We’ve come a long way since departments stayed within their silos. It’s great news that more than half of the professionals we asked in our Joining forces Survey
are witnessing close cooperation and collaboration between Finance and Procurement at the highest level.
But 46% of organisations have yet to see full engagement between department leaders. And that could hinder progress of the fundamental improvements that are needed today.
Why does this matter?
Supplier relationship management, sourcing and contract management activities are often referred to collectively as 'strategic procurement’
Joining forces with your Senior Procurement Manager to better understand and leverage strategic procurement in conjunction with your spend management initiatives may be one of the biggest things that any CFO can do to positively impact their organisation’s bottom-line.
Close cooperation is only the start
CFOs can work with their procurement counterparts to help change organisational attitudes, refine procurement policies to drive savings and guide the application of enabling technology.
Close working between Finance and Procurement is vital if you want to establish direction and eliminate wasted time, money and talent from your processes. Once a true partnership is established, the answers lie in advanced technology and service solutions that help both parties streamline internal processes and improve the way they engage and interact with each other.
Ultimately, everyone can take the credit for creating greater bottom-line value.
Want to know more?
Increasingly, organisations must find ways of doing more with less — to compete effectively in the new economy and to maximise bottom-line value. We put a series of questions to senior decision-makers and professionals at global enterprises, national companies, public sector agencies and not-for-profit organisations, about whether their procurement and finance strategies are as connected as they should be.
Their answers provide unique and helpful insights
that demonstrate that goals can only begin to be achieved when Finance and Procurement work together effectively to control spend.