This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
For Chief Procurement Officers (CPOs) and their teams, selecting the right Source-to-Contract (S2C) solution is an essential step toward strategic procurement transformation. What is Source-to-Contract? Source-to-Contract (S2C) refers to the initial stages of the overarching Source-to-Pay (S2P) process.
Contract lifecycle management (CLM) providers may be best known for their repositories, clause libraries, obligation management features and authoring. However, risk is a major element of the contract lifecycle. The post How contract management solutions support risk management appeared first on Spend Matters.
This Spend Matters Vendor Analysis provides an overview of Docusign and its enterprise contract lifecycle management (CLM) solution. Throughout 2024, it also built upon its core CLM functionalities (such as contract authoring) to support advanced use cases and more additions are planned in this area. This content is for members only.
This Spend Matters Vendor Analysis provides an overview of Ironclad and its contract lifecycle management (CLM) solution. The post Ironclad: Vendor Analysis — Contract lifecycle management solution overview, roadmap, user considerations, analyst summary appeared first on Spend Matters. This content is for members only.
The high-tech and telecom sectors face a contract management crisis if the process isn’t managed properly. Continual technological changes necessitate adjustments to manufacturing and supply chain processes, leading to a heavy volume of contracts that outpaces most industries. What can CPOs do to ease the contract management burden?
Contract management might not be the flashiest part of your supply chain operations, but it is likely costing you more than you think. Research shows poor contract management causes organizations…
Implementing procurement software best practices begins with understanding the full scope of the Source-to-Pay (S2P) process – the end-to-end workflow that includes supplier management, sourcing, contract lifecycle management (CLM), purchasing, invoicing, payments and spend analytics.
Consider which projects or contracts require a plan B. In first instance you need to get your procurement house in order to deliver projects on time but once a contract is awarded you can work with stakeholders to track project delivery, whether if these are delivered to the agreed timescales.
Lack of visibility into budgets and contracts: Without real-time tracking, procurement teams risk exceeding budget allocations and violating contract terms. Integrate procurement with budgeting and contract compliance: Ensure purchases are validated against financial plans and existing contract terms in real-time.
The advisory explores how leading companies are: Accelerating supply chain flexibility with “China-Plus-One” and regional diversification strategies Shifting risk through outsourced supply chain financing and operations Embedding tariff contingencies into supplier contracts and cost models Read the report for strategies to protect your supply chain (..)
The contract markup (also known as contract redlining) market has been in an unpredictable situation in recent years. These providers, which solely focus on automated or semi-automated contract markup, often sell to procurement and legal departments and promise greatly expedited contract review times.
Core Operational Focus Areas A modern strategy must prioritize foundational capabilities, including spend analysis , vendor management, contract lifecycle management, and risk management. You can see how this applies in areas like contract lifecycle management , where visibility into obligations and clauses can influence sourcing strategy.
Here are some key distinctions to make between Procurement vs. Supply Chain Management: Procurement is responsible for identifying suppliers, negotiating contracts, and ensuring cost-effective, compliant purchases. Procurement teams negotiate long-term contracts to lock in pricing, mitigate supply chain risk , and ensure supply continuity.
In response to these challenges, a leading heavy equipment manufacturer selected GEP to redesign its source-to-contract processes and implement a convergent data model to help manage procurement data across its multiple locations.
Cost savings and reduced maverick spend: By improving visibility and control, S2P tools help enforce purchasing policies and drive contract compliance. They help prevent outdated terms or missed renewals, reducing compliance risk and off-contract spend. They can also help to surface opportunities for savings.
Additionally, it can model and marry a variety of data alongside the spend, from contracts to risk. To potential buyers — SpendHQ has over a decade of experience in spend analytics and procurement performance management and brings a breadth of analytics not only in spend but in related areas such as contracts, risk and carbon emissions.
A typical procurement competency framework covers several key areas, including but not limited to strategic sourcing, supplier management, risk management, and contract negotiation. They can improve performance, lead to stronger strategic alignment, and enhance the career development opportunities for your procurement staff.
Procurement is the end-to-end process of identifying business needs, sourcing goods and services, negotiating contracts, and managing supplier relationships over time. Procurement is a strategic function focused on selecting suppliers, negotiating contracts, managing supply chain risk, and ensuring long-term value creation.
To learn how exactly autonomous AI agents will transform source-to-contract and procure-to-pay, read this whitepaper now. They integrate reasoning with LLM inputs so that employees can provide directions in natural language and the agents will pull data and interact directly through internal systems and external stakeholders.
Core Operational Focus Areas A modern strategy must prioritize foundational capabilities, including spend analysis , vendor management, contract lifecycle management, and risk management. You can see how this applies in areas like contract lifecycle management , where visibility into obligations and clauses can influence sourcing strategy.
Meanwhile, AI-driven optical character recognition (OCR) and metadata extraction transform scanned invoices and contracts into structured, searchable data, ensuring vital information is always visible. These quick wins set the stage for more advanced AI applications, proving that AI implementation doesnt have to be daunting and expensive.
