A Perfect Commerce
PerfectSource OSN
Partnership
Financial Services & Retirement Benefits Provider
Adopting a Successful eProcurement Strategy
Challenge
• No spend visibility.
• Employees buying off-contract and out of the system.
• Purchasing without accountability.
• System lacked ease-of-use.
Solution
Implementing an Enterprise-Wide Solution
In today’s economy, financial insecurity purchasing
data—providing
valuable
and uncertainty weigh heavily on many insight. Achieving total spend visibility
companies. What happens when a allowed FSRBP to drill down and evaluate
prominent provider of financial services is key elements of their processes. The
burdened with poor spend management? detailed spend analysis offered invaluable
Perfect’s client, a leading Financial Services information and hard numbers to present
and Retirement Benefits Provider (FSRBP), to internal company departments. In
has many individuals and businesses addition to the quantitative analysis,
relying on their ability to manage money. Perfect performed a supplier analysis
Yet, even they face financial
for FSRBP. After reviewing
challenges in their own
current supplier contracts,
“ Perfect Commerce numerous suppliers were
procurement process.
gave the accounting
removed in order to reduce
FSRBP was looking for a
office a more
the supplier base, increase
solution to streamline spend,
streamlined process
after realizing their current while also reducing the cost competiveness and drop
poorly-performing suppliers.
procurement system was
number of suppliers
falling short of their needs.
FSBRP began to see Perfect’s
under management.”
After FSRBP sat down with
procurement transformation
the
Perfect
Commerce
and commited to the full
procurement experts, significant issues deployment of Perfect’s enterprise-wide
were noted, goals identified and solutions eProcurement
solution—implemented
set into motion.
in multiple locations, with 1,200 users
The first step to improving FSRBP’s and over 1,000 suppliers. Additionally,
procurement process was to clarify where FSRBP deployed a sourcing and spend
the company’s money was being spent. analytics application to complement the
Perfect Commerce performed an in-depth eProcurement solution and promote future
and revealing spend analysis of FSRBP’s strategic sourcing within the organization.
• Improve cost controls, spend visibility and compliance.
• Better leverage negotiated contracts.
• Instill best practices across the
enterprise.
• Reduce paper and automate
processes.
• Enable the enterprise to purchase items they need.
Benefits
• 10% - 20% lower cost of goods
• Reduced total spend by 20%.
• Empowered procurement teams to conduct more strategic, higher value acvitities.
• Electronically enabled full procure-
to-pay process.
• Automated processes and adopted best practices.
• Substancially reduced supplier invoicing errors.
The Financial Services &
Retirement Benefits Provider
gained visibility into:
• Who is making the purchases?
• What are they buying?
• From whom are they buying?
• How much are they spending?
• When are they purchasing?
• What is their purchasing process?
“WE DEPLOYED PERFECT’S SOURCING AND SPEND ANALYTICS APPLICATION TO COMPLEMENT THE
EPROCUREMENT SOLUTION AND PROMOTE FUTURE STRATEGIC SOURCING.”
FSRBP started seeing significant business results after only nine
solution continues to offer FSRBP great value and benefits with
months utilizing the Perfect Commerce procurement solution.
their investment in Perfect’s procurement and sourcing solutions.
The success of an eProcurement tool
The financial services industry cannot
relies heavily on the user adoption.
afford to manage money poorly, but all
• Reduced total spend by 20%
If employees have no motivation to
too often procurement can slip under
• Lowered cost of goods by 10-20%
use the tool then it cannot produce
the radar. Companies with financial
results. In order to ensure the use of
the tool, FSRBP required all employees
to process invoices through the system
or the invoices would not be paid.
This gave the accounting office a more
streamlined process while also having to
manage fewer suppliers by only allowing
purchasing.
backgrounds acknowledge the necessity
of gaining visibility into spend and
• Adopted best practices around automation
cutting the fat off a budget. FSRBP
• Electronically enabled entire P2P process
did exactly that by adopting a solution
• Empowered more strategic, higher value activities
that streamlines purchasing, manages
negotiated contracts, promotes oncontracted/ negotiated
contract purchasing, and increases compliance enterprisewide. Today, FSRBP has reduced overall spend, lowered costs,
reduced poor-performing suppliers and effectively implemented
FSRBP was successfully implemented and has been effective in
procurement best practices.
saving spend for several years and Perfect Commerce’s procurement
• Greatly reduced supplier invoicing errors
PerfectSource, our easy-to-use, template-driven sourcing solution enhances buyer-supplier communication while centralizing information. Utilizing an intuitive interface, PerfectSource provides flexibility
in event management, from simple reverse auctions to complex, multi-stage RFx events, to drive best-in-class RFx management and achieve optimal savings. Only available through Perfect Commerce.
Open Supplier Network (OSN), the world’s largest supplier network, is a simple, cost-effective solution providing a secure, automated, on-demand environment enabling companies around the globe to
quickly and easily interact, innately enhacing business-to-business productivity. OSN integrates seamlessly with any ERP system and offers suppliers full-service adoption and automated self-registration.
Only available through Perfect Commerce.
Perfect Commerce has been automating spend management initiatives since 1994—offering world-class sourcing and procurement solutions to the enterprise and public market sectors. Globally serving
more than 300 businesses, Perfect Commerce provides a true end-to-end platform that enables cost reduction while increasing operational efficiency and minimizing risk.
www.perfect.com
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