In many organizations, the role of buy-side contract managers is increasingly recognized as critical for optimizing value and managing risks. Drawing from the WorldCC 2023 benchmark studies, the following core competencies emerge as essential, with some variation in their relative importance depending on the scope of role (for example, level of engagement in pre-award activities, […]
Let’s face it – for most people, contracts are an unfortunate necessity. They create delay, they are hard to understand and rarely offer practical support. As a result, they are in many cases an afterthought. The true misfortune is the cost that comes from this attitude. By relegating the role of contracts, we also tend […]
For the last few months, WorldCC has worked to create an AI tool that will provide the association's members with access to 25 years of research and market insights - not just as flat files, but offering a unique source of commercial and contracting intelligence. It has proven a fascinating task and each day the AI offers us outputs that it is extracting from across a wealth of validated content. Here, I share a few of the things we are learning.
The endless debates about the role and status of Procurement are on one level quite tedious – they seem to drag on and on, with no definitive outcome beyond wide agreement that things must change. Yet this is an important conversation because the activities undertaken by Procurement have a very real impact not only within […]
Establishing a “Contract Review Board” like the one you describe is a method used by a significant number of large corporations, though it is not necessarily a ‘best practice’ approach. These review boards are part of a broader trend towards more rigorous contract review and management processes. A WorldCC member recently asked whether establishing a […]
Based on analysis of recent reports from leading consultants and procurement experts, the ‘big topics’ impacting the supply market appear to be a mix of technology, global market dynamics, environmental concerns, and shifts in underlying business practices – sometimes occurring individually, but often also with a need to consider the interplay between the various topics. […]
The belief that collaboration yields better business results is widely accepted and has led to growing interest in the role that contracts play in either supporting or undermining collaborative relationships. As a result, ‘relational contracting’ has increasingly come under the spotlight, with continuing efforts to provide better definition and guidance on what it means and […]
2024 is already an energizing year! It has been wonderful to be back fully in face-to-face meetings and to feel the enthusiasm of the community that continues to build around WorldCC. Such diversity – geographic, functional, industry – yet inspired by a common belief in the importance and contribution of a fresh approach to contracting […]
This adage rings especially true when we look at the state of relationship management between buyers and suppliers. WorldCC’s latest study (to be published next month) reveals a wide gap between understanding its importance and taking the steps needed to align each party’s interests. In today’s fast-paced and volatile business environment, open and collaborative relationships take on added […]
AI is gaining great interest, even though adoption rates remain relatively low. Many are exploring the use cases.