Author Archives: Matt Lhoumeau, Concord



AI, Machine Learning and What They Really Mean for Procurement and Contracts

Your contracts. Even though they govern all of your supplier relationships and deal with huge sums of money, they’re error-prone and are in dire need of meaningful controls. Procurement solutions don’t encompass contract management, and technology-enabled as they may make you may feel (especially compared with what you had only a couple years ago), leave you with the manual, administrative tasks that keep you from more meaningful work. Machine learning (ML) can automate those tasks, and use your contract data to deliver insights that will create tremendous opportunities for increased profit, efficiency, savings and accelerated growth without you lifting a finger.

The Procurement Process and Contract Management: The Key to Managing Risk

It’s no secret. Organizations are losing millions due to cost volatility, supply disruption and non-compliance fines. An ever-increasing pace of business and rising levels of uncertainty within our global economy have brought about an alarming amount of potential pitfalls for procurement leaders. This means risk management has been more of a top priority than ever, and procurement is on the front line of managing that risk. The good news is procurement has a secret weapon: contracts.

The Next Procurement Frontier? Reconciling Speed and Compliance

As the pace of business continues to accelerate, procurement has been recognized, and rightly so, as a fundamental business enabler and strategic function. Now it’s time for the next step. The priority of achieving sustainable cost reduction and reducing risk has met a new role: enabling agility. Considering the current hyper-competitive and fluctuating state of global business, the question procurement should be looking to answer is, How do you move fast while also remaining compliant?