While CEO’s and CFO’s expect procurement professionals to understand their impact on corporate finances, many procurement professionals are unaware of how their work supports corporate goals and are more likely to make catastrophic mistakes that put their company at substantial risk. A new two-course online training series, “Finance For Strategic Procurement,” from Next Level Purchasing will help procurement professionals better understand and apply leading financial principles for improved procurement performance.
Whether procurement professionals are selecting a supplier, negotiating payment terms, comparing lease and buy options, or making other typical procurement decisions, there are finance-based approaches that top management expects procurement professionals to follow. A failure to communicate in the language of finance has created a gap between procurement and top management, resulting in a lack of credibility and respect for the procurement function. By integrating the financial principles covered in the “Finance For Strategic Procurement” series into procurement operations, more optimal procurement decisions will be made leading to reduced risk and better support for corporate financial health.
“The way that many procurement departments operate today can be likened to a sports team that doesn’t understand the numbers on the scoreboard,” said Charles Dominick, SPSM, President and founder of Next Level Purchasing. “The Finance For Strategic Procurement Series is designed to help procurement professionals not only understand how organizational performance is measured, but also to give them the skills to improve the procurement department’s contribution to organizational success.”
The “Finance For Strategic Procurement “courses are the newest full-length online courses available from www.NextLevelPurchasing.com. Part I of the series focuses on understanding financial statements and measuring and communicating a procurement department’s contribution to the organization. Part II focuses on making sound financial decisions and evaluating supplier health. To be eligible to enroll in Part II, a student must first complete Part I.
To learn more about the Finance For Strategic Procurement Series, please visit https://www.nextlevelpurchasing.com/financial-purchasing.php