Cost Optimization in Outsourcing: How a Data-Driven Approach Can Save You Millions

Date :March 31, 2020 01:00 pm EST
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The pace of digital transformation is driving the need for a shift in the way we approach sourcing, procurement and vendor management (SPVM). 

SPVM leaders at major global banking, financial services and insurance firms are faced with visibility challenges in delivering infrastructure services to the business at an optimum cost and best performance level. All the while, the complexity in evaluating vendor options and offerings escalates.

Organizations are facing a multitude of challenges. By 2021, the lack of skills in new technologies will lead 75% of organizations to miss their service automation targets. Legacy sourcing practices make it difficult to drive maximum value from new generation services. The tendency to exclude effective benchmarking terms and standardized data prevents continuous cost improvement and optimal collaboration with the outsourcing vendor. And an ad hoc approach to service levels means some fail to get the most out of their outsourcing deals.

So, how do you develop a proactive outsourcing model that optimizes cost, improves productivity, mitigates risk and accelerates business objectives? 

Discussion topics:

  • What challenges is your organization facing with regards to outsourcing? Where do the pain points lie?
  • Do you have examples of outsourcing strategies that have resulted in improved efficiency of outsourced activities? 
  • How do you get your vendors to participate in these initiatives? How do you make it win-win?