In today’s competitive business scenario, customers across the globe have easy access to all information at any given point of time at their fingertips and expect superior service from the financial services firms. However, owing to the heightened customer expectations, financial services firms have started adopting spend analysis engagements to reduce the constant pressures to cut down pricing and cater to the ever-increasing requirements of the customers. Spend analysis solutions helps firms operating in the financial services space to identify cost-effective measures and aid them to meet the specific requirements of their customers seamlessly.
With over 13 years of proficiency in offering a wide array of spend analysis solutions, SpendEdge helps companies operating in the financial services space to measure and improve their business decisions across business units and consequently help them cut down maverick spends.
The Procurement Pain Point and Insights Offered
A leading client specializing in offering financial services with business units spread across the globe was facing predicaments in achieving a complete visibility into the procurement operations from strategic sourcing to buying. Additionally, the client wanted to enhance visibility throughout the procure-to-pay process procedures and improve their spend reporting capabilities for audit requirements.
To cater to the business requirements of the financial services client, the spend analysis experts at SpendEdge tailored a tailored a comprehensive research method. The method included primary and secondary research coupled with quantitative and qualitative data collection procedures.
During the course of this spend analysis engagement, the client specializing in offering financial services was able to establish a center-led strategy with distributed procurement for specific business units and functions and services across every location. Additionally, the client accomplished seamless integration with existing ERP and database systems.
Fundamental questions answered in this spend analysis study include
The spend analysis solution helped the client improve visibility and streamline their end-to-end procurement process throughout the organization. Additionally, the client implemented center-led strategies with distributed procurement for specific business units and functions. This helped them manage an annual spend of $650 million and perform both direct and indirect buying and accounts payable operations through a single platform.