Client: Established UK Building Society

Read about how Oculus is helping one of the oldest and most established building societies in the UK undertake a systematic review of their supply chain and transform its approach to procuring goods and services.

The Challenge

Our client was established in 1865, serving its members for over 150 years. However, as with any organisation, the need to evolve and adapt to the needs of the consumer remain paramount.

The ethos of our client in serving their members and the local community is hugely laudable. Their strapline of ‘we always have your interest at heart’ is evidenced by their commitment to servicing their local communities via their branch and agency networks supporting, along with supporting over 150 charities and good causes every year to make a difference to local people.

Our client has a branch and agency network that provides financial products to its customers across the UK and is complemented by their direct business channels, and their intermediary partners.

This commitment to maintaining themselves as a leading building society is also seen in their approach to cost management; as part of a wider business transformation, Oculus was engaged by the CFO to lead a review of the Society’s cost base and support a number of critical investments, so as to ensure the Society could have confidence that their suppliers represented best value and service.

Our Strategy

In establishing areas of cost saving opportunity, we applied our tried and tested methodologies which saw us gain an intimate understanding of their suppliers, costs, contractual arrangements, future budgets, and the wider transformational agenda.. This essential step ensures that efforts are focussed effectively to ensure the maximum impact to our clients operating costs, bottom line, and fit for purpose of their supply change.

Oculus introduced robust and best in class sourcing processes and supply management practices, whilst leading the society through tenders and business change initiatives.  These initiatives had historically been the preserve of employees of the Society, or, had been previously felt to be prohibitive due to a perception of risk, or, a lack of internal ability. Our approach saw us lead the entire sourcing process, from initial requirements gathering through to final contract negotiations and solution implementation.

  • Reviewing contracts
  • Opportunity workshops
  • Establishing a project pipeline

Our Solution

As one of Oculus’ long-standing clients, the projects we have delivered for them are as diverse as they are numerous. Our objective is always to ensure that our client ends up with the most capable suppliers, who are able to positively influence and work collaboratively with them, rather than simply reducing cost. Oculus led competitive tender processes across a range of categories and supplier relationships, including:

  • Web site development and maintenance.
  • Print and customer communications.
  • Credit referencing.
  • Facilities management, primary and secondary tier services.
  • Utilities.

In parallel to the cost reduction programme, Oculus were asked to lead the sourcing execution across a number of highly important business change projects. The procurement and fit-out of a new head office (which saw Oculus lead a thorough procurement review with some of the UK’s leading design, build and construction companies on behalf of the Furness); the introduction of a new property valuation agency; and supporting contractual negotiations with its treasury management provider, to name but a few. These highly important pieces of business change were to receive vital commercial and procurement support from our team.

Business Benefits

We continue to provide our client with a service that gives the leadership team the confidence that goods and services are being procured effectively and in accordance with their core values.

Our client  has, and continue to have, benefitted greatly from the work we have delivered to them which includes;

  • Through the application of our robust sourcing and the introduction of best in class suppliers, our client has realised cost savings, margin improvements and step-change improvements in the quality of contract management across its supply chain categories.
  • A scalable platform for all procurement matters within the purchase-to-pay cycle; in partnering with Oculus, our client attains the ability to address procurement matters, at pace, with our team, safe in the knowledge that world-class practices are being applied.

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