Global Multi-billion Dollar Financial Services Firm
$13 million in annual savings plus ongoing Spend Visibility with SpendHQ
Challenge
A global multi-billion dollar financial services and investment company recognized the earnings improvement power of strategic sourcing and established aggressive annual savings goals. The head of procurement engaged ISG to bring additional category expertise and to accelerate the savings process.
Approach
ISG performed a Spend Analysis across all divisions encompassing over 10 countries. In conjunction with the procurement leadership team, ISG identified opportunities, gained executive approval, and executed strategic sourcing projects across the following categories:
| Categories/Projects | |
|---|---|
| Commercial Print | Financial Print (Regulated) |
| Literature Fulfillment Operations Make/Buy Analysis | Office Equipment |
| Office Supplies (ISG Consortium) | Small Parcel Shipping |
| Statement Printing (Incumbent Renegotiation) | Telecommunications (Voice / Data / Wireless) |
| Travel Policy Development | Vendor Setup Process Redesign & Policies |
Results
Delivered over $13MM in savings, a 24% cost reduction, and ongoing Spend Visibility. The projects’ ROI exceeded 850% in the first year with a payback period of less than two months. The company also benefited from a series of procurement process improvements, including deeper ongoing spend visibility and compliance management through SpendHQ’s managed service.
