Dan French’s Post

Recent reports indicate that there can be deeply rooted misunderstandings between finance & procurement. Different perspectives on revenue, cost savings vs value creation. Cost Avoidance, Savings, Payment Terms, Reporting and more. But the challenge of different perspectives is not unique to finance and procurement. Earning the right to be a “trusted business partner” requires a lot of effort and a lot of EQ. https://lnkd.in/e5JcCKsn #chieffinancialofficer #cfo #cpo #sourcingandprocurement #sourcetopay #procuretopay #valuecreation #alignment #trustedadvisor #trustedpartnership

It’s no secret that Procurement and Finance have different perspectives on spending, which can lead to frustration and miscommunication on both sides 🚦 But it doesn’t have to stay like this: We’re sharing four ways you can build an iron-clad relationship with your Finance Department 🤝

Finance and procurement: the dynamic duo that powers businesses. While procurement ensures resources are in place, finance manages them effectively. In our latest blog, we explore how collaboration between finance & procurement drives immense value for organizations.

Finance and procurement instinctively seem to pull in different directions. In reality they're work together is key for success and stability. PayEm's platform is where the connection is made.

5 ways to help bring indirect procurement into focus. https://lnkd.in/g8vjZzkf #privateequity #cfo #finance #strategy

5 ways to help bring indirect procurement into focus. https://lnkd.in/gHRkmx4b #privateequity #cfo #finance #strategy

The synergy between Procurement and Finance matters. Aligned finance and procurement can deliver a business savings of up to 25% How can finance & procurement better collaborate? - Align KPIs - Discuss Inventory - Collaborate on Payment Terms - Align Reporting - Align Technology - Practice Open Communication Some key higher performance, and more profitable outcomes companies see when finance and procurement are in alignment. 1.) Cost Efficiency: When working together, procurement can negotiate better deals with suppliers, while finance ensures optimal spending and budget adherence. This synergy maximizes cost savings and enhances financial performance. 2.) Risk Mitigation: Joint efforts help identify and mitigate financial risks associated with procurement decisions. Whether it's supplier stability or market volatility, proactive collaboration ensures robust risk management strategies. 3.) Strategic Alignment: Aligning procurement goals with financial objectives drives strategic initiatives. This alignment fosters a unified approach towards achieving business targets, from profitability to sustainable growth. 4.) Data-Driven Insights: Leveraging data analytics shared between procurement and finance provides actionable insights. This empowers informed decision-making, improving forecasting accuracy and operational efficiency. 5.) Compliance and Transparency: Collaborative efforts strengthen compliance with regulatory requirements and internal policies. Transparent communication ensures ethical sourcing practices and financial integrity. In essence, when procurement and finance collaborate effectively, they create a powerful synergy that optimizes resources, mitigates risks, and drives strategic growth. ____________________ Please share your thoughts in the comments Follow me for finance insights #Procurement #Finance #Controller #BusinessStrategy #CorporateFinance #SupplyChainManagement

Alignment across #finance and #procurement ultimately drives better profits, visibility into spend before it happens, and cash flow planning. Armed with the vision and mission, procurement can also ensure that the CFO’s desires are being met, especially around what to do with cash while it’s an asset. Here's our take on how to keep both teams moving in the same direction: https://lnkd.in/gjE7KMBk

In some respects, we're in the bridge-building business at Fine Tune Expense Management. We know that indirect #procurement and CFOs are often at opposite ends of a canyon in a company. On the one side, procurement is trying to negotiate and get the best deal. On the other side, finance is trying to track spending (and savings). The middle can get messy… Because often times indirect suppliers bill more than what was initially agreed. We stand in the middle. Making sure that procurement actually gets what they signed on for, and finance actually realizes the savings they were promised.

Ideally explained 10 Tactics to control costs of an organization. Post credit goes to Nicolas Boucher. In order for gathering more knowledge please follow Nicolas Boucher Online 🚀 Budgeting and Forecasting 🚀 Variance Analysis 🚀Cost Allocation 🚀Activity - Based Costing 🚀Zero - Based Budgeting 🚀Cost Benefit Analysis 🚀Cost Volume Profit Analysis 🚀Inventory Management 🚀Vendor Management 🚀Procurement Management #budgeting #forecasting #costreduction #costcontrol #breakeven #financeprofessional #accountingprofessionals #financialplanningandanalysis #fpna #financebusinesspartner #financemanager #accountants #cfo #cfoservices #fractionalcfos #financedirectors