The SIG Procurement Technology Summit 2020 took place last week over a 4-day period, virtually of course. SIG (Sourcing Industry Group) is the global sourcing association that provides thought leadership, training and networking opportunities to executives in sourcing, procurement, outsourcing, shared services and risk from Fortune 500 and Global 1000 companies. Seal has been a member and participant for many years and has found that the opportunity to network with procurement professionals around contract analytics has been extremely beneficial with the association stacked full of seasoned practitioners and industry experts.
At the SIG conference we conducted a breakout session titled “5 Ways to increase stakeholder buy-in for the contract review process”. This was a moderated Q&A with two of Seal’s (now DocuSign’s) leading subject matter experts in how to successfully drive contract analytics projects from inception to achieving the desired outcomes.
The discussion featured David Silbert, a practice lead, former attorney and expert in legal technology with a wealth of experience in procurement, and Dan Schneider, senior director of analytics and modelling, another former attorney and highly skilled in AI as it applies to contract extraction. People, process and technology are the trifecta that commonly make up projects, successful or otherwise, and it is universally agreed that the most important element is people. You can have the most efficient processes and leading-edge technology solutions at your disposal, but without a committed human element it will be for naught. So, this session focused on people, or more specifically in project terms, the “stakeholders” and their criticality to project success.
David and Dan focused on five key ways to increase stakeholder buy-in that they have seen from their combined experiences over many projects in their careers. They netted these down to identifying the right stakeholders, the right objectives, the right resources, the right preparation and the right expansion. I italicize the word right as that is the nub of it – ensuring the correct amount of constituent is present. But what does right mean in these contexts?
To find out, please listen to the on-demand recording here SIG Summit recording. It was a lively and entertaining session and worth checking out if you are embarking on a contract analytics project.
The bottom line is that like any project, contract analytics implementations can range from relatively straightforward to complex. Getting the right level of focus and resources applied remains the difference between success or not.
As for the event itself, having dipped in and out over the last four days I would say I was suitably impressed. Nothing can replace a face-to-face offline conversation over a coffee but SIG did its very best to replicate the feel of a community and networking in this virtual paradigm.
We remain very committed to the procurement and sourcing industry and, as part of DocuSign now, our solutions for procurement continue to help Global 2000 companies further their contract management needs.