Contracts are the instruments through which business relationships and commitments are defined and managed. Every year they grow more complex. In order to keep up, you need a strategy to achieve visibility and control across all contracting processes.
An enterprise approach to Contract Lifecycle Management can help you improve bottom-line revenue through improved management of risk, compliance and process efficiency, and to stay ahead of constantly changing regulations. Gartner Research Director Nigel Montgomery has described Enterprise CLM (ECLM) as a key strategy that builds competitive advantage.Continue reading >>
Cost reduction and cost control: It's The Holy Grail of every financial manager at every for-profit company. It's also the goal of every non-profit organization seeking to stay within the boundaries of their allocated budget. The entire cost-containment process is made much easier with the right architecture and tools in place for driving enterprise-wide compliance to agreed budgets.Continue reading >>
The Finance team manages the finances of the enterprise. Marketing people market services and solutions to the purchaser (or customer). Human resources manages… well humans.
Given those examples, you would think that Procurement handled procurement. In an ironic twist, this is becoming less and less true—especially as technology evolves and blurs the line between Procurement as an entity and procurement as a process.Continue reading >>
This is the fourth in a five-part series discussing the obstacles and potential paths forward to achieve visibility – essential to any Procurement organization. The article was initiated based upon the following Ardent paper – HERE. In the first, second and third installment overall Spend and Savings were discussed. Let's examine the third key area or leading indicator of procurement success: Risk.Continue reading >>
It's time to face the music; your outdated processes and technologies are killing your business.
Successful businesses of the future must adopt and embrace change. For years now, as an analyst or consultant and a managing operator, I have been a catalyst for change within organizations. Today, cloud computing and certainly mobile and big data are changing the future of business. But more than that, the digital revolution has led to a wave of connected technologies and a culture of collaboration that is changing customer and employee expectations. Businesses need to evolve – holding onto old ways of doing things is simply dangerous.Continue reading >>
One of the trends we're seeing at Selectica is the ever increasing rate of companies–even small ones–abandoning their manual, paper-based procurement systems for the proven efficiencies and documented cost advantages of cloud-based, SaaS (software as a service) procure-to-pay, spend-management systems.
The reasons for this migration are both numerous and compelling...Continue reading >>
Sourcing technology over the years has come a long way. While its beginnings initially focused primarily on auctions and RFx, today strategic sourcing efforts can provide a much more comprehensive and integrated view of the supply base.
What can be attributed to this development over the past decade is the change in the endgame for procurement, and how procurement views its role in the proverbial organization.Continue reading >>
This is the third in a five-part series discussing the obstacles and potential paths forward to achieve visibility — essential to any Procurement organization. The series was initiated based upon the following Ardent paper – HERE. In the first and second installments the need for procurement visibility starting with Spend Analysis was discussed. Let’s dive right in and examine the second key area or leading indicator of procurement success as outlined by Ardent: Savings.
Congratulations are in order if you are focused on a Savings initiative. This likely means that you have a solid Spend Analysis program, have most of your spend under management and are seeking to do more.
It's easy to get caught up the "go live date" for your eSourcing software implementation. Many procurement leaders believe their team will be empowered to succeed simply by turning on a tool. However, that is not the case.
Michael van Keulen from VF Corporation (a Selectica client) shared some best practices and advice at eWorld London for groups who are rolling out new eSourcing software. Michael shared some key elements from VF Corp's successful eSourcing technology adoption that included...Continue reading >>
Sourcing and procurement are often used as interchangeable terms, and indeed they are related ideas in supply management. However, they’re not quite the same, and neither are eSourcing and eProcurement. But what exactly are the differences?
Let’s start with their definitions.
Preceding the actual purchase of goods and services, sourcing facilitates the full life cycle of procurement by analyzing how a company spends their money on those assets. This includes identifying and selecting opportunities to reduce spend using knowledge of the external markets and the company's needs, and negotiating, managing, and monitoring contracts for goods. eSourcing is simply performing most, if not all, of this process electronically, consolidating proposals, quotes, and bids from various suppliers in one central information hub for ease of comparison.Continue reading >>