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Spend Management

    FINANCIAL SERVICES USE CASE

    High-performing procurement for the financial services industry.

    See how financial services organizations can use Â鶹´«Ã½ Strategic Sourcing to boost efficiency, drive supplier collaboration, and keep costs in check.

    Read Solution Brief
    Â鶹´«Ã½ Strategic Sourcing auction dashboard example for financial services industry.

    Key use cases.

    • Stakeholder request intake¡ªenable procurement teams to partner with business stakeholders for sourcing initiatives. Use intake request forms to capture essential project details for sourcing fulfillment from stakeholders.
    • Project execution and savings tracking¡ªmanage and prioritize initiatives, drive collaboration, and measure sourcing impact all in one place.
    • Sourcing events¡ªexecute 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¡ªmanage pricing for goods or services with reverse auctions, enabling suppliers to compete for bids in real time.
    • Supplier negotiations¡ªanalyze 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¡ªcentralize 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¡ªmanage 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¡ªclose the loop on the sourcing process through performance management activities, including quarterly business reviews and development plans.
    • Savings validation¡ªunderstand exactly where savings are realized and where to expect cost avoidance. Attribute savings to specific categories or project owners.

    RESOURCES

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    Customer Case Study VSP Aligns Business with Â鶹´«Ã½ Strategic Sourcing Read Case Study

    See how we serve financial services organizations.

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    Learn how strategic sourcing can work for you.

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