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Related Experiment Videos

CEOs and CFOs express concern about materials management.

J C Kowalski1

  • 1Kowalski-Dickow Associates, Inc., Mequon, WI, USA.

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|April 7, 1998
PubMed
Summary

CEOs and CFOs seek better supply expense reduction and leadership from materials management. Many consider outsourcing, but executives also need more education and consensus on priorities for effective materials management.

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Area of Science:

  • Business Administration
  • Supply Chain Management

Background:

  • Executives express concerns about the effectiveness of current materials management departments.
  • A significant portion of Chief Financial Officers (CFOs) are contemplating outsourcing materials management.
  • Both Chief Executive Officers (CEOs) and CFOs acknowledge a need for increased understanding of materials management principles.

Purpose of the Study:

  • To identify executive concerns regarding materials management.
  • To explore potential improvements in supply expense reduction and leadership skills of materials managers.
  • To determine the alignment between executive expectations and current materials management practices.

Main Methods:

  • Survey of CEOs and CFOs regarding their views on materials management.

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  • Analysis of executive feedback on desired improvements and potential outsourcing.

    • Main Results:

    • CEOs and CFOs desire enhanced supply expense reduction and leadership from materials managers.
    • Over one-third of CFOs are considering outsourcing the materials management function.
    • Executives recognize their role in supporting and developing materials management programs.

    Conclusions:

    • There is a need for consensus among CEOs and CFOs on materials management priorities, performance metrics, and desired skill sets.
    • Accountability for materials managers should be increased through performance-based compensation.
    • Executive education and active involvement are crucial for successful materials management initiatives.