Digital and Strategic Procurement in the Banking & Insurance Sector
Professional procurement is a shaper of external risks and processes and actively contributes to the cost efficiency and competitiveness of your institution. In collaboration we design the procurement organization according to your individual needs
procurement for banks
The digitalized world has also taken hold of the banking and financial services industry and is permanently changing the business model as well as the processes of the companies. New providers & fintechs are capturing market share, while established providers are facing new challenges.
In addition, the industry is more heavily regulated than ever before and existing revenue streams are dwindling with the current low interest rates. More than ever, the competitiveness of the institutions and companies must be reflected in the business processes through cost efficiency and risk awareness. In addition, business relationships with suppliers and service providers of all kinds must be cultivated in order to work together on concepts for delivery capability and price reductions.
We will be happy to accompany you with our many years of procurement and industry expertise in dealing with these challenges and support you in optimizing and reorganizing your procurement department.
Digitization & Procurement Compliance Process
We link your purchasing with outsourcing management in the sourcing compliance process and we design your purchasing processes according to the current regulatory requirements.
Procurement as a driver of digitalization and manager of external risks
The increasing regulatory requirements for financial institutions as well as the generally applicable regulations from the Supply Chain Act present purchasing with the challenge of transparently presenting its business relationships with suppliers and service providers and adjusting them as necessary.
To ensure compliance and avoid operational risks in the supply chain, the end-2-end process should be digitized and secured with the help of software solutions and platforms.
Procurement must accept these challenges and actively design processes and supply chains to ensure efficient execution with limited resources. It should also consider how to define its role in the outsourcing process and, if necessary, define and take on the issue of third-party risk management (TPRM) as its responsibility. Here we have extensive experience and ideas.
We know the challenges of the finance and insurance industry from a multitude of projects and can work with you to develop customized solutions. With our processes you meet these requirements effectively.
We support you from the digital strategy to the implementation of digital procurement solutions.
Digital strategy and roadmap for procurement
We can not only provide you with answers and best practices for your pressing questions, but also secure your future:
- How can digitization of purchasing contribute to the goals of my financial institution?
- How do we get a link between outsourcing management, IT requirements (e.g. data protection) and the new requirements of the Supply Chain Act mapped digitally in purchasing?
- Which applications are required for this, how do they interact with the existing system landscape?
- What consequences do changing framework conditions (e.g. new product groups, supply chain law) have on digitization?
- How are the roles and skills of buyers changing?
- What are the costs, but also the benefits of digitization and how do we get it right for purchasing, IT and outsourcing management together?
Our answers also provide you with additional arguments to obtain the financial resources for the further implementation of a digitization roadmap.
We ensure that your fully digital processes meet and continuously improve regulatory and legal requirements.
Ensuring compliance in the sourcing process
Procurement as the responsible party for these administrative compliance requirements? YES and this is a real opportunity!
When it comes to regulatory issues (e.g., due to requirements regarding order data processing, cloud, data security, or the Supply Chain Act), procurement must coordinate closely with outsourcing management and IT.
In the course of the conceptual design, we align the procurement process with the requirements of the business partners and digitally map the quality gates to be met by the business partners. In this way, we ensure in the process that all the necessary requirements for risk analysis and approvals are available in good time and that the necessary information is forwarded in the process. When the contract is signed, all risks are transparent, and the necessary approvals have been given.
H&Z combines functional expertise with many years of experience in the financial industry to design and digitally map your procurement processes from a compliance perspective!
Implement procurement software
Together with our subsidiary aneon solutions GmbH we accompany and control the software implementation worldwide for different procurement suites.
We dovetail consulting experience with implementation experience - we have classic and hybrid agile implementation methods.
Especially during the implementation it is very important to understand the customer's requirements exactly and to provide the translation service to the software provider. As H&Z, we see ourselves as a challenger to optimize the various processes and categories before they are implemented. A successful implementation depends very much on a professional procurement consulting as well as on securing the transformation.
Value Creation for financial services
With us you can reduce your costs sustainably!
The short-term H&Z Saving Sweep or a holistic Value Creation plan for the implementation of your Procurement Strategy.
Use our benchmarks to determine your position and identify your potential!
Purchasing as a shaper of value creation
Persistent inflation, as well as eroding sources of revenue, require constant adjustment of cost structures. The largest share of expenses typically lies with external suppliers and service providers and purchasing has a decisive creative role to play here.
In addition to commercial levers for cost structuring, it is responsible for exerting structural and process-related influence on the value enhancement of the companies. We support you in the identification of short-term purchasing levers as well as in the development of sustainable category strategies. Together with your suppliers and business partners, we achieve success that has a positive impact on your liquidity and profit.
Our approach to cost reduction initiatives in the banking and insurance environment is to take a comprehensive look at your purchasing volume. Through our experienced consultants we can identify both short, medium & long term savings potential in your commodity groups. The value creation plan tailored to your needs can be created from a supplier perspective as well as from a strategic category perspective and involves your business partners in the process.
Fast cost reduction with head, heart and hand
In situations where a quick impact has to be achieved, the focus is on negotiating with existing suppliers & service providers from the indirect areas. Using benchmarks from your industry and comprehensive analytical methods, we provide you with the right arguments. Our negotiation experts use fact-based arguments, game-theoretical elements for the development of the negotiation strategy and approaches. Supplier days with a tight schedule enable a quick realization of savings. Our experts accompany you until the successful conclusion of the negotiation.
Holistic Value Creation Plan
Structural and holistic optimizations of the purchasing volume are developed in a value creation plan.
In addition to the commodity group strategy, medium- to long-term measures are defined together with the business partners.
You benefit from our long-standing expertise in the typical commodity groups (of the banking & insurance industry including IT, Professional Services, HR Services, Buildings & Rentals. In addition to commercial levers, we pursue effective changes in demand to reduce spend. Furthermore, we strive for changed processes in the cooperation with suppliers to reduce expenses.
In addition to the identification and concretization of measures, we support you with professional project management in the realization of savings in the indirect environment. We use our own software solutions to support you in this process.