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Dallas-based bank, Comerica, has awarded a seven-year procurement contract to Accenture.
The contract is part of the bank’s strategy to reduce costs and increase efficiencies in response to the current economic slowdown. This business process outsourcing agreement is designed to reduce Comerica’s costs for purchased goods and services through improvements in supplier relationships; procurement operations and technology; and spend management.
Deals of this nature are not just about saving clients money—it also encompasses the enhancement of capabilities over a long period of time. “We believe this agreement will reduce our operating expense base, enhance our current procurement capabilities and enable more efficient growth,” said Elizabeth Action, Comerica executive vice president and chief financial officer. Given the ability of such initiatives to quickly impact the bottom line, Accenture expects that banks will be keen buyers of these services this year.
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