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Do procurement and finance have any relationship?

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The meaning of both the terms are different but they also have some similarities or relationship between them.
These can include:
a. The collaboration of two teams of different departments in risk management.
b. A mutual point of divergence.
c. Communication between Procurement and financial team.
You can know more from the article " Importance of Procurement Audit".

Posted on Aug 11, 2017

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Posted on Aug 11, 2017

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Posted on Jan 02, 2017

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hi,
read the following.
ok
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The role of Business Relationship Management, or the Business Relationship Manager (BRM), is an emerging role in Information Technology (IT) organizations. The BRM is a liaison between IT and the business. The BRM has significant knowledge in subject matters pertaining to both IT and the business. The BRM is responsible to understand the business, assist in the prioritization of projects, ensure that projects align with the technology that best provides maximum return on investment, and direct IT strategy in support of the overall business strategy.



Business Relationship Management differs from Customer Relationship Management (CRM) in that BRM is an advocate for the business within IT without the external influences to sell product and keep a deal going. Also, the BRM is an employee of the same company as the business and IT organizations that are supported. The CRM is an employee of a third party company with different motivations for a different bottom line.





Responsibilities Responsible (Fulfills the task independently)

  • Pre-project business solution design

  • Has relationship with internal technology teams

  • Has relationship with external technology vendors

  • Identifies opportunities for operational efficiency

  • Service Level Agreement (SLA) negotiations

  • Directs projects towards desired technology strategies
Accountable (Fulfills the task by coordinating others efforts)
  • Overall solution delivery (project progress)

  • Project issue resolution

  • Develop long-range technology strategies

  • Provides initial project estimates for cost-benefit analysis

Consultant (Advises on the task)

  • Participates in technology aspects of business-sponsored RFx's

  • Evaluate project objectives

  • Project prioritization

  • New business initiative analysis
Informed (Is advised on the task)
  • Gains understanding of business strategies

  • Gathers information on competitor technology

  • Stays abreast of industry trends in the business and technology

  • Has relationship with research firms

  • "...involved with advanced or emerging technology groups within your IT organization"



Key Role Interactions Business Partners
The BRM works with the business at several organizational levels. The BRM will work with business area teams to understand project requirements, shape the initial project request, and provide a high-level estimate of the project effort and costs used in cost-benefit analysis. The BRM will regularly report back to business managers on the status of projects.
Application Architects
Early in the process, the BRM works with the architects to discuss potential solutions that match the business strategy with the technology strategy. The architects will also provide consulting on additional costs due to additional equipment or increased capacity requirements.
Project Managers
Early in the process, the BRM works with the PM's to discuss staffing needs, high-level timelines, and the associated cost. Throughout a project, the BRM will stay informed on the project status in order to provide business managers with regular status. Occasionally during the project, the BRM will be used in a facilitation role when an impasse between the technology team and the business team occurs.
Finance Managers
The BRM may also need to work and supply information through to either a dedicated IT Finance team or to Management Accountants within the Finance Function. This can cover involvement in the Organisation's annual planning process (The Budget), updates to forecasts, down to providing updates from IT Department & Project managers in helping analysis of IT spend to date.
Professional Skills The BRM needs to have subject matter expertise in both the business and technology. As such, it is not possible for the BRM position to be an entry-level position. Rather, this position requires the ability to understand the business sufficiently to communicate the importance of projects to the technology teams, as well as to understand the technology sufficiently to communicate the complexity in simple terms for the business.
"Additionally, attention to detail and good analytic skills are important because there are always a lot of interdependencies, and even a simple change could affect other applications or parts of the infrastructure."
nterpersonal Skills The BRM "straddle IT and business with these key skills:

  • Communication

  • Presentation

  • Critical Thinking

  • Collaboration"


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