Relationship between procurement and finance

Ensuring your relationship with finance pays dividends

Daniel Ball, Director at Wax digital, discusses the relationship between procurement and finance in an exclusive blog for Supply Management.

Procurement and finance have a lot in common, including objectives such as cutting costs, controlling risks and improving processes. Communication and collaboration between these two departments is crucial for the business financial success.

“In the research 66 per cent of finance executives claimed the procurement team actually acts as a hindrance, which really underlines the unfavourable light in which procurement processes are viewed by some senior finance managers”.
Daniel Ball, Director, Wax Digital

This could be related to the fact that finance departments underestimate procurement’s value. The research revealed that finance professionals believe cost savings is procurement’s fundamental value, but even then only a third of them think procurement is leading on cost saving. Read more to find out what procurement professionals had to say about the finance function.

Read the full blog in Supply Management