Until recently, when organizations and experts talked about disruption, they were usually referring to technology and business models that effectively disrupted traditional industries. We are now experiencing a totally different kind of disruption…the COVID-19 pandemic that is changing so much of the way we conduct business in the short-term in a remote way.
Working from home due to the COVID-19 crisis is disorienting for most of us, and yet we see one bright spot emerging from it: The opportunity to automate critical operations online to replace time-consuming, manual tasks.
Contract Lifecycle Management (CLM) technology helps companies achieve distributed but agile contract governance, and provides the information required by senior management to make optimal decisions based on complex scenarios. A CLM solution that includes the above discovery capabilities can make it easier to locate contracts, create a searchable rendition or index, and access an automatically-created abstract containing contractual metadata such as clauses governing law, jurisdiction, indemnity, etc.
Research shows that without digital technologies, our ability to handle contracting processes has been diminishing in recent years. Today, many CM experts see contracts as the primary cause of disputes, but the growing complexity of the contracting process creates a larger problem with information management in general. So, how can digital technology help us untangle this dilemma?
A Conversation with Dan Andrew, Senior Vice President of Sales at Corcentric
While many finance executives are slashing costs to weather the downturn, some view investments in technology as essential to better equip newly remote finance teams or strengthen other parts of the business.”
— Mark Maurer, CFOs Look to Ramp Up Automation Investments Amid Pandemic, Wall Street Journal: April 8, 2020
Business disruption might delay procurement transformation, but shouldn’t derail it.
Up until very recently, when the current COVID-19 crisis became the dominant force in global affairs and business, organizations throughout the world were focusing on business transformation, including procurement. This overarching term for how a business organization runs actually results in transformation in every department and function of the organization. Now businesses are focused on facing the greatest threat many of them have ever faced.
For businesses in highly-regulated industries, compliance, transparency and risk management are mission critical. Especially now.
The list of industries that are becoming more regulated are growing by the year. On top of the more traditional industries like healthcare, banking, and manufacturing, we are seeing e-commerce and data processing companies have to tighten up how they do business. As our report with Supply Management Insider illustrates, all of these point to a need for greater visibility and control into your company’s procurement operations. Something that’s especially true — and potentially more difficult — during periods of severe business disruption. Continue Reading
Lessons organizations can use to ensure viability, continuity and resilience.
Our webinar, Navigating Business During Disruption—Source-to-Pay, explored how the Covid-19 pandemic, while still raging around the world, has already invariably altered how organizations approach their business continuity plans. Sometimes it takes a crisis to bring out the best in people, and as we’re learning from our customers and prospects, to galvanize senior leadership and their teams into taking the strategic initiative to make companies more agile and better prepared to weather these extreme events for the long term. Here are some takeaways from the webinar.
Considering the challenges facing modern business, CLM continues to increase in importance across the wider enterprise.
Contract management technology may very well be the unsung hero of the procurement technology landscape. It has been steadily improving for two decades, from straight document storage, to metadata and redlining, to today’s full enterprise contract lifecycle management (CLM) solutions. Let’s see what’s ahead for CLM.
The challenges and solutions of effective TPRM.
Organizations today and in the future will have to gain more visibility into their supplier information. Data is coming from everywhere – spend, supplier contracts, and other third-party information – and it can overwhelm procurement departments. Part of building a third party risk management strategy (TPRM) includes gaining visibility into where the risk is coming from, and building a strategy to help mitigate it.