Bank uses intelligent procurement to cut risk
Global financial institution moves to digital procurement function to outmaneuver uncertainty and boost compliance.
Following a period of growth generated through mergers and acquisitions, this leading global financial institution wanted to consolidate a fragmented procurement function.
A dynamic market environment that included increasing cost pressure and growing uncertainty, led the company to have a laser focus on improving its compliance. Regulatory changes meant that it needed to verify its procurement processes.
Additionally, an explosion in digital banking capabilities was creating new risks. The sophistication of financial crime and greater number of criminal activities afforded by digitalization, meant the institution needed to upgrade its anti-fraud protections. The financial institution needed to move away from manual processes to intelligent, digital procurement operations.
The company moved to a new digital procurement function by using SynOps to bring together data insights, digital technologies and human talent to deliver breakthrough value.
A blend of offshore, nearshore and onshore resources handle over 250,000 purchase orders and nearly 600,000 invoices every year, which streamlined processes from requisitions through to payments.
Customer Service Desk chatbot helps employees and suppliers to get answers faster to common queries, based on a deep analysis of the type and frequency of past agent interactions.
64% of invoice fields are captured with 98% accuracy by using optical character recognition to automatically process and validate invoices.
This new operating model has transformed annual spend under management in the following ways:
reduction in cost per invoice.
decrease of invoice receipt cycle time.
of invoices are touchless e-invoices (up from none).
invoices paid on time.
capture of early payment discount.
spend captured via purchase orders.