Organizations across the Financial Services industry are faced with a slowing economy, tight labor supply and uncertain market conditions. While many companies have successfully weathered the pandemic, worked through a stretch of multiple quarters with surprisingly low provision expenses, and benefited from interest-driven earnings increases, cost savings to drive profit improvement remain a priority.
LogicSource provides procurement solutions that focus specifically on driving cost reductions against indirect goods and services. These indirect expenses typically equate to as much as 20% of a Financial Services organization’s revenue, and represent a significant opportunity for profit improvement. As businesses are faced with increasing pressure to modernize and compete with newer entrants to the market, efficiencies generated against indirect spending can be reinvested in organizational priorities such as digital capabilities, enabling organizations to better service their customers.
LogicSource partnered with a global financial institution and delivered value across four key strategic spend categories—Marketing, Corporate Services, IT, and Print Services. The partnership to date has resulted in over $30MM in realized savings. Beyond this financial benefit, LogicSource drives operational efficienccy through digitized sourcing and procurement processes, enhanced and enriched data visualization to enable compliance monitoring and innovation through the introduction of new supplier capabilities across the spectrum of indirect spend categories.
LogicSource partnered with a national healthcare fintech provider to drive savings across Corporate Services, IT, Facilities, Marketing, Print, and Logistics, resulting in $8MM of cost savings. LogicSource has implemented a dedicated, centralized indirect procurement team, procurement technology, and shared-service resources that provide category expertise and market intelligence. In addition, the solution ensures compliance to preferred vendors and payment terms, financial control and visibility, and streamlined vendor onboarding and management.
