While CEO\u2019s and CFO\u2019s 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, \u201cFinance For Strategic Procurement,\u201d from Next Level Purchasing will help procurement professionals better understand and apply leading financial principles for improved procurement performance.<\/p>\n
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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 \u201cFinance For Strategic Procurement\u201d series into procurement operations, more optimal procurement decisions will be made leading to reduced risk and better support for corporate financial health.<\/p>\n