Fact-based decision making is gaining the attention of business leaders worldwide. That is because they recognize it has critical importance to survival in today's volatile, competitive and complex markets.
Did you know that monitoring compliance remains a key focus for contract management groups and the most common area for reporting? Would you have guessed that only about 8% of organizations typically succeed in always imposing their standard terms or that, for the average company, around one third of contracts are completed without any negotiated amendment?
A Report by the Supply Chain Management Faculty at the University of Tennessee around Managing Risk in the Global Supply Chain. This paper covers a wide range of risks in the global supply chain and offers practical advice regarding risk mitigation strategies and tactics. This advice is grounded in research that examined how leading supply chain executives identify, prioritize, and mitigate risk in the supply chain. The research team distributed a questionnaire across a wide range of companies, including retailers, manufacturers, and service providers. The researchers tabulated data from the responses of over 150 different supply chain executives. In addition, they completed in-depth, face-to-face interviews with senior executives from six prominent companies. Some findings were surprising. For example, despite recent unprecedented challenges, it appears that many supply chain executives have done very little to formally manage supply chain risk.
Those who follow the work of IACCM will be familiar with our assertions that commercial competence is becoming a major topic for business leaders. Faced by the growing complexity and competitiveness of a networked world, the ability to make better commercial judgments and to act fast upon them is a critical source of differentiation. Businesses are moving from a focus on efficiency in managing the internal enterprise to effectiveness in managing external markets.
Contracts are the preball Cinderella of the legal profession, doing the grunt work in the shadows of showier legal business. Everything depends on them, but they rarely get the high level attention they deserve. It's time for contracts to have their glass-slipper moment.
Gartner, Inc. touts itself as 'the world's leading information technology research and advisory company.' Accordingly, intellectual property lawyers may want to pay attention to Gartner's claims that the 'escalation of 3D printing capabilities will change retail models and threaten intellectual property.'
Every day my in-box contains a few more emails exhorting me to adopt 'data and analytics'. But when I seek practical examples of what this might mean, how it would add to the quality of my work, there don't appear to be many examples to justify the investment of time or money.
Many in Procurement see the continued emphasis on cost reduction as good news. It seems to make their jobs secure and surely, one day, their status will also increase.
There has been a surge of interest in contract management in the last two years. Organizations have increasingly recognized its importance in delivering business results and, in many cases, have been driven by concerns raised through their Audit Committee. A range of factors underlie this shift - regulatory compliance, reputational risk, performance management, financial returns. It has resulted in extensive process reengineering and frequent attention to organizational design.
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