Rationalize expenses and optimize vendor selection
A US-based organization in the financial services sector with a wide range of vendors across different countries and regions globally.
The client wanted to get accurate information on vendor spends to rationalize expenses and optimize its vendor selection with better terms and discounts as well as reduced costs. The client's main challenge was that each of its units had its own way of storing information.
SG Analytics' team created a Business Intelligence Vendor Management Solution with a real-time dashboard that would enable an overall understanding of the separate vendors and facilitate better tracking of their work models, spends, engagement etc.
SG Analytics' team helped consolidate and standardize the data from each of the client's units. The team then fed this data into a common BI Dashboard which would visualize the data and give a bird-eye view perspective on what was going right and what wasn’t. The dashboard also incorporated predictive analytics to come up with a past-performance-based performance score for each vendor to identify underperformers. The BI Dashboard allowed the client's business teams to draw actionable insights, pinpoint and streamline their process, and answer important questions such as:
What is the average engagement duration and spend on various vendors?
Which vendors perform better than expected?
Which vendor accounts are performing worse than expected?
While the initial processes and procedures were developed on the vendor engagement model, the dashboard and the plan was continually reviewed and refined in order to ensure full engagement of the client’s stakeholders across their global footprint as well as a standard set of rules. This was particularly challenging due to the enormous size and structure of the client.