Strategic Procurement: A CFO's Guide to Getting There

Categories : Procurement Goals | set strategy | Improve Credibility Published on : Sep 19 2017

By: Niclas Rosenlew, CFO at Basware

What do we hear from procurement professionals all the time in the industry of Procure to Pay? “Help me be more strategic” or “I want to demonstrate the value of procurement” or “Give me the tools to practice strategic procurement” or “How can I influence the big decisions being made?”

The good news is, there is a way to make these things happen – but you must be keenly focused on two things: data and analytics.

Get Perfect Vision with Complete Data

To even think about being strategic, there’s no way around it – you must tap into your company financial data and that data has to be comprehensive and clean. To build the complete data set, you must get 100 per cent visibility over enterprise-wide spending with:

  • 100 per cent of your e-procurement users funneling all indirect spending through the e-procurement solution
  • 100 per cent of invoices, both direct and indirect,  being processed through the AP automation solution
  • 100 per cent supplier on-boarding to ensure all invoices are being converted to e-invoices, regardless of supplier sophistication.

Layer this data with the power of analytics to quickly glean actionable insights and you’re ready to build your strategic procurement team, enabling everyone to see clearly to make informed decisions.

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Niclas RosenlewAbout Niclas Rosenlew:

Niclas is the Chief Financial Officer and member of the Executive Team at Basware. At Basware, Niclas oversees the finance, investor relations, IT, legal and sourcing functions. He joined in 2014 from Microsoft, where he was the CFO in the Smart Devices Business Unit.

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