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November 12, 2018

Financial Institutions Are Better Than Most at Bridging the Gap Between Procurement and Finance, But They Are Far From Perfect

By Christopher Monk, Protiviti Managing Director

Screen shot of first page of Financial Institutions Are Better Than Most at Bridging the Gap Between Procurement and Finance, But They Are Far From Perfect

When Protiviti conducted a procurement survey, Bridging the Gap Between Finance and Procurement to Maximize Value, in 2017, the financial services industry (FSI) appeared be the most successful among the industry groups at finding the balance between procurement and finance. On closer inspection, however, many midmarket organizations are not hitting their savings targets, and large banks that claim to have the maturity, capability and collaboration necessary to see savings drop to the bottom line are still not seeing the result. The data from the survey, which was not included in the published report, is presented in this article.