Procurement is from Mars and Finance is from Jupiter: How to Align Planets [Plus+]

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Mars might be the god of war and mighty in its own right – ready to battle any time with a combative supplier or recalcitrant internal stakeholder. But Jupiter is the king of gods: large, distant, cold, foreboding.

(There is no Venus here…that’s a Plus brief — nay, multipart series — for another day on working with Marketing).

These gods might seem similar, and in the business world, Procurement and Finance should in theory be highly aligned and focused on cost management, risk mitigation, quantitative analysis, and other areas. For example:

  • Enterprise risk management requirements (e.g., fraud, regulatory compliance, etc.) should extend seamlessly into the supply base.
  • Working capital should be optimized alongside cost reduction and compliance.
  • The Source-to-Settle process should have an embedded P2P process that aligns purchasing and AP to each other and to broader spend category requirements.

There are many things that keep the two groups from singing Kumbaya.

In this Spend Matters Plus brief, we list five important ones and give practitioners some suggestions on how to align and conquer (no lightning bolts or Holst necessary).

For full access to this Spend Matters Plus content: