The Financial Services sector has been a volatile place since the 2008 recession.
Regulatory changes and updated legal guidelines provide the backdrop to an increasingly saturated market. In these circumstances it is essential that firms are able to remain flexible without compromising standards at an operational level.
A proper, automated spend management solution is key to achieving this. By streamlining interactions with suppliers and utilising supporting technology frameworks, firms are able to ensure compliance without sacrificing operational efficeincy.
Easy online submission of purchase requests; making it quick and easy to find what’s needed
Automated account coding, budget checking and upfront approval that removes the downstream administrative tasks around invoice processing
Visibility and control of intended spend which improves commitment accounting and reporting
Operating in a highly competitive industry with low interest rates and extremely pressured profit margins, insurance firms are constantly on the look-out for innovative ways to minimise costs.
Tighter control over internal operations through a comprehensive procurement solution is at the forefront of this.
Such systems enable insurers to gain greater visibility and, in turn, verified insights into profit forgone along the supply chain.
The investment management industry has fallen victim to diminishing profit margins as a consequence of the economic downturn.
Profits post 2008 are 20% lower, resulting in a market that demands more advanced cost control in order to remain competitive.
Moreover, increased oversight from regulatory bodies has drawn the attention of asset managers towards their operating functions. New reporting requirements necessitate sophisticated solutions that maximise both transparency and control.
Operating in a post-recession environment, banks face a number of external obstacles; market expectations are changing, disruptive technologies are being introduced and government legislation is constantly being tightened.
However, whilst tackling these obstacles should be prioritised, organisations are often hindered by inefficient operational processes.
In the banking sector, leading firms are beginning to recognise the need for improved operational efficiency, and the benefits that can be derived from greater visibility and control over spend.
Read more about how our systems have already improved the operational performance of other financial services firms
Find out how deployment of Proactis has significantly improved ERS' financial control. Thanks the quality of our delivery, ERS has now achieved centralised finance and procurement across the entire organisation.
Find out how Hampshire Trust Bank was able to utilise Proactis P2P in order to gain visibility and control. By eliminating manual processes, the firm has experienced a notable uplift in efficiency.