Finance and procurement should work closer together

There are worrying relations between finance and procurement departments, according to new research.

Despite sharing financial processes and systems, the statistics show that only 22% of senior finance executives work ‘very closely’ with their procurement divisions.

The figures show that 66% of finance respondents claimed that procurement hinders their departments’ progress. Almost a third cited that it is ‘restricting the free choice of suppliers’ and ‘extend[s] the time taken to process orders.’

Daniel Ball is the Director at Wax Digital. He believes clearer delegation will benefit companies.