In Protiviti’s Procurement Survey, conducted in the first quarter of last year, two findings stood out:
- Half of finance function respondents reported that only 20 percent of the savings procurement claims to achieve fall to the bottom line, and
- Only one-third of respondents, from both finance and procurement, agreed that there was a collaborative relationship between the two functions.
These are troubling disconnects at a time when bottom lines are scrutinized harder than ever and every dollar matters. Why are finance executives unable to register the savings procurement supposedly provides? What are the characteristics of procurement that actually drive concrete and visible financial results? Protiviti Managing Directors Bernie Donachie and Tony Abel, from Protiviti’s Supply Chain practice, explore these questions in the podcast below, and offer some concrete suggestions on how to improve the picture painted in the survey. The full survey report, with additional insights, results and data, is available on our website.