The banking, financial services & 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 and eventually leads to reduced profit margins. This leads to 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 them with all necessary insights to help them achieve procurement excellence beyond just cost savings.
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In the post-reform environment, banks not only have to build strategies for growth but also need to comply with the latest government norms, meet the market expectations and attain the goal of better management of resources. 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 their growth momentum. SpendEdge’s extensive experience in the banking sector and intelligence capabilities identifies critical versus non-critical spend, identify opportunities for supplier consolidation and demand aggregation, optimizing tail-spend etc., to help category managers achieve improved sourcing and procurement outcomes.
One of the major challenges that financial services companies face is the lack of centralized sourcing and procurement function leading to data inconsistencies, duplication of purchases and lack of visibility on actual spend levels and purchase process. In addition, common challenges such as lack of clarity on the supply base, contracting best practices etc., add up to the woes. We at SpendEdge have worked with several financial service organizations and helped them obtain granular insights to improve their overall sourcing and procurement process. Our solutions such as spend analytics, procurement best practices benchmarking, supplier consolidation etc., at an individual category level could help category managers gain actionable insights and recommendations for implementing improved sourcing and procurement practices.
Being an industry that always has its profit margins under pressure, companies in the insurance sector are always in the lookout for better cost savings opportunities that could allow them preserve profit margins. In addition, constant need to innovate the customer engagement methods only puts insurance companies under more pressure to find innovative ways of saving 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 nest cost saving opportunities. Also, with technology being a prime business driver for insurance companies, we also help insurance companies identify best technology solutions, changing technology and supplier landscape, and help them foresee the possible developments in the future for selecting the right technologies and engaging with the right suppliers.