{"id":3118,"date":"2011-09-15T12:52:00","date_gmt":"2011-09-15T12:52:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2011\/09\/15\/do-61-of-cfos-lack-understanding-of-procurements-potential\/"},"modified":"2021-07-06T07:25:08","modified_gmt":"2021-07-06T11:25:08","slug":"do-61-of-cfos-lack-understanding-of","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/do-61-of-cfos-lack-understanding-of\/","title":{"rendered":"Do 61% of CFO&#8217;s Lack Understanding of Procurement&#8217;s Potential?"},"content":{"rendered":"<p>I just read an insight-spewing article entitled \u201cThat Rising Feeling: CFOs are fretting about the prospect of inflation, but are split on how to respond.\u201d The article includes quotes from several CFOs who share their concerns about cost increases and their strategies for combating them. While the entire article was quite revealing, the graphs \u2013 which I have included at the bottom of this full blog post \u2013 really told quite a story.<\/p>\n<p>Don\u2019t miss updates on Procurement &amp; Supply Chain, Subscribe here!<\/p>\n<p>One pair of graphs irked me, actually. One of those two graphs shows that 59% of CFOs have said that inflation had directly impacted their business in the past 12 months. The other indicates that, of those CFOs\u2019 companies that have been impacted by inflation, only 39% of them have negotiated with suppliers to manage and\/or reduce the impact of that inflation.<\/p>\n<p>So, 61% of CFO\u2019s allow costs to rise without tapping the potential of their procurement departments to negotiate with suppliers in order to mitigate those cost increases?<\/p>\n<p>As the saying goes, \u201cwhat\u2019s wrong with this picture?\u201d<\/p>\n<p>Another graph that is telling is the graph that shows the type of inflation that CFOs are most concerned about. With rising energy prices, metal prices, and cost of other commodities making up three of the top four inflation concerns, it should be clear that procurement departments can play a heroic role in helping CFOs sleep better at night. Why CFOs aren\u2019t tapping into that resource with more gusto is confusing.<\/p>\n<p>It\u2019s time to educate the CFO on what procurement can do to put the smackdown on inflation.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I just read an insight-spewing article entitled \u201cThat Rising Feeling: [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":4138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do 61% of CFO&#039;s Lack Understanding of Procurement&#039;s Potential? - Next Level Purchasing Association (NLPA)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/do-61-of-cfos-lack-understanding-of\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do 61% of CFO&#039;s Lack Understanding of Procurement&#039;s Potential? - Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"og:description\" content=\"I just read an insight-spewing article entitled \u201cThat Rising Feeling: [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.certitrek.com\/nlpa\/blog\/do-61-of-cfos-lack-understanding-of\/\" \/>\n<meta property=\"og:site_name\" content=\"Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\" \/>\n<meta property=\"article:published_time\" content=\"2011-09-15T12:52:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-06T11:25:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/11\/nlpa-images-148.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Galo Matagay\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:site\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Galo Matagay\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/do-61-of-cfos-lack-understanding-of\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/do-61-of-cfos-lack-understanding-of\/\"},\"author\":{\"name\":\"Galo Matagay\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/person\/72d094fab77892483dfa6e061cb27eaa\"},\"headline\":\"Do 61% of CFO&#8217;s Lack Understanding of Procurement&#8217;s Potential?\",\"datePublished\":\"2011-09-15T12:52:00+00:00\",\"dateModified\":\"2021-07-06T11:25:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/do-61-of-cfos-lack-understanding-of\/\"},\"wordCount\":280,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#organization\"},\"articleSection\":[\"Procurement\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.certitrek.com\/nlpa\/blog\/do-61-of-cfos-lack-understanding-of\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/do-61-of-cfos-lack-understanding-of\/\",\"url\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/do-61-of-cfos-lack-understanding-of\/\",\"name\":\"Do 61% of CFO's Lack Understanding of Procurement's Potential? 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