Ardent Partners is pleased to present its newest custom research report, Procurement’s Keys to Driving Value and Mitigating Risk in the Financial Services Industry, sponsored by Ivalua. Interested readers can download the report for free by clicking here (registration required).

Most procurement departments around the globe manage similar processes, share similar goals and challenges, and leverage similar tools and strategies to drive value. That said, there are a few distinct industries where sharp contrasts in both the business and regulatory environments require Chief Procurement Officers (“CPOs”) and their teams to take different strategies and approaches. At the top of that list sits the financial services sector, one of the most competitive and profitable business segments globally, but also one of the most heavily-regulated. This report examines the key value drivers that procurement teams in the financial services industry must leverage in order to succeed; they were derived from a series of interviews with CPOs and other Procurement executives. They are:

• Business and Procurement Agility — The heightened levels of competition exacerbated by the unending threat of both new entrants and disruptive technologies, require procurement teams to stay on the bleeding-edge of market innovation while maintaining an ability to collaborate with line-of-business leaders to adapt supplier strategies as needed and shift investments nimbly.
• Effective and Flexible Solutions — Beyond centrality of systems and commonality of data, workflows, and navigations, there are further benefits to utilizing a suite of solutions that can be modified and configured to handle the unique requirements and workflows associated with the financial services industry.
• Supplier Risk and Performance — While having the right systems to codify and scale procurement policies, processes, and best practices is critical to procurement success, the technology alone will not do it. Procurement organizations need to develop or outsource supplier management that both optimizes performance and minimizes risk.

These are just the high-level value drivers that are in this report; CPOs working in the financial services industry would be best served to understand and implement them on their journey to the next level of procurement performance. Download the report here (registration required).

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Tagged in: Ardent Partners Research, Chief Procurement Officer, CPO, Innovation, Lists, P2P, Process, Solution Providers, Strategy, Suppliers, Technology