For an enterprise to achieve operational excellence within procurement and finance, the CPO and CFO must enjoy the benefits of a healthy inter-departmental partnership and achieve alignment on savings, cash management, and procurement performance.
Mechanicsburg, PA (PRWEB) September 30, 2011
Puridiom, a leading Procure-to-Pay spend management solution provider, sponsored “The Measuring Stick: Strategies to Manage and Improve Procurement Performance,” on September 21, 2011. The webinar, hosted by Supply & Demand Chain Executive, focused on the CFO/CPO relationship and alignment of goals in today’s business environment.
Although the level of CFO and CPO collaboration has been steadily increasing in recent years, the typical relationship is inconsistent, reactive, and significantly less effective than it could be. The webinar, hosted by Supply & Demand Chain Executive and featuring speakers Andrew Bartolini and Daniel Warn, took a look at the fundamental differences in the CPO and CFOs perspective in the area of procurement performance and procurement value, and offered strategies that can help close the gap between how finance and procurement define and measure these areas.
Andrew Bartolini, Managing Partner and Chief Research Officer of Ardent Partners, and globally recognized expert in procurement and supply management, began the webinar by examining the roles of the CFO and the CPO and how they have changed throughout history. “The finance-procurement relationship is certainly important. For an enterprise to achieve operational excellence within procurement and finance, the CPO and CFO must enjoy the benefits of a healthy inter-departmental partnership and achieve alignment on savings, cash management, and procurement performance." noted Bartolini. The webinar continued with a look at procurement performance metrics, savings, and cash management, as seen by the CPO and the CFO and how they differ and offered recommendations for a better CFO/CPO working relationship. The discussion aligned closely with the Ardent Partners report, “The CFO and The CPO: One World, Two Worldviews,” which was also offered to all attendees.
The webinar closed with Dan Warn, Chief Procurement Officer for Blue Cross Blue Shield of Rhode Island, sharing a case study on his company’s procurement transformation. Dan echoed the importance of the CPO/CFO relationship in creating a centralized strategic sourcing and vendor management function saying, “A healthy CPO/CFO relationship sets the foundation for successful alignment between Procurement and Finance across the entire Purchase to Pay spectrum, enabling the combined procurement and finance teams to agree to defined metrics and deliver significant value to their customers.”
The archived webinar, as well as the Ardent Partners’ Report is available through the Puridiom website.
Puridiom, a leading Procure-to-Pay solution provider, offers the most comprehensive eProcurement software on Cloud and Licensed platforms for organizations of all sizes and industries. Since 1983, Puridiom has helped clients streamline the purchasing process, providing visibility and management of procurement spend.
About Supply & Demand Chain Executive
Supply & Demand Chain Executive is the executive's user manual for successful supply and demand chain transformation, utilizing hard-hitting analysis, viewpoints and unbiased case studies to steer executives and supply management professionals through the complicated, yet critical, world of supply and demand chain enablement to gain competitive advantage.