A startup brokerage dealer was focused on rapid growth. The client asked us to help establish a procurement function from sourcing-to-contracting to standardize procurement processes, mitigate risk, enhance/automate internal controls, enhance decision-making, bolster spend optimization, and provide cost savings. The company was able to develop and implement policies, processes, and procedures without killing speed-to-market or operational constraints.
Our client had been experiencing exponential growth while it prepared to become a publicly traded company. Over the course of developing its capabilities, the client realized that it did not have an established procurement function. The existing processes were not scalable, which limited the client’s ability to achieve its growth potential and also did not align with the current regulations and audit frameworks. We were contracted to develop and execute a procurement function with a source-to-contract system to standardize procurement processes, mitigate risk, enhance and automate internal controls, enhance decision-making, bolster spend optimization, and report cost savings.
We helped with the development of the procurement function. We incorporated the procurement function into the third-party management program which provided an integrated workflow solution between risk, procurement, finance, and information technology. The function allowed the client to maintain supervisory oversight and written procedures, depending on the procurement activity vendors performed. The program established a solid foundation with robust policies that included roles and responsibilities.
A key accomplishment was ensuring a culture change that recognized the importance of the procurement process and the impact that negotiations, contracts, and vendors or suppliers had in the day-to-day operation of the firm and its growth potential. The client reported that the streamlined procurement process and procedures was effective without killing speed to market.