Retail Bank saves £m’s using Barcanet spend analytics application
We were approached by the CPO of one of the UK’s largest full-service retail banks who needed help with an integration process. They had just acquired another financial services company, and they wanted an innovative, reliable business partner to assist them with the integration long-term. Initially they needed a spend analytics solution to help them identify and consolidate a significant amount of tail spend – both in terms of value and number of suppliers. Then they needed broader capability to work closely with them to help drive efficiencies and take cost out of the business.
Phase 1 saw us working closely with their procurement and integration teams, where we tailored our spend analytics module to create bespoke reports and dashboards. This enabled the business to collaborate across multiple work streams. In Phase 2, we developed a range of what-if reports that worked with the various business models they used. These reports surfaced a range of useful performance insights about their supply-chain, and scored them against several CSR measures which were high on their priority list.
“Why have we never done this before?”, one of the Sourcing and Supplier Management Team members exclaimed to the board. Transforming spend data into simple insights enabled the team to make good, simple and quick decisions that took £m’s out of the supply cost and significantly reduced the value of tail suppliers. Further, the CSR analytics identified suppliers who needed help improving their CSR performance, supporting our customers vision and core values around CSR.