Financial services companies often take an entrepreneurial and dynamic approach to purchasing, yet sometimes miss out on major strategic rewards.
A lack of real-time data means banks and others can fail to spot opportunities to take advantage of purchasing trends, manage suppliers better and improve sourcing – on everything from office and IT supplies to building maintenance.
While companies understand the value of risk management and the threat of fines, they don't always see serious vulnerabilities that exist within their supplier base – or know how to manage due diligence across thousands of suppliers, categories and countries.
Organisational challenges can flare up too. Mergers, acquisitions and the separation of some retail and investment operations – ordered by regulators – can cause problems when disparate teams, legacy systems and data fail to fit the new shape of an organisation
Easy online submission of purchase requests; making it quick and easy to find and get what’s needed.
Robust supplier management; ensuring you are working with the right suppliers, with performance levels and risk constantly monitored.
Contract Management to ensure one version of the truth, contracts are searchable and available to users at point of purchase.
Operating in a highly competitive industry with low interest rates and tight profit margins, insurance firms are constantly on the look-out for innovative ways to minimise costs.
One option many are exploring is tightening control over internal operations through a comprehensive procurement solution.
A robust source-to-pay application enables insurers to gain greater visibility of purchase commitments and potential risks in the supply chain.
The P2P processes are often at the core of an Investment Management company's operations, and can often be highly complex and fraught with risk and inefficiency. Organisations will often face challenges around controlling spend across multiple locations and separate legal entities.
Many are realising their current manual processes and disconnected systems are impacting their company's profitability, policy compliance and operational efficiency; and are looking to alleviate these challenges by implementing robust P2P systems and controls.
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.