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.
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 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
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