Financial services company takes control of all extended workforce resources by adding services procurement

The challenge

One of North America’s leading financial services and banking institutions, the client relied heavily on the use of consultants and project-based resources, which were procured through statements of work (SOW). However, our client lacked a competent technical solution for developing these SOW supplier engagements. Such a solution would enable them to manage and pay milestones, track resources, onboard and offboard resources, and truly measure the success of engagements. 

Instead, they were using a slow, manual system that resulted in delayed payments to suppliers, as well as lapses in productivity and gaps in assignments. In addition, without a centralized reporting platform in place, our client used supplier generated performance reports as the basis for performance evaluations and contract negotiations. These reports were tailored to the suppliers’ best interests, not the best interests of our client.

Our client recognized the need to gain control and visibility into their services procurement spend and sought a more strategic approach to sourcing, negotiating, and engaging suppliers and resources. After our success in optimizing its contingent staffing program, our client asked us to expand Beeline VMS to include Beeline’s Services Procurement solution.

The solution

Beeline’s Services Procurement solution was specifically designed to provide the same high degree of visibility into services procurement spend as our clients have come to rely on for contingent staffing engagements.

With our Services Procurement solution, all of our client’s SOW and project tracking activity was now automated, creating process efficiencies, ensuring prompt payments and eliminating the need for manual spreadsheets. Our solution allowed our client to get detailed insight into their supplier performance, with detailed reports that tracked spend by project, manager, and location.