How Finance Can Collaborate with Procurement

5 Ways Finance Can Collaborate with Procurement

Finance and procurement serve a very similar purpose and are considered a team due to their closely related interests and targets. This suggests they should have a strong and close relationship in order to meet the company’s objectives, especially when it comes to cost savings and sourcing processes.

“The CPO research conducted by Wax Digital revealed that the two department are not collaborating with each other as much as they should. Their attitudes and doubts are stopping them from providing great results and bringing further benefits to the business”.

Andrew Finn, Financial Director, Wax Digital

So how can finance and procurement overcome the collaboration issues in order to provide better results for the business?

The five ways identified to improve relationships between the two departments include:

  1. Collaborate about factors influencing both departments
  2. Determine and understand the purpose of procurement
  3. Communicate on regular creating and maintaining strong relationships
  4. Decide on clear leadership and ownership parameters
  5. Trust procurement with their priorities.

Read more on the subject from Wax Digital’s Finance Director, Andrew Finn in Accountingweb .