DIGITAL PROCUREMENT
“ I think this changing consumer sentiment is one that procurement and supply chain needs to be able to meet ”
BERNADETTE BULACAN VICE PRESIDENT AND LEAD GLOBAL EVANGELIST , ICERTIS
apparent that employees want to work for companies that mirror their social values ,” says Bulacan .
“ In interview loops for employment , employee candidates are asking : ‘ What ’ s commitment to diversity ?’ And it can ’ t just be verbiage on the front page of your careers page , but asking for demonstrable , quantifiable ways that you ' re meeting that commitment . Companies have to be prepared for a more sophisticated consumer and employee , and they want to see it in more than just words on a webpage or performative ways . They want to see data . Having contractual commitments and auditable trails through contracting and technology helps you to do that .”
Bulacan points out that consumers today not only have the data available to them to make informed buying decisions , but they also have the powers to broadcast and share information – both good and bad-- quickly and to a large group of people . Those who consider themselves champions of the planet and all of its people stand at the ready , willing to leverage the powers of social media to shine a light on those they consider to be falling short of expectations .
The Next Frontier : Performance Management Before we wrap up , Wishart takes a look at the next frontier of CLM , where data can be leveraged for proactive performance and contract management . “ As we look forward to the future and our vision for elevated contracts within the enterprise , one of the things that we ' re working on right now is capturing those obligations within a contract and codifying them as tasks . For instance , we can determine what the termination terms are and what the renewal rights or obligations are . We can codify that and monitor it .
“ Another more advanced example is a software service agreement . If you ' re procuring an enterprise software and the supplier commits to a service level agreement , and if that service level is not met , that may trigger the payment of credit for that service . We believe it ' s feasible for us to encapsulate that as code , attach it to the contract , have the CLM system connect to the monitoring system , and determine its service level . And if the service level drops , automatically notifying that payment needs to be made and ensuring that both parties are aware of the trigger of that credit .
“ It becomes that sort of performance management whether that ' s supplier performance over a set of contracts or contract performance in an individual contract , I think that ’ s the next frontier in execution and automation of contracts .”
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