A new report from Aite Group analyses the relationship between, and increasing convergence of, corporate procurement and finance functions at corporations globally. Based on an Aite Group survey of 27 European corporate executives conducted in October 2010, the report provides insight into how companies establish effective relationships with their providers.
As a direct result of the financial crisis and the pressures it placed on corporations’ bottom lines, the successful management of corporate procurement as a profit driver is more important than ever before. The most effective way for procurement and treasury departments to positively collaborate is to increase the accounts payable component of corporate working capital. To accomplish this objective, corporate procurement departments must first establish strong relationships with their suppliers. Technology, too, can play a pivotal role in supporting the daily procurement processes of a company, especially in linking performance with balance-sheet items.
“We have seen a trend toward self-run supply chain finance solutions within cash-rich companies,” said Enrico Camerinelli, senior analyst with Aite Group and author of this report. “As lenders provide less credit, treasurers of large corporations view cash less in terms of where to find available sources and more in terms of using the cash available. Technology platforms that directly link cash-rich buyers with their key suppliers have become key solutions for corporations.”
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