FINANCIAL SERVICES USE CASE
High-performing procurement for the financial services industry.
See how financial services organisations can use Â鶹´«Ã½ Strategic Sourcing to boost efficiency, drive supplier collaboration and keep costs in check.
Key use cases.
-
Stakeholder request intake ¨C enable procurement teams to partner with business stakeholders for sourcing initiatives. Use intake request forms to capture essential project details for sourcing fulfilment from stakeholders.
-
Project execution and savings tracking ¨C manage and prioritise initiatives, drive collaboration and measure sourcing impact all in one place.
-
Sourcing events ¨C execute sourcing processes for goods and services. Set up and publish RFPs/RFIs/RFQs, establish bidding activity with suppliers at scale and determine the optimal award scenario.
-
Reverse auctions ¨C manage pricing for goods or services with reverse auctions, enabling suppliers to compete for bids in real time.
-
Supplier negotiations ¨C analyse side-by-side comparisons of supplier bids and calculate savings based on the best possible business outcomes within your supply base. Use actionable data and current market trends to provide real-time feedback to suppliers on ways to improve bids.
-
Contract management ¨C centralise contracts in a common repository, gaining full visibility into your entire ecosystem of agreements. Collaborate on contract creation and revisions by seamlessly integrating with Microsoft 365?.
-
Supplier risk and compliance ¨C manage onboarding and data collection activities for all downstream transactions. Ensure critical supplier data is kept up-to-date for compliance and assign risk scores based on various attributes.
-
Supplier performance ¨C close the loop on the sourcing process through performance management activities, including quarterly business reviews and development plans.
-
Savings validation ¨C understand exactly where savings are realised and where to expect cost avoidance. Attribute savings to specific categories or project owners.
See how we serve financial services organisations.