Procurement Transformation

Valorant follows a proven approach to help financial services firms transform their Procurement organization and processes to maximize value from their third party supplier relationships.

  • In Valorant’s experience of working with financial services companies, we have observed they are often not very mature when it comes to Procurement and how they manage their suppliers. This often results in them missing out on multi-million dollar savings and also opens them up to multiple risks including cyber security risks and data breaches by working with suppliers who have not been properly vetted and risk rated.
  • Here are some of the common pain points which we see at a lot of financial services firms.

noun_process_2473979 Created with Sketch. Process

  • No standard Procurement process for engaging with suppliers for contract renewals and negotiations
  • Not leveraging their enterprise wide spend during negotiations with suppliers
  • Lack of contracting & negotiating best practices which result in sub-optimal supplier contracts
  • No standard process for supplier relationship management, often without any monitoring mechanism

noun_people_2328105 Created with Sketch. People

  • Non-procurement professionals performing procurement activities (i.e. hobbyists)
  • Lack of end-to-end procurement skills including negotiating and contracting
  • Lack of ongoing vendor management skills post contract signature

noun_tools_943696 Created with Sketch. Tools

  • Poor quality of information on how much is spent with each supplier
  • Lack of a centralized contracts database or “proactive” contract management tools
  • Lack of best-in-class RFP documents and contract templates
  • We bring the expertise, tools, templates, best practices and benchmarking information to help transform your Procurement function to best-in-class. This program generally delivers a 4-8X ROI and has a project payback period of less than 6 months.

LET’S TALK

Interested in learning more about how Valorant can help your organization strategically reduce your 3rd party spend, as well as manage vendor-related risk? Reach out to us now

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