Banking Procurement function transformation
Banking Procurement function transformation
3-year
On-site transformation led by procurement expert
3-year
On-site transformation led by procurement expert
3-year
On-site transformation led by procurement expert
80%+
PO coverage achieved by enforcing a ‘No PO, No Pay’ policy
80%+
PO coverage achieved by enforcing a ‘No PO, No Pay’ policy
80%+
PO coverage achieved by enforcing a ‘No PO, No Pay’ policy
8%
Average annual savings
8%
Average annual savings
8%
Average annual savings
Company Overview
Company Overview
About
Financial services organization seeking to transform its administration department into a world-class procurement function.
Financial services organization seeking to transform its administration department into a world-class procurement function.
Industry
Banking
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.
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.
01
Deployed a senior procurement leader on-site for a 3-year period to lead the transformation.
01
Deployed a senior procurement leader on-site for a 3-year period to lead the transformation.
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.
02
Established procurement governance, including policies, procedures, a procurement committee, and centralized buying aligned with executive mandates.
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.
03
Implemented a ‘No PO, No Pay’ policy, segregated procurement and operations, and introduced management reporting.
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.
04
Designed and rolled out a new procurement organizational structure with a category management model.
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.
05
Leveraged an e-sourcing tool to improve cost visibility and sourcing transparency.
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.
06
Re-engineered the procure-to-pay process to accelerate cycle times and drive compliance.
06
Re-engineered the procure-to-pay process to accelerate cycle times and drive compliance.
Results
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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Looking for procurement transformation services?
