Monthly Top 5 - September 2024

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Hi Readers,

2 quick notes before we get to the Monthly Top 5:

1. I’ll be in Amsterdam this week on business. If you’re going to be there as well and want to meet in person, give me a shout. Would love to meet you.

2. I’m looking to bring on a few occasional contributors to the newsletter.

   Ideally, you’re busy procurement professional who:

   • Is experienced with ProcureTech implementations

   • Doesn’t take themselves too seriously

   • Has strong opinions held loosely

   • Is honest and dependable

   • Has clear and concise pen

…and you just can’t get the idea of writing articles out of your head 😅

If this is you, reply to this email. People should hear your lessons learned.

Onto the Monthly Top 5!

Every month, I comb through 1000+ articles across 40+ sources to bring you the best free procurement articles published that month.

I sort through the noise so you don’t have to.

📰 In this week’s edition:

• 📄 2024 Procurement Tech Trends Report (sponsored)

• 🏆 The Road to the ProcureTech Cup: Episode 25-06

• 🔝 August 2024 Top 5

  • No. 1 - Is Contract Lifecycle Management on Its Way Out?

  • No. 2 - A Useful RFP Authoring Checklist

  • No. 3 - Better Metrics for Supplier Diversity ROI

  • No. 4 - The 8 Dimensions of Supplier Risk Management

  • No. 5 - 3 Questions For Your Next ProcureTech Vendor Meeting

• 🎁 Get access to my links database

Let’s dive in!

ICYMI 👀: My best Linkedin post of the week:
The world’s biggest procurement project started in 1993 and isn’t done yet…

Note: Some of the content above is only available in the email version of this newsletter. Don’t miss out! Sign up for free to get the next edition.

🏆 Road to the ProcureTech Cup

This Week’s Episode

Join me Friday, October 11^th at 12pm ET as Globality comes on show to demo their Autonomous Sourcing platform.

Pick your poison:

Last Week’s Episode

Market Dojo was on the show last Friday to demo their eSourcing and Source-to-Pay capabilities. You can get up an running with eSourcing within 24 hours on this platform!

Here are the links to the replays:

Wondering what the ProcureTech Cup is? Start Here.

No. 1 🥇

Is Contract Lifecycle Management (CLM) on Its Way Out?

In recent months, I’ve been exposed to lots of content saying that “CLM is on its way out with the arrival of strong Gen-AI.” The argument?

While this is an interesting thought exercise (and I’m sure it’s keeping leading CLM marketing teams up at night to ensure their value proposition is crystal clear…), a recent report from Hackett casts a shadow on this severe prognosis…

Here are a few key takeaways from their September 2024 CLM report/survey to illustrate:

• “89% of customers were very satisfied to extremely satisfied overall with their CLM solution and the value for their investment.”

• “On average, 80% of business improvement goals were achieved via CLM implementation and process redesigns.”

• “The 2024 growth projection for CLM-solution deployments is 11%.”

Does that sound like the “bell tolls” for CLM…?

CLM Software Provider Perspective - Executive Summary
by Hackett

No. 2 🥈

A Useful RFP Authoring Checklist

If you’re working on a complex services RFP, this is a great article to ensure you’ve got all your bases covered with requirements/questions.

Just a solid piece of evergreen, referenceable content here:

RFP Questions: Top Inquiries for Effective Proposals
by Maya Garcia-Hector at Focal Point

No. 3 🥉

Better Metrics for Supplier Diversity ROI

As ESG and supplier diversity mature as subfields in procurement, so do the metrics used to report their value. For years, “Spend with diverse suppliers” has been the benchmark metric but now we are seeing new ones pop up:

• Business impact (such as RFP wins) attributable to diversity scores

• Economic impact on communities

• Cost savings attributable to diverse suppliers (vs. general cost savings)

• Innovation attributable to diverse suppliers

• Brand impact

While there is a legal compliance aspect to ESG and supplier diversity, I really see it as a lens through which to set and measure the social impact objectives of your company, whatever they may be… It’s a tool that can be used for “good of evil”…

Wield carefully.

2024 State of Supplier Diversity Report
by Supplier IO

No. 4 🏅

The 8 Dimensions of Supplier Risk Management

Art of Procurement keeps their streak alive with a clear, concise article that’s just all kinds of right on how you should be thinking about Supplier Risk Management.

For example, supplier risk has 8 dimensions:

• Geopolitical risk

• Concentration risk

• Strategic risk

• Reputational risk

• Compliance risk

• Operational risk

• Financial risk

• Contractual risk

You don’t have to monitor all these dimensions for every supplier… I’ve seem so many Third-Party Risk Management (TPRM) programs grow into administrative monsters for no good reason because the scope is too big…

Do yourself a favor… Just stick to the process laid out in this article.

What is Supplier Risk Management?
by Philip Ideson at Art of Procurement

No. 5 🎖

3 Questions For Your Next ProcureTech Vendor Meeting

Asking the right questions in a discovery or demo call will tell you much of what you need to know up front. In his recent article, Michael nails down 3 great questions:

1. Can you show me the functionality live on one of my use cases?

2. Can you explain the breadth of supported use cases and relevance for my business?

3. What does implementation and integration into our environment look like? How long will it take?

These 3 questions will go a long way to demonstrating if the “fit” is there between the solution and your business.

Want A Good Solution, Ask Vendors The Hardest Questions Off The Bat!
by Michael Lamoureux at Sourcing Innovation

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