FINANCIAL & PROFESSIONAL SERVICES

Manage risk and increase business value with effective procurement

In the high-risk, high-return environments of this industry, organisations are driven to maximise profits and reduce their costs. Rising competition and changing regulations, however, act as obstacles to long-term profitability.

It is no longer viable for financial and professional services to rely on short-term solutions to cost control and other procurement functions. For organisations seeking to sustained and optimal efficiency and profitability, it is crucial to focus on increasing value through the management of suppliers, compliance and risk.

WHY IS PROCUREMENT IMPORTANT?

Poor procurement decisions can be costly and time-consuming. They can negatively impact the effectiveness of your budget and your organisation’s ability to compete with others in the industry.

Poorly vetted suppliers can also damage your corporate reputation. In addition to affecting your relationship with clients, sizeable fines or other penalties are given to organisations and suppliers that fail to comply with regulations.

Few companies have any product or service which is not reliant on third parties to produce it – whether in design, manufacture or delivery. It is also essential for organisations to understand fully how to engage with suppliers.

Modern procurement requires personnel who can understand and continuously monitor the landscape, as well as assess an organisation’s ability to facilitate innovation for the benefit of procurement efforts. A risk-reward approach must be adopted for supplier evaluation as the smallest supply risk even can affect profitability and draw scrutiny from regulators. When adapting to changing regulations, the procurement strategy implemented needs to be agile and requires personnel who understands the specific needs of your organisation.

HOW WE CAN HELP

Pinnacle Procurement works with financial and professional services to implement a sustainable procurement strategy while helping them to manage risk and increase business value.

We recognise that it is not always feasible for organisations to employ full-time procurement specialists. By engaging with Pinnacle Procurement, we can help you to secure the best value for money and provide you with a clear picture of how and where your budget is being spent. In addition to benchmarking the efficiency of your current business operations, we will ensure that you have a full understanding of your supply chain, including second- and third-tier suppliers, as well as monitoring their performance and ability to comply with regulations.