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Do CFOs help guide the application of enabling technology?

 
51% - Yes     31% - Only partially     18% - No

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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.
Provide a framework to implement policies and streamline processes

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The sourcing component of a good procurement system will provide process templates and a business rules engine that captures established policies and procedures in a form that can be used to guide consistent execution of sourcing events.

More about Sourcing
Make it easy for the right people to collaborate, at all times

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The right system will make it easy for the right people to collaborate on development of requirement documents and evaluation of supplier responses – regardless of their location.

More about Supplier Management
Enable eRFx/eTendering

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Procurement systems should support an all-electronic approach to communication with suppliers throughout a sourcing event – from standard tendering, specific supplier invitations to Q&A interactions and status enquiry. This means stronger relationships, improved communications and time savings for both buyers and sellers.

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Provide a self-documenting process

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The right system will capture a complete history for each sourcing event, providing an easily accessible audit trail which can be referred to at any time to answer questions, meet compliance requirements or learn from past experience to improve future events.

More about Sourcing
Make it easier to build and leverage a central supplier directory

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The supplier management component of a good procurement system will make a central supplier directory both practical and powerful.

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Streamline the qualification and review processes

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The right system will make it much easier to comply with supplier approval and performance management policies by providing capabilities such as electronic questionnaires with automatic scoring. It can also maintain regular supplier reviews and trigger automatic alerts.

More about Supplier Management
Related solutions
Sourcing Streamline and standardise all aspects of your sourcing process to achieve value
Supplier Management Gain full control of the supplier lifecycle - and enrich procurement
Procurement Control Streamline operations and achieve best value