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Banking Procurement function transformation

3-yearOn-site transformation led by procurement expert

80%+PO coverage achieved by enforcing a ‘No PO, No Pay’ policy

8%Average annual savings

Company Overview

About

Financial services organization seeking to transform its administration department into a world-class procurement function.

Industry

Banking

Challenge

Challenge: The organization faced significant inefficiencies due to limited governance, fragmented procurement activities, and a lack of standardized processes. Following a merger, these challenges were further compounded by the need to align procurement structures, systems, and teams under a unified operating model to enable consistency, compliance, and operational effectiveness.

Challenge

Challenge: The organization faced significant inefficiencies due to limited governance, fragmented procurement activities, and a lack of standardized processes. Following a merger, these challenges were further compounded by the need to align procurement structures, systems, and teams under a unified operating model to enable consistency, compliance, and operational effectiveness.

Approach

01

Deployed a senior procurement leader on-site for a 3-year period to lead the transformation.

02

Established procurement governance, including policies, procedures, a procurement committee, and centralized buying aligned with executive mandates.

03

Implemented a ‘No PO, No Pay’ policy, segregated procurement and operations, and introduced management reporting.

04

Designed and rolled out a new procurement organizational structure with a category management model.

05

Leveraged an e-sourcing tool to improve cost visibility and sourcing transparency.

06

Re-engineered the procure-to-pay process to accelerate cycle times and drive compliance.

Results

01

Delivered average annual savings of 8% through improved sourcing and spend visibility.

02

Achieved over 80% purchase order coverage by embedding a ‘No PO, No Pay’ policy.

03

Reached 100% contract compliance with standardized governance and centralized processes.

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Designed & developed by

Lemontree.studio

Delivered average annual savings of 8% through improved sourcing and spend visibility.

Achieved over 80% purchase order coverage by embedding a ‘No PO, No Pay’ policy.

Reached 100% contract compliance with standardized governance and centralized processes.

Training materials of 150 slides have been developed tailored to the clients processes.

The comprehensive set of training materials developed was handed over to the client to support future capability building.