by Fiona McLeod
ConocoPhillips shone as an industry leader in October 2017 by winning the respected Innovation in Contract & Commercial Management award from the International Association for Contract Management (IACCM).
The award recognized the company’s creation of its Supply Chain Integrated Visibility (SIV) program and its use in improving contract management within ConocoPhillips’ global operations.
Roger Bhalla, manager, Shared Services & Technology, accepted the award and explained the value the SIV program had brought to ConocoPhillips.
“To receive this award from IACCM is a great achievement by ConocoPhillips’ Supply Chain and IT teams. It reflects several months of effort to leverage the big data analytics tools available to design easy-to-use dashboards that enable the Supply Chain and others to unlock the value of insight available in our data.
“Simply put, our Supply Chain Integrated Visibility program was designed to bring together large amounts of previously separate contract, spend and operational data into an easy-to-use, integrated analytics tool. Through this tool we have realized new value by increasing insight for contract negotiation, reducing contract spend leakage, ensuring greater return on investment, and helping improve the business operations governed by those contracts. I’m particularly pleased by all the drive from the business units that have shown leadership in leveraging the new capability to improve the business and in sharing insights with their peers,” Bhalla said.
Tangible value from the SIV program is estimated to exceed $10 million annually, with additional intangible benefits in the quality of contractual execution and management.
IACCM is the leading international organization focused on contract management, with global, cross-industry membership.