Did you know that, according to a recent survey, over 60% of CFOs cite inefficient procurement processes as a significant barrier to their organization’s financial performance? In today’s fast-paced business world, a CFO’s role extends beyond just overseeing financial operations. Modern CFOs are strategic partners in organizations, steering critical functions such as procurement to foster growth and stability. With the mounting pressure to optimize costs and improve efficiency, streamlined procurement processes have become central to this role, ensuring efficiency, cost-effectiveness, and transparency.

s a CFO, you know that managing invoices can be a time-consuming and costly process. Manual invoice processing can lead to errors, delays, and a significant drain on your company’s resources. Fortunately, there is a solution: OCR invoice processing.

OCR, or Optical Character Recognition, is a technology that enables computers to rea



Deploying a new procurement system in an organization can be a complex and potentially disruptive process, especially if it requires employees to learn and use a new software. However, with careful planning and a phased approach, it is possible to introduce the new system without creating undue stress or frustration for employees…


Procurement is the process of acquiring goods and services from external vendors, which is an essential aspect of any business. However, procurement can also be a source of frustration and inefficiencies due to a range of common problems. This article will explore seven of the most common issues faced by procurement teams and discuss potential solutions…

Managing procurement in Excel can be a challenging and time-consuming task, with many potential drawbacks and limitations. One of the key problems with using Excel for procurement is the potential for errors and inconsistencies in data entry. Excel spreadsheets rely on manual data entry, which can be prone to mistakes and omissions. This can lead to inaccurate records, incorrect calculations, and difficulties in tracking and analyzing procurement data…

When we start implementing a new procurement system (in truth, everything written here is true regarding the implementation of most organizational systems), we are faced with the dilemma – should we change the entire organizational procurement procedure so that it aligns with the system’s guidelines? Alternatively, should we continue the existing situation and, at the same time, start working gradually with the new procurement system?

In public sector organizations, the procurement process is generally similar to the process in private sector organizations – but with some crucial differences. Because the people handling public funds must naturally follow strict principles during the procurement process, these principles can be considered an ethical code of conduct requiring public employees to be responsible for their purchases. Some of the principles may also be useful for organizations in the private sector…

Procurement is essential to running a business and has always been so. The process of selecting the products and purchasing them while ensuring the quality of the goods and services necessary for the current business activity remains as crucial as ever. Proper procurement management allows the company to receive the required supplies at the lowest cost reliably…

Procurement, purchasing, sourcing, and supply chain are often used interchangeably. However, there are essential differences between them.

Procurement vs. Purchase: If procurement involves the purchase

The nine main stages of the procurement process can be thought of in three separate stages: exploration, purchase, and acceptance.

Three key elements work together to make the procurement process happen: people, process, and paperwork.

This guide outlines the key steps of an organizational procurement process. Procee offers unparalleled flexibility, allowing you to customize these steps to fit your organization’s specific needs. Discover the advantages of using Procee to streamline your procurement operations.

Upon entering a meeting with a financial manager, I often encounter the usual apology “sorry for the mess, it’s a stressful time right now,” he tells me while trying to put some order in the paperwork on his desk. So I say to myself, we live in the 21st century; many tools today allow you to pay a supplier on the other side of the world with a click while fully synchronizing with advanced BI systems. However, there are organizations where innovation seems to halt with the invention of paper – piles of documents, price quotes, tenders, contracts, purchase orders, invoices, payment confirmations, and more. These are part of the daily business routine in many large and small organizations.

In many organizations, the procurement and finance departments have traditionally operated in silos. The reason for this separation often boils down to their contrasting objectives:

The procurement process can differ from one organization to another, but it generally encompasses the following ten crucial steps…

Optimizing the procurement process is crucial for any organization aiming for operational excellence. By closely monitoring key performance indicators (KPIs), businesses can enhance efficiency, align with organizational objectives, and pinpoint areas that require attention.

…A computerized procurement management system facilitates creating and approving purchase requests, ordering products or services, and reconciling supplier invoices with purchase orders. Moreover, it automates payments to suppliers, allowing for seamless tracking of all transactions and ensuring that orders are only placed with the necessary approvals.

In the fast-paced business world today, using technology for procurement isn’t just nice to have, it’s a must. Companies can work better using modern procurement management systems, reducing costs by up to 30%. This shift simplifies obtaining quotes from suppliers, creating purchase orders and streamlining payment procedures smoothly.

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