The Ledger
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ServiceNow Cannot Handle Complex Enterprise Procurement Spend, Says Lilivik
“Yeah, it is, but it's an IT ticketing system. It's never meant to ingest, you know, billions of dollars of procurement spend and, you know, Few 100,000 suppliers and payment terms and all these kinds of things, right?”
Lilivik: Most important procurement work happens pre-contract and is poorly managed
“Most of the work, if not all of the important work it's done before stuff turns into a contract. So gathering your requirements, deciding which suppliers to invite, deciding which internal stakeholders to involve in a process that all gets done manually, proba…”
Lilivik: Procurement teams frequently over-engineer processes and stall operations
“I think procurement people try to solve for world hunger and world peace all at the same time, and they tend to over-engineer the process so that make it overly complex and kind of grind things to a halt.”
Lilivik: Applying complex acquisition methods to commodity buys is a common error
“And the mistake people sometimes do. Is take that commodity low criticality scenario and apply the more complex type or acquisition method to it.”
Lilivik's Former Bank Lost $20M in an ATM Vendor Ponzi Scheme
“And at some point in time, four years into the agreement basically it turns out that there was a Ponzi scheme going on and we were out 20 point, some twenty million dollars, right? The music stopped, the Ponzi scheme couldn't, it couldn't, couldn't keep up any…”
Lilivik: Vet critical third-party vendors as if underwriting a loan
“If the company's critical, pretend the pretend as though you're lending them a bunch of money. And that kind of puts a whole different lens on it to say, well, would we underwrite this company to lend them money?”
Lilivik: Companies mistakenly treat outsourced functions as no longer their problem
“The worst thing that you can think about is I've outsourced this now, so this is no longer my problem. And I've seen that so many times is companies outsource things and then they don't have the proper governance in place to manage that relationship.”
Companies Should Expect to Pay $25,000 for SOC 2 Type II
“You know, a company should expect to pay 25,000 dollars to get a sock to type two.”
Procurement Orgs Become Necessary at $50M to $100M in Supplier Spend
“Typically what I've seen are procurement organizations can be relevant in some way, shape, form or fashion. As you start managing expenses, For suppliers in the 50 to one hundred million dollar range, right?”
Focal Point Spent One Year and Low $10Ks on Drada Compliance
“So for us, it took us about a year. The service for Drada is it's in the low 10,000 and the audit basically depends on who you pick, right?”
Lilivik: Focal Point lacks the data scale to deploy AI currently
“Not as of yet. We are, you know, we're crowdsourcing a lot of data. And what we're looking for are trends and patterns that we can sort of say, all right, in, in IT services, or, you know, you picked on Slack, so I'm going to pick on Slack too, right? You can …”