As the world discovers ways to strike a balance between the old and the New Normal, this edition of SpendBytes features the unique measures adopted by organizations to create synergies between Procurement, Finance, and Account Payable to prepare for the testing times ahead. We talk about the efforts taken by companies to identify cost saving opportunities via collaboration between Procurement and Finance functions, and we explore the use of BI reports and Data Analytics in creating a platform offering a clear perspective on the cause-and-effect dynamics of procurement and finance departments.
Having exhausted traditional costing methods to deliver benefits and savings, synergy between Procurement & Finance emerges as the way forward to lower operational costs.
Understanding the synergy between Procurement and Finance departments through business metrics.
As companies combat the consequences of COVID-19, the focus is now to strengthen the strings between procurement and AP functions, to ensure stronger supplier relationships.
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