How Collaborating with Finance Supports Good Decisions
In today’s relationship-oriented business environment, who you know and how you work with them are as important as anything you do. Collaboration is just as essential to finance as it is in naturally “creative” functions such as sales and marketing.
When I first started this series of posts, I mentioned that it was in response to the thoughts Kelly Barner shared on procurement’s hierarchy of needs: first savings, then compliance, moving on to risk and finally — collaboration. So, for procurement, savings is the most fundamental need. No other goals or objectives can realistically be addressed unless the organization’s spend is being efficiently negotiated and managed.
CFO’s Bread and Butter: Compliance & Risk
Thanks for joining our series of posts comparing how factors such as timing and cost are seen differently by finance, procurement and legal.
Compliance and risk are no different. While procurement may see compliance and risk management as being a few rungs up their strategic maturity ladder, for finance — and legal, I might add — they are the bedrock of our existence in the organization. If a CFO isn’t focused on ensuring compliance and risk management, he or she isn’t going to be in that job for very long.
Timing is everything to a CFO, as they say, so let’s talk about the importance of timing in finance.
It probably goes without saying that accuracy is the bedrock of sound financial decisions. At the same time, often the pace of business requires finance to make decisions before influencing circumstances become certainties. As a CFO, my confidence in each decision is tied to how far into the future I have to project data in order to make a judgement call.
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When you’re a CFO – no matter what company you happen to work for – it’s hard not to take a straight line finance perspective. As the CFO of Determine, I’m constantly faced with the challenge of balancing the requirements of finance and accounting with the needs of procurement and legal. After all, they are our customers too.
You’ve likely heard variations of the phrase “That contract isn’t worth the paper it’s written on.” In the same vein, a contract is only as good as its contract data.
Four advantages of a cloud platform with a single source of truth. In a recent webinar, Andrew Bartels of Forrester and Julien Nadaud, Determine’s Chief Product Officer, explored in detail the issues, challenges, benefits and hype surrounding Artificial Intelligence (AI). The only way to gain true data intelligence is through seamless data integration.
A Review of CPO Rising 2017: Tools of the Trade Before the release of CPO Rising 2018: The Age of Intelligence happens, we thought it was worth reviewing Tools of the Trade to check some highlights. It’s also good to have a reminder of where procurement leaders stand in their efforts to achieve Process Under […]
“You don’t have to do anything but die.” This rather blunt, but deceptively motivational statement was a frequent response from my high school coach whenever we felt too apathetic towards some practice drills or other. Do we we have to do sprints in the rain? Do we have to come in on Saturday? Do we […]
