multi-national currency exchange service

Outsourced procurement solution. Travelex is a global foreign exchange company with a significant presence in APAC, North American and Europe. Travelex employs over 6,500 people and serves over 37m customers per year.

  • business challenge

    When Travelex brought us in there was no internal procurement team with all sourcing undertaken by operational staff in an ad-hoc, uncoordinated way.

    We needed to build credibility for a procurement function and once this was achieved, we became the outsourced procurement provider.

  • our approach

    Our key deliverable was to building trust in the value procurement can add. We focused on OPEX savings with improve EBITDA but also supported a large IT CAPEX project. We adopted:

    • category approach to build relationships
    • implemented a cross functional common sourcing process
    • use of e-Sourcing software
    • deployment of procurement policy to support performance improvement, risk mitigation and cost reduction

value delivered

We provided a core fixed team which was supplemented by category experts as and when expertise was required.

  • >6% indirect savings of addressable spend in Year 1 and 2
  • implementation of spend analysis
  • full supplier risk analysis programme
  • contract novation during divestment
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