264: Where Did the Money Go? Bridging the Procurement & Finance Gap w/ Dana Small

The commonly-cited disconnect between procurement and finance all comes down to one central question: where did the money go? As hard as procurement works to negotiate and track different types of savings, they always seem to evaporate or be reallocated for other projects. In the best cases, this gets the enterprise more value for their dollar, but in the worst cases can lead to reduced credibility for procurement – especially with finance. I’m joined today by Dana Small, Global Category Manager at BioMarin and author of the Ms. Category Management blog. It is rare to find a procurement professional with a background in finance, and rarer still to find a procurement practitioner so willing to share their insight and experiences that they start a blog. In Dana we find both, and that’s a real win for the procurement community.

While working in Financial Planning & Analysis (FP&A), Dana realized that by the time an efficiency opportunity is identified by finance, it is usually too late to act upon it. So she decided to move ‘up’ in the process, and pursued a role in strategic sourcing.

At the encouragement of a colleague, she began sharing her experiences via a blog in early 2019. Doing so has not only bolstered her professional reputation, it has also changed how she reflects back on her “day job”.

In this podcast, Dana talks about the importance of reflection and perspective in all procurement work, whether it is tracking savings, working with suppliers or engaging with the community at large.