Managing cash flow and controlling costs are primary concerns for the executives of financial institutions. The purchase order process is both expensive and time-consuming, but when banks automate procurement, they can reduce costs, increase productivity, reduce errors, and maintain a high level of operational effectiveness. Challenge the status quo to streamline and enhance your purchasing operations. By working with Safeguard you can see how building a strong brand, reducing costs, enhancing operational efficiency, and effective reporting are all part of meeting your procurement challenges.
Building A Strong Brand
Retail banks know that it’s about engaging with consumers and building trust in order for them to thrive. Banks need customers that do more than simply open a checking or savings account. Banks need customers that sign up for credit cards, apply for loans, and purchase insurance. In order to engage and build trust with customers, financial institutions need to adopt systems that increase the equity of their brand. They need to build a strong, cohesive, integrate brand, across the entire enterprise. In order to build a strong, thriving brand, banks need to focus not only on branding specific products but branding at the location-level as well. When it comes to providing integrated business and marketing solutions, Safeguard has a unified suite of services for your financial institution. Your personal Safeguard consultant knows how to help you build a strong, cohesive brand, across your entire enterprise.
Financial institutions can reduce costs through increased coordination and integration of buying power across the organization. We know that managing, sourcing, and obtaining quotes from multiple suppliers providing the same category of products, i.e., print items, bank supplies, marketing items, promotional and apparel items, etc., is both expensive and labor intensive. Financial institutions instead need to focus on vendor consolidation, reducing the number of vendors across categories and geographies and instead focusing on selecting “preferred suppliers.” Work towards managing the number of both approved vendors and products to a pre-approved cost controlled list.
Through your Safeguard relationship, you get a reduction of time spent with multiple vendors and integration of online and offline marketing. Your Safeguard consultant can put our economies of scale to work for your bottom line. We have specific expertise in your industry, and can provide you with an extensive breadth of services and products.
Products, including print items, bank supplies, marketing items, as well as promotional and apparel items are manufactured at 30+ Safeguard sites. We are an end-to-end, single-source provider designing, manufacturing, fulfilling and distributing from locations throughout North America. All of our products and services are delivered with the highest level of service.
Enhancing Operational Efficiency
How much is a low level of automation costing you? The average financial institution with a low level of automation spends $15.70 to process an invoice. On the other hand, a financial institution with a high level of automation can see that price plummet to as low as $0.741 per invoice. How many invoices do you process in a month? Multiplying out those savings can be a huge way not only to enhance efficiency but reduce costs.
Automating your purchasing system provides you with more control over what is being ordered, streamlines your processes, standardizes your products, improves your buying power and decreases your errors. You are building a system where you manage requisitions and reorders, creating an independent knowledge base of ordering history. This knowledge is invaluable to an institution’s future.
In order to create long-term sustainability, it’s vital to have a corporate culture that supports and values it. The key to creating support is effective reporting. Executive management wants to see results, and that invaluable information is best provided through high-quality reports. These strategic reports need to be created on a monthly basis and should provide pertinent data that enables financial institutions to ask pertinent questions, control and consolidate costs, verify information about spending, identify spending patterns and trends, address costs before they get out of control, and set and monitor budgets based on actual use.
Effective reporting will assist financial institutions as they create the internal controls that are fundamental to the effective functioning of their organization, and create sustainable value for their stakeholders. It is important for there to be enterprise-wide compliance with automation with a firm internal structure in place to regulate responsibility.
Automating procurement at your financial institution can help you reduce costs, increase productivity, reduce errors, and maintain a high level of operational effectiveness. Safeguard can be your partner along the way. We want to help you expand your business, without expanding your overhead. With specific expertise in your industry we can offer a multitude of benefits from reduction of time spent with multiple vendors to added value from economies of scale. Contact us today to see how procurement automation can benefit your financial institution.