LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the role of strategic sourcing in the financial services industry.
Financial services companies struggle to identify ways to manage costs in a way that they do not reappear into the system. External spend constitutes approximately one-third of the cost base, resulting in maverick spend for companies. Adopting a strategic sourcing approach could help companies envision innovative ways to optimize the long term value contribution from suppliers and procurement functions while achieving sustained incremental savings of total external spend.
At SpendEdge, we understand that identifying saving opportunities in individual spend categories is imperative for companies. Therefore, we have assessed the role of strategic sourcing in the financial services industry.
Role of Strategic Sourcing in the Financial Services Industry
Better cost savings
Although the financial services industry has witnessed a benign credit environment in recent years, companies need to address underlying cost drivers. They require strategies that could provide them medium-to-long-term cost benefits. Taking a proactive approach could help companies minimize costs in a sustained way and leverage the benefits of strategic sourcing.
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Majority of companies do not realize savings opportunities that exist across expense categories that are considered "managed". Evaluating spend categories such as legal expenses and temporary staffing could help companies capture savings. But it requires a radical remake of the procurement function and comprehensive capabilities. To identify saving opportunities across managed expense categories, get in touch with our experts now!
Maximizing strategic sourcing potential
Increasing strategic sourcing potential could help companies unlock significant cost savings. Companies must obtain a comprehensive overview of external spend categories and spend drivers to reap the benefits of strategic sourcing. Gaining more value from suppliers could also help companies achieve a sustained lower spend base.
To know more about the role of strategic sourcing in the financial services industry, read the complete article here!
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