Procurement & Finance

Optimized Spend Management and High-Performance

Technology must live with finance and e-procurement

Although it is logical that finance and procurement operations are closely connected, many organizations encounter problems when the two departments are not aligned. Finance can often place unreasonable expectations on procurement specialists in how they spend their budget and how they allocate across suppliers for certain categories of spend. This creates barriers in reaching functional supplier relationships, optimized spend and high-performance.

Finance’s priorities and key performance drivers can seem contradictory to procurement’s values and processes. Any type of disarray between groups within a company can be devastating to the bottom line, but it is particularly challenging when two essential departments like finance and procurement are at odds with one another.

Aligning Procurement and Finance Tech Goals

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Finance is also notorious for complicating the accounting portion of the procurement process with multi-layer hoops to jump through and unorganized information. This is due in part to an already complex system of procuring items for a mid- to large-sized company. But any level of misalignment between departments results in miscommunication, differing goals and opposite ways of working.

To realign these two critical departments, which a company cannot go without in obtaining the necessary items and services for full functionality, common ground must be sought. Technology can be a progressive tool in reaching that common ground and finding the transparency needed for open communication and a clear layout of goals.

Aligning Procurement and Finance Tech Goals

A mobile procurement platform could be the key to achieving this transparency. A tool like Vroozi is easy enough for anyone to use and from anywhere, it is instrumental in reuniting the objectives of finance to curb spending and procurement to secure only the best. When the two groups work together, both are fully aware of all business operations, which informs their activities for more insightful decision making. Technology enables teams to work better together rather than apart, especially when bringing finance and procurement specialists to the same outcomes.

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