It’s no secret that leading companies in the global banking, financial services and insurance industries are increasingly looking to operate more cost effectively and boost savings from their procurement operations.
But, as procurement continues to evolve toward a strategic enterprise function, CPOs and other senior procurement leaders are routinely evaluated on their team’s strategic contributions to the overall business.
Make no mistake, cost control is a prime objective. But cost control per se is increasingly considered “table stakes” these days, especially in the C-suite. How can you deliver impressive savings year after year and raise your game? GEP can help.
Financial Services Company Streamlines P2P Processes
The time has come for banks to move away from analysis to action. In the post-reform environment, they must take on a new role to meet government, market and management expectations, boost their return on equity and spur growth.
To revitalize the growth momentum, banks must adopt new strategies, embrace technology in a much more meaningful way and accept procurement outsourcing as a given.
GEP can help.
GEP has proven expertise to help banks achieve savings targets and accelerate returns on investments. Our team of banking sector experts can foster efficiencies of greater centralization, as the procurement operations of most large banks are highly fragmented across geographies and business units.
GEP addresses these challenges by:
- Focusing on core business processes
- Identifying critical versus non-critical spend
- Developing consistent data tracking
Never has the global insurance industry faced as much turmoil as it is facing now — and as much opportunity! While it is feared that many insurance jobs will be lost in Europe and North America as profit margins remain under pressure and companies exit product lines, there is a bright spot amid all this — and that is the emergence and acceptance of new, innovative technology.
The insurance industry is abuzz with automation of the value chain, new underwriting systems, rating engines and claim management solutions. With its vast experience of having worked with the most respected names in the industry, GEP is well-positioned to improve operational efficiencies, spend visibility and analytical capabilities of insurance companies, enabling them to enhance the customer experience and realize savings in the long run.
We can help insurance companies achieve business process efficiencies through strategic sourcing, increased visibility into spend data and outsourcing components of the procure-to-pay process. We can also help streamline processes, raise service levels, meet quality standards, and reduce costs.
Experience and Expertise
GEP is a leading provider of procurement consulting services and procurement software to the financial services industry, with more than a dozen years of experience in tackling the complex, industry-specific requirements of financial services companies, such as Standard Chartered Bank, American Family Insurance and Global Payments Corporation.
With procurement solutions from GEP, procurement teams in financial services companies all over the globe not only save more money, but also improve supplier performance, mitigate supply risks, and drive innovation and continuous improvement.
Maximizing Value from Spend
In procurement, expertise drives insight and insight drives value. At GEP, we have hundreds of experienced category specialists in the field and many more in our extended SME network. Working with dedicated market intelligence and analytics teams, our sourcing teams manage more than $95 billion in spend annually for clients.
Their domain knowledge and subject matter expertise extends to hundreds of discrete categories of products and services — including professional, human resources and legal services, IT and telecom, marketing, and print and production services. At the same time, they receive timely intelligence from local and regional teams on the ground, when and where they need it.
All this is backed by proprietary databases of suppliers, specs and transactional histories, as well as some of the most powerful, most effective analytical, sourcing and supplier performance management tools in the industry.