Throughout the post-reform environment, banks need to take up a new position to meet expectations of government, business, and management, maximize their return on equity, and spur growth. Financial services companies are experimenting to invent newer, more personalized offerings and need to launch new innovative products before other players to gain first mover's advantage. This implies speed and agility are key to the interaction between organizations and third-party suppliers.
Lately, most BFSI players have started moving towards complete digitalization. In light of stringent regulatory environments, inconsistencies in data, duplication of purchases and opaque spend levels and purchase processes, coupled with increasing expectations of tech-savvy customers, procurement must provide efficient category management of its major expenditures and at the same time, efficiently and effectively, manage supplier risks, which will, in turn, assist the organization to achieve higher retained earnings, innovation, speed, and flexibility. Our 2020 predictions for the BFSI sector shows potential for growth will revolve around integrating new technological developments and disruptions amidst decreasing profit margins.
BFSI Sector Challenges
- Rising costs related to stringent compliance regime.
- Mounting NPAs.
- Lack of clarity on the supply base, contracting best practices, lack of centralized sourcing and procurement function leading to data inconsistencies, duplication of purchases and lack of visibility on actual spend levels and purchase process, etc. add up to the woes.
How We Can Help
Companies in BFSI are bound to change priorities over the next few years, re-emphasizing growth and innovation versus cost containment and operational efficiency (as witnessed over the recent years). BFSI sector is always on the lookout for implementing cost savings strategies that help maintain profit margins.
Apart from the need of preserving profit margins in the supply chain the right e-Procurement tool is essential as it is directly proportional to maintaining self-sufficiency among mid and smaller sized B&FS companies. While disruptive innovations are on a rise, it becomes equally important to manage expenditure to enhance profitability and better control capabilities throughout supply and service provider networks.
C1 is the industry leader in e-Procurement space and provides a centralized, reliable, efficient, transparent and fully secure e-Procurement system.
We have a diverse portfolio of procurement solutions which includes inventory and indent management, e-Auctioning, e-Sourcing, vendor management, contract management, and risk management. With the focus of providing you the liberty to transform your supply chain as suitable to your requirements, we also provide actionable insights derived from our analytical tools such as expense management, budget, and spend analysis.
We are one of the fastest-growing companies in the e-Auction space with experience of serving some of the most distinguished banks such as:
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