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More CFO collaboration with procurement can impact bottom line

Procurement and finance departments are not collaborating sufficiently, with only around half of CFOs saying they work closely with procurement and support procurement technology. These are some of the findings of a survey by Proactis, a procurement solutions company. The research found that many financial professionals are failing to realise the full potential of working strategically with their procurement colleagues. But according to Proactis's

Simon Dadswell, CFOs who join forces with their senior procurement manager are able to get a better understanding of procurement, adding that it “may be one of the biggest things that CFOs can do to positively impact their organisation’s bottom line”.

Some of the findings include:

  • only 54 per cent of CFOs work hand-in-hand with procurement;
  • only 51 per cent of CFOs support the enabling of procurement technology;
  • only 52 per cent of procurement teams have a high influence over spend;
  • 45 per cent of organisations are struggling to properly manage suppliers; and
  • 77 per cent of organisations have room for improvement.

Dadswell added: “We've come a long way since departmental silos... But it is clear from the survey results that there is still some way to go: 46 per cent of organisations have yet to see full engagement between department leaders. And that could hinder progress of the fundamental improvements that are needed today.”

This item appears in the following sections:
Payments - Making
Paying Suppliers
Working Capital Management
Procure-to-Pay Cycle in WCM

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