Contract Management Content

Corcentric to Acquire Determine: Exploring Determine’s Procure-to-Pay Strengths and Weaknesses (Part 3) [PRO]

Corcentric recently announced its pending acquisition of Determine (see previous Spend Matters PRO analysis: Transaction Overview and Customer Recommendations and Competitive Landscape Analysis — and news coverage here). But in buying Determine, what exactly is Corcentric gaining from a procure-to-pay perspective (i.e., product, solution and platform strengths and weaknesses)? And how do Determine’s capabilities stack up in the market overall relative to peers on a granular basis?

To answer the latter question, you can turn to the latest Q4 2018 SolutionMaps for e-procurement, invoice-to-pay and procure-to-pay SolutionMap Insider provider scoring summaries. For those interested in viewing Determine from a broader source-to-pay perspective, there is a SolutionMap for you as well. Each report provides comparative overall and “deep-dive” capability insight (e.g., catalog management, requisitioning, invoicing compliance, etc.) as well as detailed customer reference benchmarks. Determine is one of dozens of providers featured in these granular, comparative vendor ratings analyses — others include Basware, BuyerQuest, Coupa, Ivalua, Jaggaer, Oracle, SAP Ariba, Tradeshift, Taulia, Vroozi and Zycus — designed to aid shortlisting and selection decisions.

But to provide insight into overall product strengths and weaknesses for P2P, let’s dive right in today as we offer a summary view of where Determine stands out from the pack — and where it trails its peers. We’ll offer a similar analysis for sourcing, supplier management, contract lifecycle management (CLM) and spend/procurement analytics (collectively Strategic Procurement Technologies in SolutionMap) in a subsequent research brief in this series.

Contract AI: How Legal Departments Evaluated, Use Artificial Intelligence Tools

Staples

A new report for Seal Software sheds light on how companies’ legal departments are preparing for or using the latest tools associated with artificial intelligence to analyze contracts for hidden opportunities and risks, according to the white paper by Ari Kaplan Advisors. Seal uses machine learning and other technology to review contracts, extract data and do analytics, the California-based company said in a news release. It all adds up to a “Contract AI” solution. Some respondents pulled back the curtain on how they’re deploying the technology.

Corcentric to Acquire Determine: Valuation, Transaction Overview, Customer Recommendations and Competitive Landscape Analysis (Part 2) [PRO]

low commodity prices

Corcentric’s pending acquisition of Determine will create one of the more unique procurement and finance solutions providers in the market. In addition, the transaction, upon closing, will firmly establish Corcentric as a software (SaaS/cloud platform) provider in the source-to-pay sector. But what are the implications for Corcentric’s and Determine’s customers and the broader competitive market?

Part 1 of this Spend Matters PRO brief provided an overview of the combination (by the numbers), an analysis of the transaction/valuation and our “elephant in the room” observations.

Today, we turn our attention to customer recommendations for Corcentric and Determine users and offer a perspective on the competitive landscape implications of the transaction.

In later PRO briefs, we will offer our view of Determine’s functional strengths and weaknesses in both the procure-to-pay (i.e., e-procurement and invoice-to-pay) and strategic procurement technologies (e.g., sourcing, CLM, etc.) areas.

Contract Visibility & Analytics: The Next ‘Must Have’ Solution for Procurement?

global trade

I’ve been thinking quite a bit about the evolution of specialized contract analytics and visibility solutions of late. Seal Software was arguably the first provider to bring contract and spend visibility (see our coverage from 2017 here) elements together. And others have followed on the contract analytics side alone (with varying degrees of capability). The vendor landscape aside, contract visibility is not just the counterpart to spend visibility — it’s something different entirely. Yes, it’s a complement, an extension, to spend visibility. But I’m beginning to sense it’s a standalone area of value to procurement, especially when contract visibility extends past the structured paper that is contained within a CLM system alone (i.e., to “all” or as many contracts as possible). So the question I’d like to raise today — and toss out to the Spend Matters audience to debate — is whether contract visibility is the next “must have” solution for procurement.

Jaggaer ONE Is Released, Giving the Spend Management Provider a Unified Platform

After 15 months of developing its unified spend management solution, Jaggaer on Tuesday announced the release of Jaggaer ONE, which it called the “cornerstone” of its suite. “Jaggaer ONE represents the next stage in the evolution of our company and is the most complete business-to-business spend management offering available globally,” said Jaggaer CEO Robert Bonavito, in a press release.

Outlaw: Vendor Introduction, Analysis and SWOT [PRO]

When people think contracts, they think lawyers. And when people think lawyers, they think semantics, tedium, inefficiency. It’s no surprise, then, that the contract management process at many businesses is perceived as lawyer-like: slow, plagued by error-prone review processes and more inclined to risk-aversion rather than to embracing the new or innovative. But these flaws are also the result of ill-suited tools to manage contracts.

The dominant preference among business users for applications like Microsoft Word and email for the facilitation of contract authoring, review and negotiation is in no small way a reason why contract management processes can feel so archaic.

These applications are general-purpose tools that fail to address the complexity and the importance of contracts to a business. Yet contract management processes have largely been designed to fit to these tools, rather than the other way around.

