5 Top Tips: How to Increase Procurement Agility in Financial ServicesProcurement
5 Top Tips: How to Increase Procurement Agility in Financial Services
Financial Service Institutions (FSIs) face an increasingly volatile business climate as lending profits dwindle and digital competition rises. As well-established institutions feel the ever-increasing weight of regulation on their operations, newer banks entering the marketplace are not experiencing the same constraints.
As FSI’s accelerate the adoption of technology to better serve their clients, they must improve their business agility to successfully enforce strict compliance standards. Procurement plays a key organizational role by ensuring compliance with Third Party Risk Management (TPRM) requirements, optimizing spend value, and leveraging a network of innovative suppliers. Further, to keep up with the pace of their growing business needs, procurement teams need to adopt and implement a digitized and agile FSI business model.
How can you stay agile and responsive as you navigate new sourcing and payment strategies while mitigating risk and supporting your financial institution’s long-term goals?
Click on the “5 Top Tips” image below to find out how your Source-to-Pay processes measure up and where you can improve your responsiveness and procurement agility!