Procurement Enhancement: A BFSI perspective
The global financial sector just finished one of its most volatile years in 2011. The driving factors for under-performance and volatility of the sector have been fears about further stalling of the US economy, continued asset write down and uncertainties associated with pending mortgage litigations, US fiscal policy, Eurozone collapse, and tougher capital rules and regulations.
The economic environment brings unique challenges for procurement. The current environment, allows procurement to step out of its traditional role as companies rely increasingly on a broader contribution. Combating these challenges requires procurement to develop strong strategies that can act as propellers to steer procurement and in turn the organization away from the difficult macro and micro economic conditions.
In this whitepaper we look at a procurement process enhancement model implemented at successful procurement organizations within the banking and financial industry. The model is based on our experience of successful procurement technology and process implementations at a variety of global organizations from the BFSI sector.