Spend Control for Financial Services
How to recognise and seize opportunities that others miss
Banks, insurance companies, brokers and other financial services firms are ahead of other sectors in many aspects of Spend Control. And yet, significant opportunities for driving up efficiencies are being missed – in relation to how items are procured and paid for.
Because growing financial services companies naturally take an entrepreneurial and dynamic approach to purchasing, they sometimes miss out on major strategic rewards.
However, with the right solutions, you can add breadth and depth to your Spend Control capabilities of the kind rarely seen within the financial services industry.
Taking Spend Control to the next level
Finance and procurement leaders in banks, insurance companies, investment management firms and many other types of financial services companies continue to transform the way they source, purchase and pay for all types of goods and services.
Key players are using new capabilities to further reduce cost and risk, and to ensure regulatory compliance in the way they buy everything from office supplies to temporary staffing. They are streamlining the way they interact with their supplier base. And they are using supporting technology frameworks with the flexibility to smoothly evolve with inevitable organisational and regulatory change over time.
Others are improving eProcurement at a strategic level, enhancing their purchase-to-pay (P2P) process across all offices, automating much of the AP process, leveraging electronic invoicing methods, standardising supplier management and upgrading their sourcing and contract management processes.
But smart ideas are one thing. How can you put them into action?
We're delivering real-life results in key financial services sectors
Our solutions don't just add technology for the sake of technology, they create savings, value and competitive advantage:
- One of the UK’s largest motor insurers with more than £300 million annual turnover, 1,500 employees and two million policyholders has replaced multiple legacy systems accumulated through a period of acquisition with a single organisation-wide PROACTIS Purchase-to-Pay (P2P) system. This automates purchase authorisations, PO placement and invoice processing for the company’s three main offices and 60 high street branches.
- One of the United States’ largest regional banks with over $140 billion in assets and over 1,200 full-service banking centres in 10 states initially deployed PROACTIS solutions to streamline their purchase-to-pay (P2P) process while improving visibility and control, and providing the agility to respond to future compliance and regulatory demands. They have since licensed the entire PROACTIS suite and are now deploying our full range of Source-to-Contract solutions, beginning with supplier relationship management (SRM).
- A large Middle Eastern banking group with entities in several countries has deployed PROACTIS Purchase-to-Pay (P2P) and related solutions to help address the company’s rapid growth through mergers and acquisitions. PROACTIS solutions provide the framework to standardise and streamline purchasing processes across all areas, enable centralised procurement of certain categories and leverage the company’s full buying power.
- A global currency exchange company providing financial services for millions of customers across over 50 countries recently selected PROACTIS Purchase-to-Pay (P2P) and the PROACTIS Invoice Document and Data Capture Managed Service to replace largely manual and paper-based processes. Initial deployment is in the UK and the United States, and ultimately across Asia Pacific, Europe Africa and the Middle East.
- A large health insurance company covering 2.8 million members is deploying the full PROACTIS Source-to-Contract suite as the organisation’s new generation solution for supplier relationship management (SRM), sourcing, contract management, content management and all forms of supplier engagement. The PROACTIS solution is replacing a legacy system.
- An independent financial services company in the Netherlands with 650 employees who administer pensions for more than a million people and manage €56 in assets uses PROACTIS Purchase-to-Pay (P2P) along with invoice scanning and electronic invoices. This streamlines their entire process from purchase request to invoice processing and payment.
Financial services companies and PROACTIS have embraced each other in a big way:
- Over 40 financial services firms are using PROACTIS Spend Control and eProcurement solutions, including banks, insurance companies, investment managers and others around the world.
Now you can play by the rules. Your rules.
Our suite of solutions perfectly balance the specific needs of financial services companies, flex as necessary and evolve to meet changing requirements. With PROACTIS, you get unsurpassed breadth, depth, flexibility and scalability, so you can take total control of spend.
With our Spend Control Platform, you can enhance efficiency in key areas such as: Source-to-Contract for greater savings and reduced risk; comprehensive Purchase-to-Pay solutions and streamlined invoice processing; the creation of a Supplier Network for enhanced commerce; and Spend Analysis for great insights and control.
With our help, you can achieve:
- The right balance of consistent organisation-wide policies and processes with appropriate level of local autonomy when it comes to daily operations
- The right combination of centralised, decentralised and virtual business functions
- The ability to leverage your full buying power without losing the advantages of local sources where they best fit your needs
- Rapid, incremental performance improvement at the pace that works best for you
- The ability to evolve smoothly as your organisation responds to market changes and as it experiences mergers, acquisitions and restructuring that may occur over time
Deploy globally, simply
For companies that operate globally, PROACTIS has all the localisation capabilities you need to deploy a common Spend Control framework across highly dispersed operations and supplier communities around the world.
We take care of complexity by providing multi-currency support, multi-language support and tax support.
We Stand Ready
PROACTIS provides the resources to help you with every challenge and opportunity.
We can work directly with you to improve how suppliers are selected, how sourcing events are run, how contracts are managed and how the right information is made available to your organisation.
We can work directly with your team to improve how purchases are authorised, how budgets are managed and how invoices are processed.
We can work jointly with you
to tie everything together to make good purchasing practices a natural part of the way your organisation operates and cost consciousness a natural part of your organisation’s culture.