Organisations sometimes invest heavily in systems that end up being totally unfit for purpose. Unfortunately, this happens regularly in the private and public sectors, often because key people were not involved in the requirements gathering, selection and customisation process.
When it comes to procurement systems, CFOs must be involved in their evaluation, fine-tuning, management and development because it will affect the bottom-line profoundly.
The right procurement system provides the ability to centralise management of supplier and contract information, while making it easily accessible to everyone that needs it. This alone can save significant time in Procurement, Accounts Payable and throughout your organisation. Organisations can also streamline two-way communication with suppliers, creating stronger relationships, making communications much easier and saving time in the process.
Why does this matter?
The value of a leading-edge procurement system should never be under-estimated by a CFO because it will impact efficiency and financial performance dramatically.