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Background
- Large international oil & gas company
- Challenges with timely product delivery from “unqualified vendors”
- Setting up new vendors for limited purchases was wasting resources – timely and costly
What our client required
Our client was experiencing product supply challenges with getting goods from suppliers outside of their approved vendor program. They requested our services to help them find a solution for managing the transactions with these smaller or one-off suppliers. The compliance combined with administration time required to set up new vendors was wasting resources unnecessarily. Our client had a strict credit card policy in place which meant many employees in purchasing roles did not have access to this as a payment method.
What we did
Our team established a fit-for-purpose payment system which allowed us to manage purchases with suppliers who were not included in our client’s approved vendor list. We used StreamPay – our robust payment platform. StreamPay not only managed the purchasing in a streamline process, it also provided real-time visibility of the purchase order status. At the end of each month we provided a detailed spend analysis to allow our client’s procurement team to include within overall procurement reporting.
The outcome
Introducing StreamPay into the procurement function, and outsourcing the transactions management to our team meant the field operations were able to get on with their job knowing that the risk of product and equipment supply delays was minimized. Overall the procurement team found that this solution led to reduced operating costs and it allowed them to focus more attention on their key vendor program. Finally, this process allowed us to provide the purchasing data to help with reducing the cost of procurement. We did this by identifying regular purchases and recommending cases where suppliers should be moved into the approved vendor list.
