The podcast series that’s all about minding your business in contract management and source to pay.
As a prelude to Determine’s webinar with Spend Matters on aligning Procurement and Finance, I decided to get an insider’s perspective from our own Chief Financial Officer, John Nolan. In this episode of our podcast, my conversation with John explored his experience around aligning finance with procurement and other departments, as well. Given his varied background in companies of all sizes, public and private, his perspective is invaluable as Determine works to help our own customers get aligned.
According to John, the speed of change due to technology innovations over the years has forced CFO’s and financial teams to accelerate their ability to be nimble and flexible. Cost pressures, competition, the amount of information available mean having to deal with a business environment that’s more fluid than ever.
He hit the nail on the head early in the conversation by stressing the need for good, solid and verified information – the best source of that being internal. To have a solid finance and procurement relationship, that clean information is key. Forecasts are only as good as your last data point; if you’re not moving forward from a solid starting point, you’re already at a disadvantage. And procurement is critical to that information.
The flipside of that digital component is purely analog: walking down the hall and meeting with people. Sharing perspectives and getting completely different opinions on what’s happening out in the market. As John shares, anyone who can add to his ability to look forward is someone he wants to talk to. And quite often, that’s procurement.
The upshot to the divide, as Kelly Barner also mentions in her blog, is that it’s generally unintentional, and totally fixable. There is common ground everywhere you look, it’s just a matter of looking up from the daily tasks to see it.
This podcast is a great starting point to the Procurement-Finance alignment issue. You can take a deeper dive tomorrow as Pierre Mitchell from Spend Matters explores the topic in detail. The live webinar starts at 2PM EDT / 11AM PDT – if you can’t make it, register anyway and we’ll send you the link to the on-demand video.
Thanks for listening in.
Have an idea or topic for an episode, or are you interested in being in one?
Drop me a line and let’s get the conversation started.