Financial bodies 'must analyse procurement savings opportunities'

It is becoming increasingly vital that organisations in the global finance sector take steps to assess how they can maximise supply chain savings.

This is according to James Thomas, strategic marketing manager at procurement technology solutions provider Zycus, who told Bank Systems & Technology magazine that these steps are necessary in the face of continued economic uncertainty.

Banks and financial services firms should be striving to classify their procurement spending data, before conducting thorough analysis to see where savings can be made and devising a robust sourcing strategy.

Mr Thomas said: "The savings generated through these initiatives not only helps companies to offset the impact of low demand ... but also will set the stage for increased profitability when the economy eventually rebounds."

This comes after a recent report from the Procurement Intelligence Unit suggesting that global companies could be set to lose €140 million (£115.6 million) next year on average if they do not properly address supply chain volatility issues.