Companies that adopt aggressive sourcing strategies typically experience sizable savings early on. Sustaining savings and efficiencies requires central control, negotiation and consolidating sourcing, and procurement processes across business units and regions.

Vendor selection and negotiations, as well as policy definition and oversight, are the responsibility of corporate procurement. Day-to-day purchases go against approved vendors and contracts at the regional and business unit level. Duplicate procurement activities, limited controls and accountabilities, and a lack of sourcing and negotiation expertise are reasons for hard-earned savings to dissipate.

SMART has a proven Source-to-Pay process that integrates strategic sourcing and day-to-day purchasing with enabled eSourcing and eProcurement technology. SMART assists financial services firms in reviewing baseline spend and determine inherent savings opportunities and improvement needs. SMART then identifies the most suitable category-specific sourcing strategies, assists in vendor selection and negotiations, the design, implementation and transition of sourcing programs and required organizational, process, and systems changes.