Finance and Procurement: Leverage automation to build a Bridge between the two Functions
In most organizations, the procurement and finance functions are closely linked together. After all, both are responsible for certain parts of the procure-to-pay process and usually have mutual goals –savings control and visibility. But historically, these two teams operate in business silos and rarely cooperate as true teammates.
There could be many reasons for this –they come from two different worlds (one is financial and the other is more operational); they usually leverage different technologies and solutions; they might have different priorities and measure success differently; and finally, it could be because they report to different bosses that might not be very collaborative themselves.
This way of working oftentimes creates tension between the two functions and can lead to several challenges.