Procurement and Finance Teams Team Up for Data-Driven Supply Chain Resilience
Procurement and finance teams are increasingly collaborating to navigate market trends and stock market volatility, as highlighted in a recent webinar. The event, hosted by Xeneta, revealed key insights into how data-driven approaches can enhance efficiency and resilience.
The webinar stressed the importance of clean, accurate accounting and predictability in effective collaboration between procurement and finance. This enables supply management organisations to balance cost efficiency with resiliency and innovation, as noted by the participating CFOs.
Market information and data platforms, such as yahoo finance, emerged as crucial tools. They provide predictability in the current environment of freight-rate volatility and help defend spend decisions. For instance, index-linked freight contracts can keep rates aligned with real market movements. Moreover, increased visibility into freight rates and carrier performance offers a real-time basis for budgets.
The participating CFOs, who prioritise profit and loss, inventory, and budgeting, recognised the value of good data in their decision-making processes. They acknowledged that data is the foundation of the relationship between procurement and finance, enabling straightforward conversations about market trends.
The webinar underscored the importance of data-driven collaboration between procurement and finance. By leveraging market information and data platforms, organisations can improve efficiency, enhance resilience, and make informed decisions in the face of supply chain challenges and stock market volatility.
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