The Client: Leading Multiline Insurance Company
The client wanted to transform its procurement function, leading to greater efficiency and effectiveness, and increased visibility. The challenges were multiple in terms of addressing capacity constraints and managing spend more effectively, while re-engineering and standardizing processes in a decentralized procurement organization. Also imperative was to achieve a seamless integration of the P2P process with the outsourced accounts payable function.
WNS-Denali developed a flexible and programmatic approach that encompassed sourcing support, tactical and transactional procurement services, accounts payable and T&E. The solution involved creating three-tiered share services for the sourcing and procurement teams. This was followed by the centralization of purchase-to-pay to ensure superior control over processes. WNS-Denali also extended support to the category manager for detailed spend analysis and reporting dashboards, sourcing services and RFx management. A tollgate approach was established for PR and PO processing to ensure compliance and better spend visibility.
The multi-pronged solution delivered rich benefits to the client, with spend under management increasing by 15-20 percent. Operational re-alignment and best-in-class practices helped achieve cost savings of 40 percent while improving spend visibility by 45 percent. Also achieved zero defect transaction management for PR and PO processing.