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CFOs 'taking on procurement duties'

8 February 2011

Senior finance executives have seen their typical responsibilities expand to take in aspects of procurement and supply chain management, according to new research.

A global survey by consulting firm Accenture found 35 per cent of chief financial officers (CFOs) have become more involved in procurement decisions in the wake of the economic downturn.

Furthermore, 25 per cent of CFOs said they have additional responsibilities in the area of supply chain management.

More than 1,000 senior executives were polled for the study, which also found that 79 per cent believe they require greater flexibility in their operations to reflect ongoing market changes.

Paul Boulanger, managing director of Accenture's finance and performance management service line, said companies must ensure finance functions are integrated across the organisation to reflect the "volatile business environment".

He added: "The economic crisis left the corporate finance function stretched by additional responsibilities and rapidly changing market dynamics."

Last month, the eyefortransport Hi-Tech Supply Chain Executive Survey revealed that 96 per cent of supply chain managers in the technology industry feel under more pressure than ever to deliver savings for their company.

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Categories: Commercial


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