Procurement is becoming more strategic, collaborative, and technology-driven than ever. And in response, leading companies across all industries are adopting an end-to-end process that spans both procurement and finance. We’re seeing chief procurement officers (CPOs) and chief finance officers (CFOs) collaborating more closely than ever to create a joint journey for their source-to-settle process – one that’s standardized, simplified, and highly automated. Their goal? To optimize business processes, drive efficiency within their respective functions, ensure compliance, increase spend under management, become a trusted partner to their stakeholders, and add to the bottom line.
But for many organizations, joint progress has been slow and incremental. There’s clearly room for improvement in this area because:
- 61% of technology projects use business funds without IT participation
- 87% of business units don’t align incentives with the adoption of standard, common solutions
The fact is, many companies lack the consistent IT strategy needed to integrate systems and processes across departments – one that is in line with their organization’s overall IT infrastructure, streamlines supplier connectivity, and drives user adoption.
When the chief information officer (CIO) is part of the team – and takes the lead on this as a strategic digital transformation initiative – CPOs and CFOs can accomplish far more and do it in a way that ensures everyone wins.
As technology becomes more pervasive, the lines between business and IT are blurring. So CIO collaboration is essential.
Collaboration is the key to everyone’s success. As the enablers of digital transformation, CIOs can take the lead, first by understanding the business goals of procurement and finance. CIOs can then communicate how a standardized and simplified solution architecture helps everyone and act as a key stakeholder in identifying a technology solution that achieves the objectives of CPOs, CFOs, and CIOs. For CIOs, this means they can:
- Maintain control over the system infrastructure with full visibility into the landscape
- Ensure continuity and integration to existing infrastructure
- Ensure system stability and data security
- Simplify connectivity with trading partners
- Protect the security of corporate data leaving the enterprise
- Become a valued line of business partner and help manage the strategic objectives of the company
Want to learn more?
Check out the infographic below, which outlines the next steps CIOs can take to collaborate with CPOs and CFOs – and ultimately implement a single, integrated platform for source-to-settle processes that delivers sustainable benefits.
Today’s cloud-based solutions and business commerce networks give CPOs, CFOs, and CIOs common ground upon which to build win-win solutions. For example, the SAP Ariba suite of source-to-settle solutions supports the needs of procurement and finance with spend analysis, sourcing, contract management, supplier management, and procure-to-pay functions. Ariba Network enables companies to discover, connect, and collaborate with their trading partners anytime, anywhere. But beyond that, SAP Ariba solutions can be used to streamline IT systems and processes through a proven cloud platform, which ensures system stability, data security, global availability, and ease of integration with existing IT infrastructure.