A large swath of corporate processes are undergoing a digital transformation, but the procurement function is lagging far behind in that respect. A meager 3 percent of chief procurement officers (CPOs) said they believe their staffs possess all the skills required to maximize the use of digital capabilities, according to Deloitte’s global survey of 504 CPOs.
That said, how can CFOs work with their procurement counterparts to achieve common goals of streamlined processes and data visibility to improve decision-making? Companies need to take a holistic view of financial processes to target those areas throughout the procure-to-pay (P2P) process that can have the greatest impact on efficiencies, costs, and supplier relationships.
The procurement and finance functions are tightly intertwined and can be significantly enhanced through a collaborative and cohesive approach to transformation. Back office inefficiencies are often at the root of slow growth.
This ebook will examine some of the challenges of transforming the procurement and finance functions and how automation can deliver value.
Download now to learn more.