A recent report from Basware suggests that Chief Financial Officers in companies around the world are ignoring risk management in favor of cost cutting, and are failing to treat supply chain dangers seriously enough. The study showed only 28% of CFOs saw that procurement has a significant impact on financial risk exposure and less than half saw any level of integration between procurement and finance processes. Cost cutting was also seen as a major priority for CFOs in the study, with 64 percent stating that reducing costs was the top item on their agenda. At the same time, strategic goals were a much lower priority, with only 39 percent of CFO’s highlighting this. CFOs also admitted that only 42 percent of indirect spending was being captured by their organisations, and that only 50 percent of purchasing processes were automated, leaving major room for human error and inevitable waste of resources.