Reimagining what the contract management process should be is the approach that Outlaw, a nearly two-year-old vendor based in Brooklyn, New York, has taken to designing its software-as-a-service solution.

The founders, both former consultants, were all too familiar with the headaches of contract drafting and approval, which inspired them to design a new contract solution around how they would want to create, negotiate and sign agreements. In doing so, they hope to bring an outsider’s perspective to contract management, rebuilding the process from the ground up so that it can be easier, faster and more enjoyable.

This Spend Matters PRO Vendor Introduction offers a candid take on Outlaw and its capabilities. The brief includes an overview of Outlaw’s offering, a breakdown of what is comparatively good (and not so good) about the solution, a SWOT analysis and a selection requirements checklist for companies that might consider the provider.

Coupa CLM: Vendor Snapshot Update [PRO]

Coupa is a full suite provider of source-to-pay (S2P) applications (which Coupa calls Business Spend Management), but we’ve not yet included a formal analysis of its contract lifecycle management (CLM) application other than our ongoing coverage within the SolutionMap framework.

Coupa is a bit of a conundrum because, relative to its competitors, it has some unique functionality that no other competitor possesses, but at the same time, the provider is also missing a core aspect of CLM functionality that its primary competitors already have.

As Spend Matters’ Q4 2018 Contract Lifecycle Management SolutionMap indicates, Coupa does well with customer scoring across its various CLM personas, but it lags in its solution score due to the aforementioned functionality gap that we’ll explore later in this piece. Coupa acquired a small Canadian CLM startup named Contractually in 2016 that had some nice collaborative redlining functionality (and written within Ruby on Rails framework like Coupa), and that form of “collaboration” (i.e., technical collaboration between buyers and suppliers on the Coupa user interface) is supported as well by basic MS-Word integration.

Coupa doesn’t really try to differentiate itself as a best-of-breed stand-alone CLM application provider though (and certainly not beyond the bounds of S2P to support enterprise CLM functionality across all contracts), and the contract is really treated as the core commercial system of record that is at the heart of an S2P suite. It focuses on integrating the contract into all of the other elements of this suite, especially with its focus on operationalizing contracts via transactional P2P execution, including enforcement of buying/paying against contracts, and tying the spend back to contracts and budgeting (aka spend planning and control).

This Spend Matter Vendor Snapshot Update reviews its solution, Coupa Contract Management, and highlights the good, the not-so-good and the potential of its current product.

Live Contracts: How Next-Gen CLM Solutions Will Make Contracts More Than Merely ‘Smart’

Enterprise contract management has become one of the hottest areas for digital investment, and rightly so. Because contracts form the foundational system of record for all commercial relationships, it stands to reason that, as business becomes increasingly digital, the foundation must also become digital to keep up.

Yet as companies move from storing contracts in filing cabinets to dedicated contract management software, another question arises: What next?

The advent of artificial intelligence-based technology offerings has promised procurement organizations an era of automated, “smart” contracts that execute predetermined actions when specified conditions are met. Such functionality is attractive, to be sure, but the scope of the smart contract concept is also inherently limiting.

To attain the true benefits that digital transformation is bringing to contract management, procurement organizations must go beyond simply making their contracts smart. Instead, they should strive for a more powerful paradigm: “live” contracts that convert their documents into living, adaptable tools for transaction acceleration, risk management and value creation.

2018 in Review: Top Strategic Procurement Technology Posts of the Year

As 2018 draws to a close, Spend Matters is looking back on the top stories of the year: leaps forward in technology, consequential acquisitions and more. As the main source of procurement solution intelligence for the market, we have our finger on the pulse on strategic procurement technology (SPT), which includes sourcing, supplier management, analytics and contract lifecycle management (CLM). Here are the biggest stories, according to reader interest, about strategic procurement tech in 2018, which demonstrate several trends about the state of the industry.

Concord Unveils Guided Contract Tools to Cut Complexity with Self-Service CLM Automation

After two rounds of investment this year, the contract management firm Concord has added self-service automation tools to its platform to accelerate contract creation and facilitate collaborative contract authoring inside companies, the San Francisco-based software provider announced Tuesday.

Year-end ‘Dash for Cash’ — 7 Steps to Free Up Funds Without Resorting to Tricks

It’s the end of the year, time for New Year’s Resolutions, a little vacation time and Christmas Party hijinks. But the Hackett Group, a business consultant and digital transformation specialist, is cautioning against year-end fiscal shenanigans, where money is shuffled around to make it appear that the company has hit the finish line in full stride. A new paper from the group lamenting the yearly “dash for cash” argues that you can look for sustainable, healthy ways of freeing up cash at the end of the year without pulling any three-card-monty tricks. According to the paper on working capital, many companies think it’s too late at the end of a quarter or year to free up significant cash. But it suggests 7 steps you can still use.

Q4 2018 Contract Lifecycle Management (CLM): Provider Scoring Summary

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The Spend Matters SolutionMap Contract Lifecycle Management (CLM): Provider Scoring Summary is only available to SolutionMap Members. This SolutionMap analyzes a select group of Contract Lifecycle Management (CLM) providers. It is part of our Q4 2018 SolutionMap report series, also featuring spend analytics, sourcing, supplier management (including supplier information management, performance management and risk management), e-procurement and invoice-to-pay providers.