Over recent years, there have been various industry developments that served as or caused trends in procurement. These procurement trends include technology changes, novel strategic approaches, new processes, and necessary adaptations to change. As supply chains become increasingly complex, procurement has become highly crucial and influential in the production process and continues to grow.
Banking, Financial Services and Insurance
SpendEdge’s banking and financial services procurement solutions help BFSI firms achieve sourcing goals and ensure best value delivery.
Banking, Financial Services and Insurance Industry Overview
The banking, financial services and insurance (BFSI) industry is constantly expanding, which exposes it to challenges at multiple levels. Constant need for innovation in customer engagement means increased operational costs for banking and financial services industry, eventually leading to reduced profit margins. This puts more pressure on cost savings, and sourcing and procurement teams face the challenge of showing significant improvement year after year. At SpendEdge we have a deep understanding of the key challenges faced by procurement leaders from the BFSI sector and have developed detailed procurement market intelligence solutions that are focused on providing all necessary insights to help achieve procurement excellence beyond just cost savings.
In the post-reform environment, companies in the banking and financial service industry not only have to build strategies for growth but also need to comply with the latest government norms, meet market expectations and manage resources efficiently. This requires a comprehensive analysis of the key dynamics in the complex banking sector, adoption of technology in a meaningful manner and turning to procurement market intelligence solutions to enhance growth momentum. SpendEdge’s extensive experience in the banking sector and our intelligence capabilities allow us to identify critical versus non-critical spend, opportunities for supplier consolidation and demand aggregation, tail-spend optimization potential, and more to help category managers achieve improved sourcing and procurement outcomes.
One of the major challenges that financial services companies face is a lack of centralized sourcing and procurement function that leads to data inconsistencies, duplication of purchases, and lack of visibility on actual spend levels and purchase processes. Other common challenges include lack of clarity on the supply base, contracting best practices etc, and more. We at SpendEdge have worked with several financial service organizations and helped them obtain granular insights to improve their overall sourcing and procurement process. Solutions such as spend analytics, procurement best practices benchmarking, and supplier consolidation at an individual category level can help category managers gain actionable insights and recommendations for implementing improved sourcing and procurement practices.
Insurance is an industry that has its profit margins under constant pressure, and companies in the sector are always on the lookout for better cost savings opportunities that could preserve profit margins. In addition, the constant need to come up with innovative customer engagement methods only adds more pressure to find creative ways of reducing costs. Our procurement market intelligence solutions are devised to help sourcing and procurement leaders in the insurance sector gain actionable insights on the best practices to be followed, innovative ways of engaging with suppliers, and the best cost saving opportunities. And with technology being a prime business driver for insurance companies, we also help identify the best technology solutions, analyze the changing technology and supplier landscape, and help predict possible developments in the future to select the right technologies and engage with the right suppliers.
Direct and Indirect Spend Categories
- Real estate
- Cash-in-transit/ATM maintenance & replenishment
- Point of sale equipment, maintenance, and services
- Credit referencing & application processing
- Card processing services
- Card production and personalization
- Recoveries & collections
- Risk and data management services
- Security equipment and services
- Aluminum bags/pouches/foils
- Plastic containers/caps
- Cans and Closures
- Glass (molded and tubular)
- Corrugated board
- Shrink wrap
- Facility Management Services
- Facility Equipment and Supplies
- Corporate Services
- Professional Services
- Travel and Entertainment
- Telecom and Networking
- IT Services
- Office Supplies and Equipment
- Computers and Peripherals
- Logistics and Transportation
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