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Banking

– Procurement Transformation

The client, a Central Bank with a need to quickly deploy some controls to the procurement process and demonstrate value for money across key spend areas as a result of both a huge desire to improve the operation and also a government report expecting financial improvements at the Bank.

Client Objectives

  • Delivery of a new Target Operating Model (TOM)
  • Visibility of Bank spend, allowing procurement to start category management activity
  • Introduction of Commercial Governance to support the delivery of the change agenda
  • A new management information suite to enable better decisions and inform governance priorities
  • Acceptable level of supplier management activity to stand over the VFM agenda.

Skills & capabilities provided

As part of a multi consultancy effort, Lifecycle associates carried out key roles in strategy formation, planning and execution of the new procurement TOM.

Project managing the full TOM change programme across the Bank and providing critical path, dependency identification and management through detailed workstream plans and departmental ownership. Managing and reporting to multiple executive directors throughout the change .

Creation and delivery of category and supplier management process, practice and capability were also required in order to raise the output of procurement deliverables. The Lifecycle team were required to have detailed knowledge of models and also be able to assess the Bank’s existing capability commercially and through stakeholders in order to ensure successful deployment.

Client Benefits Realised & Project Outcome

In this role, we:

  • Delivered a new Procurement Policy that underpinned all of the TOM standards
  • Established new and consistent governance practice across all 3 of the vertical business spend areas
  • Created new category management standards and undertook a number of reviews to help demonstrate the potential value.
  • Established new and consistent governance practice across all 3 of the vertical business spend areas.
  • New detailed spend hierarchy, by business area, that informed targeted category management and focussed risk areas.