Recently, SIG had the pleasure of hosting Nitin Khorana, Vice President from Icertis for the September CPO & Executive Virtual Series. It was a very engaging discussion that lasted nearly two hours with tons of excellent takeaways. Let’s get into it!
Contract Intelligence Driving Visibility into Supply Chain
Nitin kicked off the day discussing the impact that COVID-19 has had on supply chains and bottom lines. As Nitin highlighted from one particular study, 97% of supply chains reported that their workforce was impacted by COVID-19. The resulting question from organizations became "how do I manage risk and how do I react quickly to maintain supply chain performance post-pandemic".
This is where Chief Supply chain officers have come to the forefront. These key players for the business have become increasingly recognized for their ability to deliver profitability & long-term business objectives. What helps these supply chain leaders elevate this supply chain performance? Visibility into their supply chains.
As Nitin points out, contract management plays a vital role in supply chain performance. Contract intelligence is able to set qualification benchmarks and processes for existing and new suppliers. By using blockchain framework delivers visibility into tier 2 and tier 3 suppliers by quickly being able to identify contracts that don't align with risk & category strategies.
A More Resilient & Efficient Supply Chain Starts with Contracts
Corporations are increasingly using their financial strength to address supply chain performance through contract-driven supply chain visibility and diversification. There are three ways that contract lifecycle management (CLM) can drive this visibility.
- Identify which of your current contracts & supply chain lanes they depend upon for continuity.
- Drive supplier Irish management initiatives by ensuring you have a well-spread supply base and the right clauses in your contracts in current contract templates.
- Measure performance data against key supplier commitments and hold teams accountable to metrics.
Overcoming Contract Lifecycle Management Adoption
During the roundtable, Nitin was asked about the barriers to CLM stakeholder adoption. He responded with "buy-in contracting is a multi-department sport between legal, finance, procurement and IT." It takes all stakeholders to be on the same page and have fluid communication. Nitic also noted that the healthcare industry and technology industry have had the most CLM adoption and growth.
As always, SIG looks to remain focused on what's around the corner within the procurement and sourcing industry, and events like these always prove that to be true. Make sure to stay tuned with the SIG event calendar to join the Procurement 3.0 conversation!
The CPO Executive virtual series is for buy-side executives to learn, network, and brainstorm on the challenges facing their organization and the industry at large.
Join the discussion at our next CPO & Executive Virtual Series in September as Nitin Khorana, Vice President from Icertis will explore maximizing supply chain potential with contract intelligence, followed by topic-based discussions on digitalization within procurement and sourcing.
Desmond Williams is the digital marketing Manager for SIG. He holds a Bachelor of Science degree in Entrepreneurship and a minor in Sociology from The Florida State University in Tallahassee, Florida. With a background in Marketing and Sales, relationships are at the core of his values.