Successful procurement and sourcing in Financial Services is not simply about cutting costs. That's because a change in behaviour can have far more impact on your bottom line than a change in price. Success is about ensuring your total supply chain is aligned with your corporate aims. It's about understanding your stakeholders needs, and helping them shape solutions to them. It's about achieving value for money. It's about mobilising your suppliers in a way that means they have your businesses goals top of mind, and are therefore able to mitigate risks, share innovation, and meet regulations.
Cost management techniques have been quietly evolving in the back offices of financial services businesses whilst the debate around remuneration continues - distracting execs and the public from the real game of changing the way FS businesses (particularly banks) are run.
Our research explores why many businesses fail to drive maximum benefits out of their total supply costs and recommendations for effectively managing these costs.
Transparency into how a business spends its money is valuable. But understanding what is driving a spend pattern, where demand is coming from and how can it be managed effectively - differentiates good from great procurement.
In Financial Services, driving costs out is not a one-off project - it's an evolving process that needs to be managed to avoid cost leakage.
"Culture eats strategy for breakfast" is an old saying and it's been particularly pertinent over the past five years. A more modern meme is the "new normal". Both, however are closely connected. And a good illustration of how and why is the news coming out of Barclays.
True transformation - the kind of change that will allow financial services players to refocus on growth rather than watching the cash - needs a holistic approach. It demands that every process is examined and questioned, whether it's how transaction risk is managed or the robustness of a software supplier.
Our research investigates the efficacy of outsourcing as a solution for augmenting existing capability, enhancing expertise and enabling procurement to power your business.
ING Direct's CFO discusses his role in bringing the distressed UK business back afloat during the financial crisis, Barclay's acquisition of ING Direct UK and how cost management is a top priority for all involved in financial services.
It is true that every little helps. But understanding the entire value chain and infrastructure make-up can ensure the business's supply chain continues to match its strategy and support growth.
AXA Insurance's Group Procurement Director discusses how strategic business partnering allowed AXA to achieve greater ROI, while reducing absolute head count.
Contact Ian Ingram, Proxima's Financial Services client lead, if you would like to find out more about effectively managing your Financial Services supply chain.