The CFO's perspective on the role of the chief procurement officer (CPO) has evolved with the advent of globalization and digital technology. The traditional view of the CPO as solely responsible for buying "stuff" is outdated, as the CPO can make a much larger contribution to help the organization perform and compete at the highest levels. Today's CPOs are valued partners and business advisors, working closely with the CFO and CEO on driving strategic, financial, and operational goals. CFOs should leverage the procurement function in five key areas: viewing procurement as a strategic partner, using data analytics to drive efficiency and innovation, collaborating on risk management, aligning procurement with sustainability goals, and fostering a culture of continuous improvement. By adopting these strategies, CFOs can work more effectively with their CPOs to drive business success.
