Finance is from Mars, procurement is from Venus
Just 22% of senior finance executives say that they work & lsquo;very closely’ with their procurement counterparts, in research conducted by Redshift on behalf of eProcurement software company Wax Digital. In contrast 46% of procurement people said their relationship with finance was very close, but finance is also twice as likely to see the relationship as & lsquo;not close’.
The research study questioned over 200 senior decision makers in procurement, finance, IT and sales and marketing about their respective relationships and working practices.
Additionally only 12% in finance view the procurement team as highly effective in their role and only 6% said that supplier selection is a joint decision between its own managers in partnership with the procurement function.
Daniel Ball, director, Wax Digital, says, “In spite of their common ground and position within most organisations finance and procurement seem to be suffering from some major communication gaps, with misaligned objectives also being common. Better collaboration, whether through talking to one another more, or using technology to join up processes, could help both teams deliver greater value and realise corporate objectives.”