What happened when Definia worked with a leading global bank with a largescale transformation to support future business goals
Leading Global Bank
Build new operating model that could support future business goals.
Deliverable-focused transformation plan
Define
Definia was engaged by the UK COO and CFO of a leading global bank to assist with a largescale transformation. An initial diagnostic demonstrated that procurement could be an important future value lever but required significant change to deliver against the business’s expectations. The lack of procurement functional maturity manifested itself through a number of visible performance metrics:
- Speed: processes were too slow and complex
- Fragmentation: activities were dispersed across the organisation
- Engagement: lack of positioning led to late engagement
- Value: delivery of efficiencies was sub-optimal
- Roles and responsibilities: lack of clarity led to a lack of ownership and accountability
- Capabilities: a focus on reactive activities led to significant gaps
As such, the procurement operating model was not fit for purpose and there was an appetite to build a best-in-class function that could support future business goals.
Design
To effectively support the ongoing transformation, an experienced leader was needed to drive significant change and build a strategy that was fit for purpose.
Given our strong focus on delivering great people, we were able to quickly introduce the required leadership along with an 18-month deliverable-focused transformation plan. Through this approach, we were able to move at pace and within a matter of weeks, delivered rapid progress in several areas:
- New operating model designed, socialised and approved by senior management
- Activities underway with regional and global peers to drive synergies
- Opening of new categories which were previously largely untouched by procurement
In order to drive this rapid capability growth, there was also a need to augment the current team with experts to facilitate the transformation whilst driving aggressive P&L targets. Again, through our people focus, we were able to rapidly build the team to ensure all gaps were filled with specific expertise.
Deliver
Whilst the transformation is still going on, we’ve made significant progress in the first eight months, including:
- Introducing a new procurement operating model which significantly enhances the scope and reach through the transfer of wider activities, including supplier collaboration and TPRM.
- Clear technology roadmap and implementation driving three best-in-class solutions across the end-to-end lifecycle.
- Introducing new capabilities in terms of people, process and systems.
- Double-digit P&L delivery for FY21 and significant further delivery in FY22.
- Significant repositioning of procurement as a true business partner.
Contact us
Reach out to the team to find out how we can help you.