eye

END-TO-END VISIBILITY

Customer background and challenges

A leading fintech company with an annual turnover of $300m and 1,900 employees was relying heavily on third-party suppliers for goods and services. The business had a lean procurement function, and the senior leadership team had no visibility of spend across various indirect categories.

Financial data was siloed across various systems, with inconsistencies between reports from finance and business unit leaders. This lack of uniformity and transparency in third-party spend data prevented the company from pinpointing cost optimisation opportunities.

The business faced two major challenges:

  • Limited insight into organisational spending.

  • Absence of spend visibility, hindering cost optimisation opportunities.

Personalised Partnership
Gain in-depth insights
eye

END-TO-END VISIBILITY

The Solution

  • Sourced data in MS Excel from multiple ERP systems and migrated it to the Spendkey platform.

  • Consolidated, condensed and cleaned the data to create a unified data set.

  • Auto-categorised the data using Spendkey’s standard taxonomy.

  • 12 months of data analysed.

Good Company

DESIGNED TO DELIVER

Benefits

Insights from spend data helped the customer to:

Achieve 100% supplier landscape visibility

Spendkey helped normalise the supplier count from 3227 to 2133 unique suppliers.

Get visibility of spend vs. budget

Spendkey revealed that expenditure on contingent labour exceeded the budget by threefold.

Rationalise & optimise  supplier base

Identified similar services procured from multiple suppliers, initiating a cost-saving supplier rationalisation.

Achieve significant cost savings

Spendkey uncovered additional optimisation opportunities based on the analysis of the preceding 12-month expenditure.

logo
Project Name
Project description
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc vulputate libero et velit interdum.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc vulputate libero et velit interdum, ac aliquet odio mattis. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Curabitur tempus urna at turpis condimentum lobortis. Ut commodo efficitur neque.

3x

Spend over budget in contingent labour identified

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc vulputate libero et velit interdum, ac aliquet odio mattis. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.

50%

Reduction in supplier count

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc vulputate libero et velit interdum, ac aliquet odio mattis. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.

£7m

In immediate Cost-reduction opportunities identified with 100% visibility

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc vulputate libero et velit interdum, ac aliquet odio mattis. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.

£1m

Data-backed  savings opportunities identified in contingent and contract labour costs

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc vulputate libero et velit interdum, ac aliquet odio mattis. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.

eye

END-TO-END VISIBILITY

Key takeaway

  • Spendkey’s holistic and granular spend visibility helped the customer uncover areas of high spend, enabling the HR team to take the appropriate actions to streamline costs in the contingent labour segment.

Find out how your organisation can:

  • Get complete visibility into spend.

  • Identify areas of high spend and revenue leakages.

  • Track actuals vs budgets at a granular level.

Free Product Demo
Key takeaway
Working with the best

For the first time, we have seen business unit heads proactively coming forward to review and understand the Spendkey insights and collaborate effectively to identify short-term cost optimisation opportunities.

cto
A Fintech Company
source-re

Spendkey Wins the Start-Up Award at Global Procurement & Supply Chain Awards 2024  

Read more