Touchstone Spend Management have been selected by a leading Pension and Financial Services provider to deploy a Supplier and Contract Management solution to the organisation.
The organisation had previously been using an extremely complex spreadsheet to maintain the information of their 450 suppliers, but concluded this approach was no longer sustainable and could not support the continued growth of the organisation.
The new solution will initially enable the SMO (Supplier Management Office) function to easily keep track of all supplier and contract information and ensure compliance. It will also allow them to work more collaboratively with suppliers to maintain that information and further increase the value they deliver to the organisation.
Further steps planned involve full reporting on supplier performance and agreed KPI’s, and developing supplier improvement plans where appropriate.
“Organisations of all types, but particularly in the financial services sector are facing increasing regulatory pressure around how they manage supplier and contract risk. At the most basic level you need to have visibility of compliance levels right throughout your supply chain. You need to know that your suppliers are both financially stable and that they conduct their operations ethically.” Peter Layzell, Head of Touchstone Spend Management