Pleas From Procurement to Finance: Do This, Not That

Dear Finance: Please do not use the general ledger as a spend data warehouse. Also, let's do away with the "use it or lose it" budget process.

These are just 2 of the pleas from procurement to finance on how the 2 departments can better work together to improve spend management. They are also the 2 latest additions to our special Chief Procurement Officer website series on the top 17 ways finance can help procurement. Written by Spend Matters Chief Research Officer Pierre Mitchell, the series is based off a snap poll Spend Matters and the Institute for Supply Management conducted. You can check out the full articles of No. 14 and No. 13 on the list below.

No General Ledger For The Spend Data Warehouse – 17 Ways Finance Can Help Procurement: No. 14

Eradicate “Use it or Lose it” Budgeting – 17 Ways Finance Can Help Procurement: No. 13

Pierre will continue counting down on the list, which began at No. 17 (the least important tip for finance and procurement to become better aligned). Make sure to stay tuned to our CPO website as Pierre knocks more numbers off the list.

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