02 Jul Report | Tomorrow’s Finance & Procurement Value Chain: From Cost Centre to Profit Centre

Posted at 15:13h in Club Insights, Featured, Finance, Industry Report by
0 Likes

70% of CFOs admit that their current digital capabilities are not adequate to be competitive over the next five years, according to McKinsey.

There’s no denying that digitising information-intensive processes leads to cost-cutting, invaluable data and quicker turnaround.  And yet, the finance and procurement function seems to be several steps behind.  CFOs are not facing inertia so much as difficulty.  The journey towards an all-encompassing view of the entire finance value chain is one that is fraught with silos, legacy systems and processes that “must be done this way.”

To find some answers, we asked: why is the finance and procurement value chain seen as the next big differentiator for finance functions?  What internal stakeholders need to be onboard to ensure that this transformation translates into tangible margins?  And how can CFOs propel what is a cost centre into a profit centre of tomorrow?

Inside you’ll find

  • Clear consensus that making the journey from cost centre to profit centre is too small an ambition
  • A lively debate about the ways in which finance and procurement contribute to business success and growth
  • The looming problem of succession planning and talent acquisition

 

 All quotes and ideas have been anonymised, as per club rules, so please feel free to share the report with colleagues, or on LinkedIn if you’d like.