Business Challenge: Need for exploring ways of maximizing value on trading software spend
One of our clients, a leading BFSI company wanted to explore various ways of maximizing value on trading software spend by understanding aspects of the category, supplier, pricing, and buying behaviour.
Situation: The client wanted to gain detailed understanding of sourcing strategies of key buyers, and assess best practices as well as market dynamics
The client wanted to understand ways through which top buyers across sectors source trading software, to identify various measures that can be implemented to generate value from software spend. They were also keen on identifying cost-saving opportunities in this spend category and understand the market dynamics of trading software.
Approach: Employed a systematic, step-by-step approach to assessing the best-in-class practices, buying requirements, and supplier capabilities, to develop actionable recommendations
We took a systematic approach which involved assessment of level of maturity of client sectors in sourcing trading software by researching the best-in-class practices adopted by various sectors in different stages of the maturity lifecycle, exploring various product offerings in the market, identifying typical buying requirements of the procurement managers in this category and identifying suppliers for procurement managers to engage with. We also conducted a deep dive assessment to assess procurement practices that can be adopted by the client when engaging with these suppliers.
Impact: Client leveraged the understanding of procurement best practices and implemented strategies for improved cost savings
The client was able to develop deep understanding of the ways through which top buyers across sectors source trading software. They also able to gain clarity on various measures that can be implemented to generate value from software spend. Based on our recommendations, they were able to implement best cost-saving opportunities in this spend category, and achieve significant improvement in process optimization as well as cost savings.