It emphasizes the need for fair competition among suppliers and aims to eliminate corrupt practices that have historically plagued government contracts. Additionally, this shift is indicative of a broader trend towards responsible purchasing, aligning government contracts with societal values and aspirations.
By automating routine tasks like onboarding a suppliers, kicking off a sourcing event, invoice matching, purchase order consolidation, and contract reviews, AI enables automated procurement workflows and reduces operational costs. This is where AI can make a huge difference.
Speaker: Ryan Dillard, Chief of Staff Director at CBIZ ARC Consulting LLC; Kelly Hicks, Global Controller at Airbase
ASC 606 is the revenue recognition standard that sets global accounting principles for all private or public companies that enter sales agreements or contracts with customers. Along with ASC 606, ASC 340-40 was added to address accounting costs to obtain a contact and costs to fulfill a contract.
For example, agentic AI can analyze supplier data, evaluate contracts, manage purchase orders, or recommend sourcing strategies. Natural Language Processing (NLP): Allows AI agents to interpret and generate human language, which proves useful for analyzing contracts, processing vendor communications, and understanding internal requests.
For example, agentic AI can analyze supplier data, evaluate contracts, manage purchase orders, or recommend sourcing strategies. Natural Language Processing (NLP): Allows AI agents to interpret and generate human language, which proves useful for analyzing contracts, processing vendor communications, and understanding internal requests.
Learn how agentic systems unlock value in supplier discovery, contract compliance, tail spend and more — driving speed, savings and resilience in direct and indirect procurement. This content is for members only. Visit the site and log in/register to read.
For the third piece of tech, a contract management system, the Legal Department was a strong ally. It has completely changed our end-to-end enterprise contracting process. The team launched many new sourcing opportunities and engaged with stakeholders in different ways resulting in other positive impacts for the company.
Understanding when and how to leverage real-time, spot, contract and dedicated procurement—depending on business needs and the state of the market—will be vital to navigating supply chain volatility.
It helps identify contract leakage and improve supplier performance, and insights can be used to support ESG initiatives and enable more strategic sourcing. Contract Spend Analysis: Tracks spend against contract terms to uncover leakage, ensure value realization, and reduce cost inefficiencies.
Capturing Value: A contract is established that governs the responsibilities and obligations of both supplier and buyer, as well as when the organization has the right Procure-to-Pay processes in place, to ensure compliance to those agreements, goods, services, and prices.
Align catalog content with sourcing policies, pricing contracts and regional availability. Present relevant options based on contracts, availability, fulfillment reliability, TCO and internal inventory. Flag supplier risk and route long-tail or off-contract requests to sourcing or additional validation.
For example, a single contract negotiation might involve supplier performance data, legal terms, payment histories, and risk assessments. Data Consistency and Accuracy: A single source of truth ensures that all AI agents draw from the same dataset—whether that’s supplier performance metrics, contract terms, purchase orders, or invoices.
CEVA Logistics, a global leader in third-party logistics, was contracted to help a technology company manage its complex supply chain, supporting B2B, B2C, and reverse flows across multi-leg transport.
This includes leveraging tools such as digital sourcing platforms, eprocurement software, contract lifecycle management (CLM), supplier management, data analytics, and artificial intelligence (AI) to streamline procurement operations. Legal and Compliance By embedding intelligent controls throughout the contract lifecycle.
Many spend analytics vendors apply that analytical expertise elsewhere, such as contracts, carbon emissions or supplier performance. Spend analytics vendors do what their name implies: they derive insights from spend data. However, that is not all they are capable of doing.
Why CEOs Should Review Their Top 10 Supplier Contracts Annually Summary: Strategic oversight: Annual reviews… The post Why CEOs Should Review Their Top 10 Supplier Contracts Annually first appeared on Procurement Blog | Procurement & Supply Chain News.
With AI-driven automation, procurement teams can speed up purchase order processing, simplify invoice approvals and reduce errors in contract compliance checks. AI can even manage supplier onboarding, document organization and data entry to smooth workflows and reduce bottlenecks.
Speaker: Eric Berdinis, Ran Sun, & Chris Chmielewski
If you’re frustrated with the complex and manual processes for obtaining bids for your contract and spot freight, you’re not alone. Procuring freight can be cumbersome, time-consuming, and error-prone. In today’s fast-moving supply chain environment, optimizing these processes is critical to staying competitive and cutting costs.
The days of relying solely on traditional processes to manage suppliers, contracts and spend are quickly fading. Optical character recognition (OCR) digitizes invoices and contracts, eliminating time-consuming manual data entry. Procurement is at a crossroads. AI does more than just improve efficiency.
This requires high-level of supplier self-service, together with Contract and/or Goods/Service Receipt matching. 2) PO and Contract Matching Matching logic is essential for accurate invoice processing, because it ensures that what you’re paying for matches what was ordered and received. The result?
Example of a Metaprise in ProcureTech: A large enterprise connects multiple ERP systems, supplier networks, contract management tools, and risk assessment platforms into one AI-driven ecosystem that autonomously negotiates, optimizes spend, and ensures compliance. sourcing, supplier onboarding, contract approvals).
We organize all of the trending information in your field so you don't have to. Join 69,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content