Smarter Together: It’s Procurement and Finance’s Time to Lead 1

Over the last week I’ve attended Sourcing Industry Groups Global Executive Summit. The Keynote was by Coupa’s CFO Todd Ford on “Smarter Together: It’s Procurement and Finance’s Time to Lead”.
In it Todd shared a couple CFO insights on interdepartmental collaboration that are core to Procurement Performance Improvement.

First: over 60% of CPO’s report into the CFO, making him Procurement’s most important stakeholder. Know at all times how you are supporting the current thing he’s driving to accomplish.

Second: CFO’s are focused on shareholder value. That means maintaining value and that translates into avoidance of risk, management of necessary risk and a thorough disliking of unexpected risk.

Third: the other part of a CFO’s focus on shareholder value is growing the company by investing in areas that result in the highest increase of that value.

Keeping these simple insights on the top or your mind and referring to them at the right time, can and will do wonders in partnering with the office of the CFO to drive Procurement forward.

A shout-out to Dawn Tiura and her team for another great summit!

#procurement #strategy #collaboration

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