22 June 2009 | Martha McKenzie-Minifie
Just 17 per cent of chief financial officers believe procurement heads deserve a place on their company's board, according to a new study.
Adrian Done, professor at Spain's University of Navarra IESE Business School and a supply chain expert, helped conduct the research for software company Basware. He told SM the finding was a "kick in the face" for procurement.
The survey, released this week, quizzed 550 financial directors and CFOs from large firms in the US, UK, Scandinavia, Germany, Spain, Belgium, the Netherlands, Luxembourg and France.
Done said half the respondents rated procurement as poor to average at curbing unnecessary spending,
while 46 per cent gave the same rating for identifying cost savings.
He urged the profession to fight harder to "integrate" and "break down communication barriers" to highlight procurement's value.
"My personal belief is that procurement functions are not as bad as this report states," he said.
"But I am a supply chain expert, not a CFO. I see the value of the procurement function from the supply chain perspective.