Common Goals in Finance and Procurement

Here is a Re Blog, based upon observations in recent months that Both Procurement and Finance seem to have once again become silo’d and decisions are being made in isloation of each other without consultation.

Dr.Dot's Daily Dose

Procurement and Finance in businesses today are starting to realize and share the responsibility for both cost and risk reduction when it comes to reducing operating expenditures, cutting transaction costs, mitigating liabilities and identifying innovative ways to increase the Company’s profits.
The global financial recession is still with us, however many executives are beginning to listen and hear the bench¬mark performance numbers that show the types of savings that are possible from greater collaboration between Procurement and Finance.
Functional, Process automation and analytical initiatives such as e-Sourcing, P2P, Contract Management and Spend Analyses are making these returns possible. Take for example the types of returns that enhanced straight-through processing automation and change management can bring in the accounts payable function. By integrating tools and processes together in this area, procurement and finance can together reduce maverick spending, reduce potential fraud, better leverage existing contracts and lower operating costs.
Focusing on…

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