it ’ s not as fast as they want , but procurement accepts it ’ s as fast as we can physically go without compromising our basic principles with the regulators .” He finishes by saying procurement must confirm that : “ We ’ ve got the right governance in place , that we ’ ve got the right contract in place , got the right commercials in place , and it ’ s the right partner for the future .”
CREDIT : GETTY
Procurement ’ s role in navigating financial turbulence The transformation of procurement has been essential to the Group ’ s ability to navigate financial turbulence . “ 2023 was a very tough year for us ,” Steven explains . “ We were in the middle of this largescale transformation project , so we were paying for all the legacy IT systems and non-IT systems , but also paying for all the new systems that we ’ d contracted so that we could move into the new world .”
As the foundation needed to migrate Vanquis ’ s products to the new systems being built , the bank was running at dual costs . Steven says this and the subsequent impact on cost efficiency was a necessary evil , to reach their targeted state . A state which the procurement department , unified and transformed by his three-year plan , was ready immediately to start working towards .
“ With the implementation of a no POno pay system , we ’ d eliminate all rogue spend ,” Steven says . “ We had full visibility of all the suppliers across our group and were able to onboard suppliers faster rather than waiting ages for all the data .”
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