Opportunities
Digital Transformation and Innovation: Leveraging digital technologies can streamline procurement processes, enhance supplier management, and support the development of innovative financial products. Strategic Partnerships and Collaboration: Building strong relationships with fintech companies and suppliers can drive innovation, improve operational efficiency, and enhance customer experiences. Data-Driven Decision Making: Utilizing advanced analytics and data insights can help procurement teams make informed decisions, predict risks, and optimize supply chain performance.
1.07 Days
Average Invoice Approval Cycle time
Best in Class Metrics*
Sourcing Savings Rate
Average Requisition to Order Cycle time
0.44 Days
22.7%
* SAP Customer Benchmarking program
Top Challenges for Procurement in Financial Services*
90%
Integrated and automated network of providers and suppliers to meet customer goals
of banking executive cite the low adoption of new processes and technologies within the procurement function as a barrier to digital transformation of the procurement function
40%
Only
of banking executives can gain a clear view of overall spend automatically, in real time
26%
Only
41% 49%
of banking executives can quickly find alternative sources of supply
say that most or all of their procurement processes are manual
*Agile Procurement Insights
Made with FlippingBook flipbook maker