Goods versus services purchases similarities and differences

🚀New CFO Insights episode alert!


Our topic for today is: “Goods versus services purchases - similarities and differences”, featuring Mike Vaishnav, CFO & Strategic Advisor in conversation with Riya, Financial Technology Consultant at Hyperbots.

Key takeaways:

- The difference between goods and services: Goods are more tangible and measurable, while services are milestone and delivery-based.
- Terms and conditions for goods versus services: In the case of goods, the focus is on quantity, quality, and specifications whereas for services, it’s expertise, confidentiality, and deliverables.
- Differences in the approval process: Cross-functional collaboration between operations, procurement, finance, and legal is usually required in goods purchases, while for the purchase of services, fewer approval channels may be needed.
- Role of AI: AI can play a significant role in streamlining procurement of both goods and services and automating approval workflows.

Be better informed about these nuances and crucial factors like pricing, the importance of POs, and so on, while making your goods and services purchases.


#hyperbots #CFOinsights