Here are some nuggets that Andrew Bartolini, Aberdeen Group shared on a webcast hosted by Ariba today 'Assessing the CFO's View of Procurement' on how you can start building bridges between Finance and Procurement. This is a key focus area for companies enjoying best in class performance- those that are noted for superior performance and ability to manage enterprise spend more efficiently and effectively.
1. If you have not done anything or just getting started- Laggards
A. Immediately start collaborating with your finance peers and start measuring and reporting on procurement performance KPIs
B. Establish a plan to drive regular formal and informal communications with Procurement and Finance
2. If you are already working on developing those relationships- Industry Average
A. Use data from Procurement metrics to educate internal and external stakeholders
B. Get your CFO to champion a major procurement initiative each year- this can result in extraordinary rewards
3. If you are Best in Class:
A. Collaborate on compliance and audit process
B. Cascade performance objectives from the enterprise to Procurement department and its staff
Get the full report here: The CFO's View of Procurement: Work in Progress:
Any other ideas that may have worked for you in fostering relationships between Procurement and Finance?