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68 Percent of Finance Professionals Report That Procurement Makes Them More Effective
[January 17, 2018]

68 Percent of Finance Professionals Report That Procurement Makes Them More Effective


Scout RFP, a leader in cloud-based strategic eSourcing solutions, today released findings from a recent survey of finance professionals exploring the use of strategic sourcing to supplement finance initiatives. Findings from the study indicate that finance professionals feel positively about procurement, with 68 percent reporting that procurement makes them more effective as a department.

According to the study, the majority of finance professionals recognize that strategic sourcing solutions can make a difference in finance's effectiveness, with 82.9 percent noting that a strategic procurement solution is important to their business. This meshes with recent Harvard Business Review research, which notes that high-performing sourcing and procurement functions deliver concrete financial returns that are quick to accrue and easy to identify. It points to the success of a procurement and sourcing team at a Fortune 500 manufacturing company, which in 2016 drove millions of dollars of hard savings and helped the publicly traded company achieve record levels of adjusted EBIT and free cash flow.

"Nearly three quarters of our survey respondents identify email as their main method of procurement management, and ove half point to Excel as their sourcing management go-to. As these findings demonstrate, many companies still use legacy methods for sourcing management and are missing out on the collaborative benefits of eSourcing," said Andrew Durlak, VP of Operations at Scout RFP. "More finance departments are quickly realizing that eSourcing via streamlined technology delivers a broader range of benefits than legacy sourcing processes. Finance departments looking to drive business growth without sacrificing cost control should look to sourcing as a first partner of choice."



More than 280 respondents within varying finance positions, from C-level to entry-level, responded to the survey evaluating finance's relationship with procurement and the benefits of strategic sourcing.

To download the full report, please visit Scout.


About Scout RFP

Scout, also known as Scout RFP, provides a new breed of cloud-based strategic sourcing solutions that help organizations source faster and achieve better business outcomes. Leading brands like Adobe, Biogen, CEMEX, Splunk, easyJet, ServiceNow, Cerner (News - Alert) Corporation, and Zebra Technologies trust Scout's automated sourcing and auction platform to deliver greater value through collaborative business engagement. 30,000 active users across 89 countries have chosen Scout's simple, effective interface to streamline supplier selection, centralize data, manage contracts, and make more informed purchasing decisions, faster. Scout is headquartered in San Francisco, and funded by NEA, Menlo Ventures, and GV (formerly Google (News - Alert) Ventures). Scout was recently recognized as one of Gartner's 2017 "Cool Vendors" in Procurement and Sourcing Technology. To learn more, please visit scoutrfp.com and follow us on Twitter (News - Alert) @scoutrfp or LinkedIn.


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