactly why. Some expenses are simply hard to justify. Spend analysis is often seen only as an added value to the organization, rather than an essential piece to uncovering hidden value opportunities. In an applicable paper, Spend Matters suggests 10 ways to justify the expense for spend analysis to the financial decision-makers at your company. Here are some key takeaways…
What Should the Right Contract Management Solution Look Like…and Do?
In part one of this two-part blog series, we explored some of the challenges and strategies around a global contract management solution implementation. From the required melding of global-local considerations to the absolute need for contract visibility and data transparency, having the “right” contract lifecycle management technology (CLM) means having the advanced capabilities to meet a wide range of enterprise, performance and user objectives. Here’s how to make it so.
Choosing the Right Contract Management Solution to Keep from Spinning Out of Orbit
In the spirit of the anniversary of the first moon landing 50 years ago, if a typical contract management solution implementation is “one small step” toward improving a company’s efficiency, then a global deployment is “one giant leap.”
In this two-part blog series, we’ll explore the mission control elements that are critical to ensuring that leap doesn’t end up lost in space.
An Outsider’s Perspective on Implementing Technology.
I’ve participated in many procurement technology implementations – and not always in the same role. Like most people, my experience began on the receiving end of new technology for which I had no say in the selection or configuration. From there I moved to a leadership role on a team tasked with selecting and implementing a sourcing suite for the first time. A few years later, I was part of a consulting team at a solution provider where I regularly assisted in or led implementations as part of procurement program (re)design projects.
The digital transformation is well underway, making the investment into modern technology a necessary ascension for organizations with a hankering for longevity. The source-to-pay landscape is no exception. If we look at Sourcing (a stepping stone in upstream procurement) in particular, automating its processes can improve savings identification, increase collaboration, build stronger supplier relationships and align supplier, corporate and financial goals.
The search for a P2P solution (purchase-to-pay) software can be daunting and, quite frankly, mind-boggling. Identifying a tool that best fits organizational business processes, user needs and the desires of stakeholders can be downright exhausting — especially if you’ve never implemented an outside solution before. Knowing some of the key features and benefits to look for in a worthy P2P solution will help make the search a bit more bearable, and empower your organization to choose a tool that everyone will be happy with.
The heat was on in July, so we focused on helping you keep your cool when it comes to procurement technology with our P2P Starter Kit. Regardless of where your organization is on the procurement maturity curve, or what your comfort level regarding procurement solutions, our toolkit is designed to make sure you have the basics down, the facts in hand and everyone’s expectations properly managed. So you’re cool with this, right?
Still in the dark about cloud P2P myths?
Last week Kelly Barner took us for our first ride in the Determine Myth Machine, solving some of the mysteries and misconceptions that continue to swirl around cloud P2P. As she explained in that post:
- Yes, your data will be secure in the cloud.
- No, fast access to your data won’t be compromised in the cloud.
But the P2P booby traps and myths don’t end there, do they?
“You must be able to combine a platform,
expertise and services.”
— Matt Clark, President and COO, Corcentric
The full version of this article appeared in La Lettre des Achats, a leading French procurement industry publication, written by François-Charles Rebeix and Guillaume Trécan. The original piece goes into some detail about where Corcentric has been, its recent acquisitions and the company’s vision for the future.
What’s it all about?
Procure-to-Pay, Purchase-to-Pay, P2P, eProcurement — whatever name you want to give it — is a series of coordinated and integrated activities designed to fulfill the requirement of getting the right goods or services, in an efficient manner at the right price, at right time. You got this, right?