The report highlights the importance of aligning finance and procurement processes to achieve 100% spend influence, maximize agility, and preserve cash for growth. Procurement is critical in maximizing value from supplier expenditures, and finance should leverage procurement's insights into spending. However, the two groups are often disconnected, with finance managing a dysfunctional budgeting process that results in unnecessary spending. The research cited in the report found that procurement can drive 55% higher savings rates when brought into the budgeting process early. Therefore, it is essential to align procurement and finance processes for effective spend management and performance management.
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